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AML for Accountants

Tranche 2 AML Compliance Solutions for Accounting Firms

Protect your practice from regulatory fines and reputational damage. Lead AML provides custom risk assessments, compliance programs, and automated KYC tools designed specifically for Australian accounting firms.

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Your Obligations

Why Accountants Must Comply with Tranche 2

Since 1 July 2026, accountants providing specific "designated services" have been regulated under the expanded AML/CTF Act. AUSTRAC has identified the accounting sector as having a "high and stable vulnerability" to money laundering because criminals actively seek out financial expertise to distance themselves from illicit funds. You are legally required to comply if your practice assists clients with:

Creating or restructuring companies or trusts.
Buying or selling a body corporate or legal arrangement.
Managing client funds, accounts, or virtual assets.
Providing a registered office or principal place of business.
Acting as a nominee shareholder, director, or trustee.
Key Context

Risk Profiling Specifically for Tax and Advisory Services

Criminals use professional services to create "effective anonymity". Your team must be trained to identify red flags such as complex ownership structures with no commercial logic, offshore shell companies, and "loan-back schemes" where illicit funds are disguised as legitimate loans.

How We Help

Seamless Name & Sanctions Screening

Lead AML provides an automated, cloud-based platform and expert advisory services tailored for accounting firms:

Complex Entity Unpacking

Automate Customer Due Diligence (CDD) to easily trace and verify Ultimate Beneficial Owners (UBOs) across complex trust and company structures.

Custom Risk Assessments

We build your program based on your exact services, correctly risk-scoring clients based on AUSTRAC methodologies.

Automated Watchlist Screening

Instant, "fuzzy matching" background checks against global Sanctions and Politically Exposed Persons (PEP) lists.

Audit-Ready Record Keeping

Secure, 7-year cloud storage of all CDD documents, SMRs, and risk assessments.

Am I covered?

Tick the services you provide and see in a minute whether Tranche 2 applies.

Tranche 2 guide

Key dates and every obligation explained in plain English.

Your AML/CTF program

Answer guided questions and get your risk assessment and program written.

AML for accountants: FAQs

Do accountants need to comply with Tranche 2?

Accountants are covered when they provide designated services, such as creating or restructuring companies and trusts, managing client money or assets, helping a client buy or sell a business, acting as or arranging a nominee, or providing a registered office. Preparing tax returns or giving tax advice isn’t a designated service on its own.

Do I need to verify my existing clients?

Not straight away. Clients you had before 1 July 2026 generally need full customer due diligence only when they ask for a new designated service, their risk changes materially, or you need to make a suspicious matter report.

How do I verify the beneficial owners of a company or trust?

Identify every individual who owns 25% or more or controls the client, directly or through other entities, and verify them. In Lead AML a business check confirms the ABN with the ABR, pulls the company’s ASIC record and directors, and asks the client to declare its owners, who then get their own ID checks.

How much does AML software for accountants cost?

Lead AML plans start at $79 a month (plus GST), with monthly credit for automated ID and business checks and the AML/CTF program builder included. You can try every Growth feature free for 14 days, no card needed.

See it working on your own clients

  • 14 days free, no card needed
  • $50 of check credit to try ID and business checks
  • Every Growth feature included
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