Anti‑Money Laundering & Counter‑Terrorism Financing

Here is what this means for you as a Grant Thornton client

 

From 1 July 2026, changes to Australia's Anti-Money Laundering laws extend to a range of professional service providers, including accounting and advisory firms. 

 

Why this matters

Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws protect the Australian financial system and the broader community from financial crime. These obligations apply across many industries and have been extended to professional services firms as part of a national initiative to strengthen the integrity of Australia's business environment.

By meeting these obligations, we help to:

  • protect clients and services from criminal misuse
  • maintain trust in Australia’s business and financial environment
  • uphold the standards expected of professional service providers.

What’s changing: Our legal obligations from 1 July 2026

Grant Thornton Australia will have a legal obligation to verify certain client information before providing some services. These requirements are now being incorporated into our existing onboarding and engagement processes.

You may notice: 

  • requests for additional information when starting a new engagement
  • periodic confirmation of key details, such as business activities or where you operate
  • a more consistent, technology enabled onboarding experience across services.

For clients: What this means for you

These checks are standard legal requirements applied consistently across all clients and services where required. We always aim to be clear about what is needed and why.

When required, we may ask you to:

  • verify your identity
  • confirm who owns or controls a business or entity
  • explain how our services will be used
  • keep key details up to date
  • provide additional information in certain circumstances. 

If you are required to provide additional information you will receive a Grant Thornton branded email from our AML vendor- First AML that will step you through what is required. We understand that providing information takes time. We always aim to be clear about what is required and why.

Our approach to implementing these changes

These changes are being implemented in a way that is practical, proportionate and consistent across the firm. Our approach is designed to meet our regulatory obligations whilst maintaining a positive client experience.

This includes: 

  • embedding AML checks into existing engagement processes
  • using technology to improve efficiency and consistency
  • applying requirements consistently across relevant services
  • supporting our people with clear guidance so requests are handled professionally and efficiently. 

Have questions?

Please reach out to your Grant Thornton contact with any questions.