I am writing to let you know about upcoming changes to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws that will affect how we work with you.

From 1 July, accounting firms like ours will be formally captured under the AML/CTF regime overseen by AUSTRAC. This means we are required to apply additional checks and maintain more detailed records when providing certain services.

What this means for you in practice

You may notice some changes in how we interact with you, including:

-Identity verification (KYC): We may ask you to provide identification documents (e.g. driver’s licence or passport) or confirm existing details.

-Business and ownership information: For companies, trusts, and other entities, we may need information about directors, trustees, and beneficial owners.

-Purpose of services: We may ask questions about the nature of your activities or transactions to better understand your circumstances.

-Ongoing updates: From time to time, we may need to refresh your information to ensure our records remain up to date.

In many cases, we will already hold some of this information. However, the new rules require us to ensure it is complete, current, and verified to a higher standard. Where we require any additional information, we will inform you and where possible, we will aim to streamline this process.

Impact on pricing

These changes introduce additional regulatory obligations and administrative requirements for our firm. As a result, there may be an impact on pricing for some of our services.

If this applies to you, we will:

-Communicate any changes clearly and in advance; and

-Explain what is included so you can make informed decisions.

Enhanced security measures

Protecting your personal information is a top priority. We are implementing enhanced security measures to strengthen our data protection practices.

As part of these updates, we now require:

-A personal email address for direct communication (or written authority if using another person’s email); and

-A personal mobile number to receive SMS authentication codes for accessing sensitive documents (multi-factor authentication).

While you may have previously authorised a family member or representative to receive your information, updated privacy requirements mean we must increase individual-level security controls. This may include:

-Written confirmation to communicate with another person; and

-Email validation requests.

We understand this may cause some initial inconvenience; however, these measures are essential to safeguard your information. A member of our team will be in touch to confirm and update any relevant details.

Questions

We appreciate these changes may raise questions. Please feel free to contact us on 1300 667 897 or email [email protected] if you would like to discuss how this applies to you.

Thank you for your continued trust and cooperation.

Warm regards,

James Brown

Managing Principal, Count Gold Coast

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