AML Changes Are Coming

From 1 July 2026, Australia’s Anti-Money Laundering (AML) landscape is expanding – and for many business owners, this will be the first time it directly touches their world.

If you’re a Director, this isn’t something to panic about.

But it is something to understand.

Because like most compliance shifts, it’s not just about ticking a box – it’s about how your business shows up, operates, and builds trust in an evolving environment.

So, what’s actually changing?

The government, through AUSTRAC, is extending AML obligations to more professions – including accountants, lawyers, and advisers.

That means businesses like ours will have new responsibilities around:

• Verifying client identity
• Understanding ownership structures
• Assessing risk
• Monitoring and documenting certain activities

You might hear this referred to as “Tranche 2” reforms.

Behind the scenes, it’s about strengthening Australia’s ability to prevent financial crime.

Why this matters to you as a Director

Even though these obligations sit with us as your advisor, they will impact you in a few key ways.

1. More questions upfront

We’ll need to collect and verify more information – especially around:

• Who ultimately owns and controls your entities
• How your structure operates
• The purpose behind certain transactions or arrangements

This might feel repetitive at times – but it’s about building a clear, documented picture.

2. Formalised processes

Things that may have previously been handled informally will now be more structured.

For example:

• ID verification will be more rigorous
• Certain advice or transactions may require documented rationale
• Risk assessments will become part of onboarding and ongoing work

3. Ongoing monitoring

AML isn’t a “set and forget” exercise.

We’ll be required to:

• Keep information up to date
• Reassess risk over time
• Maintain records of decisions and interactions

What won’t change

This is important.

Your relationship with us doesn’t become transactional or rigid.

If anything, it becomes more intentional.

We’re still here to:

• Guide you through decisions
• Simplify complexity
• Help you build and protect what you’ve worked hard for

The difference is – we’ll now have a stronger framework sitting behind that advice.

What we’re doing at Lighthouse

We’re already preparing.

Behind the scenes, we’re:

• Building our AML framework and processes
• Training our team
• Reviewing how we onboard and work with clients
• Updating engagement terms to reflect these changes

Not perfectly. Not all at once.

But thoughtfully.

Because this isn’t just a compliance shift – it’s a change in how our profession operates.

What you need to do right now

At this stage, nothing urgent.

But over the coming months, you can expect:

• Requests for additional information
• Updates to engagement letters
• Slight changes in how we ask questions or document advice

Our goal is to make this as seamless as possible for you.

We’re navigating this with you

You don’t need to know all the rules – that’s our role.

We’ll interpret what’s changing, translate what it means for you, and guide you through it with clarity and confidence.

As things evolve, we’ll keep you informed and take it step by step, together.

Because in a changing landscape, the right support isn’t just helpful – it’s everything.