Don’t shoot the messenger!  From 1 July 2026, Australia’s anti-money laundering [AML] rules have changed, bringing more checks, more questions and yes, more admin.

These requirements have applied to banks and financial institutions for many years and have now being extended to a broader range of professional services.As a result, additional checks and documentation are now a normal part of doing business in Australia.
And our goal is to make the process as smooth as possible.

 

so, what’s actually changed? 

 

For many clients, the biggest change is the amount of information we need to collect and verify before certain work can be done. 

Depending on the type of service, these checks could include: 

  • ID + address checks. 
  • Ownership verification. 
  • More questions about related entities, trusts and company structures. 
  • Supporting documentation requests. 
  • Information about where funds originated. 
  • Ongoing monitoring in some circumstances. 
  • Additional time to complete the required checks.

 

‘hang on… why are you suddenly asking for all this?’ 

 

This is probably the question we’ll hear the most, and it’s a fair one. 

One of the biggest misconceptions is that existing relationships automatically satisfy the AML compliance requirements.

Unfortunately, that won’t always be the case. 

Even long-term clients may be asked to provide information they haven’t previously needed to provide, and in some situations, we may also need to update information that we’ve held for years to meet the new requirements.

 

different services, different requirements 

 

Depending on the services we’re assisting you with, different businessDEPOT divisions may have different compliance requirements.  

This means that even if you’ve already been verified by one division, you may be asked to complete verification checks with another.  

We’ll do everything we can to streamline the process and minimise duplication wherever possible. 

 

how can the process be easier? 

 

The good news is that there are a few simple things you can do to help avoid unnecessary back and forth. 

  • Keep identification documents current. 
  • Make sure company and trust records are up to date. 
  • Be ready to explain ownership structures. 
  • Respond promptly to information requests. 
  • Allow extra time for verification checks. 

 

we’re here to help 

While the extra paperwork may be unavoidable, we’ll be here to help you navigate these AML compliance requirements.

If you have any questions about what this means for you or your business, reach out to your usual contact at businessDEPOT, email oneplace@businessdepot.com.au or give us a buzz on 1300 BDEPOT. 

 

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