The AML/CTF Deadline for Accountants Is 10 Weeks Away. Here Is What to Do Now.

If your accounting practice has not started preparing for the 1 July 2026 AML/CTF deadline, you are not alone — but you are running short on time. Ten weeks is enough time to become compliant if you act now. It is not enough time if you wait another month.

The first thing to determine is whether your practice is actually captured. Tranche 2 applies to practices providing 'designated services' — which include company formation, acting as a trustee or company director, managing client money, and assisting with property transactions. If your practice does any of these, you need an AML/CTF program.

Once you have confirmed capture, the four-step action plan is: (1) Complete your risk assessment and generate your AML/CTF program documents. (2) Design and implement your CDD workflow — the process staff will follow every time a new client needs a designated service. (3) Train all relevant staff. (4) Enrol with AUSTRAC — enrolment is open now, and must be completed within 28 days of 1 July 2026.

The risk assessment is the document AUSTRAC will expect to see first if they review your practice. It needs to assess risks across your client types, services, delivery channels, and geographic footprint. Practices with higher-risk client profiles — international clients, complex trust structures, cash-heavy industries — need to document those risks explicitly and show what controls are in place.

CDD workflow design is where most practices lose time. If you are building CDD into an existing practice management system, you will likely find that those systems were not designed for structured AML checks. The identity fields, risk rating logic, and beneficial ownership mapping required by AUSTRAC do not map cleanly to standard client file management.

Staff training is often underestimated. Front-of-office staff who onboard new clients need to understand what checks to run, why they are required, and what to do if a client is reluctant to provide information. The training does not need to be formal or lengthy — but it must happen, and it must be documented.

Need a practical way to handle AML/CTF client checks, risk scoring, and evidence capture? ClientCheck helps Australian firms run compliant onboarding workflows aligned with AUSTRAC expectations. Start with a walkthrough and see how your team can go live fast.