[ AML / CTF ]

Anti-Money Laundering & Counter-Terrorism Financing

From 1 July 2026, Australia's anti-money laundering and counter-terrorism financing laws apply to certain professional services provided by accountants and other professional advisers. Where Wakefield Pacific provides a service covered by these laws, we may need to complete additional checks before the work begins or as circumstances change. For most clients, this simply means providing some additional information or completing an identity-verification step.

[ What this means for you ]

We may need to ask for a little more information.

Depending on the services we are providing and the circumstances of the engagement, we may need to ask for information or documents to confirm matters such as:

your identity
the identity of people acting on behalf of an individual or entity
company, trust, partnership or other entity details
the people who ultimately own or control an entity
the nature and purpose of the work we are being asked to perform
ownership and control structures
the source of funds or source of wealth where required
changes to information previously provided to us

The information required will depend on the client, the service being provided and the circumstances. We will not ask every client for every item above.

[ Why we're asking ]

These checks are part of our legal obligations.

In some cases, we may already know you and have worked with you for years. That does not necessarily remove the need to complete a verification or due-diligence step where the law requires it.

If we ask you for information that feels different from what your accountant has traditionally requested, we will explain what we need and help you through the process.

[ Getting set up ]

Some of the setup needs to be done by you. You don't have to work it out by yourself.

Where additional verification is required, our team will guide you through what needs to be completed and what information we need from you.

In many cases, the easiest way to deal with the setup is to spend a short amount of time with our onboarding team, either at our Mermaid Beach office or by video meeting.

We'd rather spend 20 minutes doing it with you than send you five emails explaining how to do it yourself.

Some matters may require additional documentation or follow-up, so the time required will depend on the circumstances.

[ What we need from you ]

Accurate information helps us complete the process properly.

When we request information for AML/CTF purposes, we ask that you:

provide accurate and complete information
provide documents reasonably required to verify identity, ownership or control
let us know if there is a material change to information previously provided
respond to requests for updated information where further due diligence is required

If we cannot obtain the information required to meet our AML/CTF obligations, there may be circumstances where we cannot commence or continue providing a particular service.

This is a legal requirement rather than something we can simply waive.

[ Ongoing checks ]

The checks do not always stop after onboarding.

Depending on the services we provide and the circumstances of the relationship, we may need to:

update information previously provided
undertake additional verification
review changes in ownership or control
ask further questions about a transaction or proposed arrangement
complete other checks required under our AML/CTF obligations

The level of checking required will depend on the work being performed and the circumstances at the time.

[ Reporting obligations ]

Some information may need to be reported by law.

The AML/CTF regime requires regulated businesses to make certain reports in circumstances prescribed by law.

There may also be situations where the law limits what we are able to tell a client about a report or compliance action.

We will continue to deal with client information professionally and confidentially while meeting the legal obligations that apply to us.

[ Privacy ]

Your information remains important to us.

Information collected for AML/CTF purposes will be handled in accordance with applicable privacy laws, our Privacy Policy and our legal and professional obligations.

We use appropriate systems and processes to protect the personal and business information provided to us.

Information may be disclosed where required or authorised by law, including where we have a reporting obligation to AUSTRAC or another relevant authority.

Read our Privacy Policy

[ When the rules apply ]

Not every accounting service is covered.

The AML/CTF reforms apply to particular designated professional services. Whether the requirements apply depends on the nature of the work we are undertaking.

For accounting firms, this can include certain services connected with establishing or restructuring companies and trusts and other activities specified by the legislation.

We will determine whether the AML/CTF requirements apply to the work we are providing and let you know what is required from you.

[ Questions ]

If you're not sure why we're asking, ask us.

We appreciate that these requirements are new for many clients as well as accounting firms.

If we ask you to complete an identity check or provide additional information and you are unsure why we need it, please ask us.

Our team will explain the process and help you complete what is required.