New AML Compliance Requirements and Identity Verification
Dear Valued Client,
We are writing to advise you of changes to our services arising directly from amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Commonwealth).
From 1 July 2026, accounting services of the kind we provide to you fall within the scope of this legislation, bringing RWG Accountants under the regulatory oversight of the Australian Transaction Reports and Analysis Centre, the Australian Government agency responsible for financial intelligence and regulation in this area.
These are not requirements RWG Accountants has chosen to introduce. They are legal obligations imposed on our firm, and on every accounting practice in Australia providing these services, and we have no discretion to waive or delay them. Firms that do not comply face significant penalties, so we are required to implement these measures in full before we can continue providing certain services to you.
As a result of these obligations, we are required to verify the identity of clients and, where applicable, obtain information regarding the source of funds and ownership structures involved in transactions. These requirements are designed to help protect individuals, businesses, and the broader community from financial crime, fraud, money laundering, and the financing of terrorism.
To meet these obligations, we may request documentation such as:
We are writing to advise you of changes to our services arising directly from amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Commonwealth).
From 1 July 2026, accounting services of the kind we provide to you fall within the scope of this legislation, bringing RWG Accountants under the regulatory oversight of the Australian Transaction Reports and Analysis Centre, the Australian Government agency responsible for financial intelligence and regulation in this area.
These are not requirements RWG Accountants has chosen to introduce. They are legal obligations imposed on our firm, and on every accounting practice in Australia providing these services, and we have no discretion to waive or delay them. Firms that do not comply face significant penalties, so we are required to implement these measures in full before we can continue providing certain services to you.
As a result of these obligations, we are required to verify the identity of clients and, where applicable, obtain information regarding the source of funds and ownership structures involved in transactions. These requirements are designed to help protect individuals, businesses, and the broader community from financial crime, fraud, money laundering, and the financing of terrorism.
To meet these obligations, we may request documentation such as:
- Proof of identity, such as a driver’s licence or passport
- Proof of residential address
- Information regarding the source of funds or wealth
- Documentation relating to companies, trusts, partnerships, or beneficial ownership structures
To comply with these mandatory requirements, we use secure third-party identity verification and compliance platforms and undertake additional administrative, record-keeping, and reporting processes. As a result, there may be additional costs associated with completing the required identity verification and compliance checks. These costs reflect both the fees charged by specialist compliance providers and the additional administrative work necessary to meet our regulatory obligations. These costs and requirements are not something we are able to avoid, as they are imposed on our firm by legislation rather than by choice.
Please be assured that any personal information you provide will be collected, stored, and managed securely and confidentially in accordance with our privacy obligations and applicable data protection laws.
We appreciate your understanding and cooperation as we implement these new requirements. Providing the requested information promptly will help us avoid delays in progressing your matter and ensure we remain compliant with our legal obligations.
Should you have any questions regarding these requirements, please do not hesitate to contact our office.
Thank you for your continued trust and support.
Please be assured that any personal information you provide will be collected, stored, and managed securely and confidentially in accordance with our privacy obligations and applicable data protection laws.
We appreciate your understanding and cooperation as we implement these new requirements. Providing the requested information promptly will help us avoid delays in progressing your matter and ensure we remain compliant with our legal obligations.
Should you have any questions regarding these requirements, please do not hesitate to contact our office.
Thank you for your continued trust and support.
A proud member of Chartered Accountants
Liability limited by a scheme approved
under Professional Standards Legislation
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RWG Accountants & Advisors are a Southport based accounting firm with over 35 years industry experience providing a diverse range of services to our clients. We are renowned for thinking “outside the square” which enables us to offer the best possible solutions for you and your business.
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