Obligations are in effect·Enrolment deadline: 29 July 2026—21 days remaining
AML/CTF Compliance · Accountants & Tax Agents · 7 min read · Klyvon Compliance Team
AML/CTF Compliance Software for Accountants in Australia — Obligations Now in Force
Australian accountants are captured by the AML/CTF Amendment Act 2024 if they provide designated accounting services — specifically: company and trust formation, nominee director arrangements, managing client funds or assets, or registered office services. Tax returns, bookkeeping, and financial statement preparation are not designated services. Practices that do provide designated services must have a written compliance program in place and enrol with AUSTRAC — obligations commenced 1 July 2026 and the enrolment deadline is 29 July 2026. Klyvon generates your full AML/CTF Program, CDD forms, and AUSTRAC enrolment guide — in under two minutes, for a fraction of consultant fees.
Written by the Klyvon Compliance Team · Melbourne, Australia · General guidance only, not legal advice
What you need to do
Seven steps every Australian accountant must have completed — obligations now in force
Assess whether you are a reporting entity
Under the AML/CTF Amendment Act 2024, accountants are captured as reporting entities only if they provide specific designated accounting services. The designated services are: company and trust formation, nominee director arrangements, managing client funds or assets, and providing registered office services. Tax returns, bookkeeping, and financial statement preparation are NOT designated services under Tranche 2 and do not, by themselves, make an accounting practice a reporting entity.
Enrol with AUSTRAC by 29 July 2026
All captured accounting practices must enrol with AUSTRAC via the AUSTRAC Online portal. Enrolment requires your ABN, business details, and information about the designated services you provide. Failure to enrol carries civil penalties of up to $33,000,000 (100,000 penalty units × $330 each; penalty unit due to re-index 1 July 2026 pending official publication) for bodies corporate.
Develop and implement an AML/CTF Program
Every reporting entity must have had a written AML/CTF Program in place since obligations commenced 1 July 2026. This program must cover your risk assessment methodology, customer due diligence (CDD) procedures, staff training obligations, ongoing transaction monitoring, and suspicious matter reporting (SMR) obligations to AUSTRAC.
Appoint a designated Compliance Officer
Your AML/CTF Program must designate a Compliance Officer responsible for overseeing the program, managing AUSTRAC reporting obligations, delivering staff training, and conducting annual reviews. This role must be clearly documented in your program.
Implement Customer Due Diligence procedures
Before providing designated services, you must verify client identity using current AUSTRAC-approved identification procedures. This includes collecting and verifying individual and company details, beneficial ownership, and applying enhanced due diligence where risk factors are present.
Train all staff — obligations are already in force
Every employee involved in providing designated services must receive AML/CTF awareness training, and on an ongoing basis thereafter. Training records must be kept as part of your compliance documentation.
Schedule your independent evaluation
At least once every 3 years (more often if your practice's size or complexity warrants it), arrange an independent evaluation of your entire AML/CTF program — covering your risk assessment, policy design, actual compliance, and risk mitigation effectiveness. A written report goes to your governing body or responsible senior manager. Distinct from your annual internal review.
How Klyvon helps
Everything your accounting practice needs — in one place
Klyvon Essential gives accountants and tax agents every document and tool required to meet AUSTRAC’s Tranche 2 obligations — generated for your specific practice, not a generic template.
AML/CTF Program Document
Klyvon generates a complete, firm-specific AML/CTF Compliance Program drafted to the requirements of the AML/CTF Act 2006 and AUSTRAC guidance — including all 8 required sections for accountants.
Client Due Diligence Forms
Ready-to-use CDD templates for individual and corporate clients, built around AUSTRAC's identification requirements for accounting practices.
AUSTRAC Enrolment Guide
A step-by-step walkthrough of the AUSTRAC Online enrolment process — so you can complete registration correctly the first time.
SMR Template and Filing Guide
A Suspicious Matter Report template and plain-English guidance on when and how to submit reports to AUSTRAC, including the 24-hour rule for terrorism financing.
