iscover Possible gaps and pain points for accountants ahead of the AML/CTF reforms
RegulationIn conversation with Accountants Daily ahead of AML Edge in March, Jill Muir, senior policy advocate at CA ANZ, has reflected on the looming challenges for accounting firms as Tranche 2 entities ahead of the 1 July 2026 deadline.
Muir (pictured), who will be speaking at the third iteration of AML Edge, being hosted in Sydney on 19 March and in Melbourne on 26 March, said that the existing statutory and professional obligations of professional accountants, such as CA ANZ members, align with the obligations of the new AML/CTF regime.
Overall, she said, “professional accountants are well prepared and will need to uplift their existing quality management system”, in order to embed additional AML/CTF obligations and commence AML/CTF specific training.
This is not to say, however, that there will not be hurdles along the way for practitioners.
“More regulation is always a pain point for honest professionals as it requires additional time away from servicing their clients towards preparing to be AML/CTF compliant,” Muir said.
“Importantly, the additional policies, procedures and controls needed will be relative to the nature, size and complexity of your business. So, low risk smaller businesses and sole traders will have less to do than those that service clients considered high risk under the AML/CTF regime.”
One possible capability gap to be faced, Muir noted, is the need to keep on top of how criminals may use their services to mask their activities, money laundering/terrorism financing red flags, from which practitioners will need to review and update their AML/CTF processes.
“One way to close this gap is to sign up to ‘AUSTRAC InBrief’, AUSTRAC’s quarterly newsletter to keep up to date on new and emerging risks in Australia, and in their particular sector,” she advised.
Last week, Accountants Daily spoke with Grant Thornton partner Neil Jeans about how accounting practices about building an effective AML kit, in anticipation of the Tranche 2 reforms.
Taking shortcuts, Jeans warned, will cause headaches on a compliance front.
“The AML/CTF Act is clear: you must comply with all relevant obligations, and there’s nothing wrong with making sure compliance is aligned (where it can be) to current business practices or minimising the impact on client experience,” he said.
“However, there are minimum level of compliance that need to be attained which cannot be the subject of shortcuts without exposing the business to regulatory non-compliance.”
When done properly, he said, the building of effective AML kits for one’s firm is not as overwhelming or onerous as it may first appear: “The AUSTRAC Starter Kits have been designed to reduce the effort, resources and therefore cost need to achieve compliance.”
Following two sold-out events in 2025, Accountants Daily – in conjunction with sister brands Accounting Times, Lawyers Weekly, and REB – be delivering an execution-focused plan to get you across the line in this high-stakes community forum, expertly curated to solve your final, critical challenges.
To buy tickets to AML Edge 2026, click here.
To view the agenda for the Sydney and Melbourne events, click here.
To see the full list of speakers for both events, click here.
Jerome Doraisamy
Jerome Doraisamy is the managing editor of Momentum Media’s professional services suite, encompassing Lawyers Weekly, HR Leader, Accountants Daily, and Accounting Times. He has worked as a journalist and podcast host at Momentum Media since February 2018. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
