The SMSF Association has reminded its members to start taking action to have their practices compliant with anti-money laundering (AML) and counter-terrorism financing (CTF) reforms that will soon apply to accountants as well as financial advisers.
The second tranche of the reforms will commence on 1 July 2026, with the association noting “common services such as setting up trusts, including SMSFs, handling client payments and facilitating debt or asset financing will soon be regulated, requiring accountants to enrol with AUSTRAC (Australian Transaction Reports and Analysis Centre) and comply with new obligations”.
“With a little more than a year now until these significant reforms commence, being unprepared could have serious consequences for your practice and your clients,” the industry body stated on its website.
“Importantly, if you are a financial adviser, the expanded services have also introduced grey areas that may also impact your current AML/CTF obligations.”
To assist its members, the association has directed them to a range of AUSTRAC resources that cover whether the services provided by an accountant or financial adviser will be regulated under the AML/CTF reforms, which will also apply to real estate agents, buyers’ agents, property developers, dealers in precious stones, metals and products, lawyers, conveyancers, and trust and company service providers.
In February, SMSF Association policy manager Keddie Waller said the expansion of professions covered by the reforms was because the AML/CTF regime would no longer be defined by professions, but work undertaken on behalf of clients.
“This change is about what services you are providing. It is not about who you are,” Waller said at the association’s annual conference in Melbourne.
“[For accountants] you need to think about removing the roles from how you’re looking at this and just think about what services you’re providing.”
SMSF Association members were also directed to information for businesses that are required to lodge reports about meeting their AML/CTF obligations and a series of webinars being run by AUSTRAC from July to September to provide information and guidance for tranche two entities and service providers.
On its website, the financial intelligence agency stated it was currently finalising targeted consultation on draft core guidance via working groups with industry associations and peak bodies and would release finalised core guidance in October and sector-specific guidance in December.