Staff Training Quiz
An interactive AML/CTF awareness quiz with a printable certificate of completion — covering everything your staff need to know now obligations are in force.
Compliance Calendar
A pre-built compliance calendar tracking the AUSTRAC enrolment deadline, quarterly review dates, and annual program review milestones specific to your practice.
Start today
Get your AML/CTF Program sorted before the enrolment deadline
Enter your firm details and Klyvon generates your full AML/CTF Compliance Program — including all 8 required sections, your CDD templates, and your AUSTRAC enrolment guide. Month-to-month · cancel anytime.
Common questions
Frequently asked questions — accountants and AML/CTF
Are all accountants in Australia captured by the new AML/CTF laws?
No. The AML/CTF Amendment Act 2024 only captures accountants who provide specific designated accounting services: company and trust formation, nominee director arrangements, managing client funds or assets, and registered office services. Tax returns, bookkeeping, and financial statement preparation are NOT designated services and do not trigger obligations on their own. If you only provide tax advice or bookkeeping, you are not captured. If you are unsure, Klyvon's free scope check tool can assess your specific circumstances in under two minutes.
What is the penalty for non-compliance?
Civil penalties under the AML/CTF Act 2006 (Cth) can reach $33,000,000 (100,000 penalty units × $330 each; penalty unit due to re-index 1 July 2026 pending official publication) for bodies corporate per contravention. Criminal penalties also apply for serious and wilful non-compliance. AUSTRAC has demonstrated willingness to pursue enforcement action — including record penalties against major Australian financial institutions.
Can I use a generic AML/CTF template?
AUSTRAC requires your AML/CTF Program to be tailored to the specific ML/TF risks of your practice — including your client base, services, delivery channels, and jurisdiction. A generic template that does not reflect your actual business is unlikely to satisfy the requirements and could expose you to regulatory risk. Klyvon generates a program specific to your firm, industry, and Compliance Officer.
How long does it take to get set up with Klyvon?
Most accounting practices complete their initial setup — including generating their AML/CTF Program, downloading their CDD forms, and working through the AUSTRAC enrolment guide — within a single afternoon. Your compliance program document is generated in under two minutes.
What if my practice is very small — do I still need to comply?
Yes. There is no minimum size threshold under the AML/CTF Act. A sole-practitioner tax agent providing designated services is as much a reporting entity as a large accounting firm. The obligations scale somewhat in practice — a smaller firm may have a simpler risk profile — but the requirement to have a written program, enrol with AUSTRAC, and conduct CDD applies equally.
Is Klyvon a substitute for legal advice?
Klyvon generates compliance documents based on AUSTRAC guidance and Australian legislation, and is designed to give small accounting practices a practical starting point. The documents are not legal advice. For complex arrangements, high-risk client bases, or where you are uncertain about your obligations, we recommend reviewing your program with a qualified AML/CTF specialist.
How often must accountants get an independent evaluation of their AML/CTF program?
At least once every 3 years, and more often if appropriate to the size and complexity of your practice. This is a separate, mandatory requirement under the AML/CTF Act — distinct from your annual internal program review. The independent evaluation must assess: your ML/TF risk assessment against the Act and Rules, the design of your AML/CTF policies, your actual compliance with those policies, and whether you're appropriately identifying, assessing, and mitigating ML/TF risk. Findings go in a written report to your governing body or a responsible senior manager.
Don’t leave your AML/CTF compliance to the last minute.
The AUSTRAC enrolment deadline of 29 July 2026 is closer than it looks. Get started today.
Related resources
Accountants & Tax Agents
Full sector guide and compliance steps
AUSTRAC Tranche 2 — Complete Guide
Obligations, deadlines, penalties
Am I Regulated?
60-second eligibility checker
AML Compliance Costs
Real turnover-tiered figures
Accountants — Victoria
State-specific guidance
All resources
Every guide, sector explainer and tool