AML/CTF Compliance for Accountants & Corporate Service Providers

AML Smart Guard provides AML/CTF compliance for accountants and corporate service providers, covering client and matter-level risk profiling, identity and beneficial ownership verification, transaction monitoring, training and specialist support, built specifically for the designated services accountants and corporate service providers now deliver under Tranche 2.

Who this applies to

AML/CTF obligations apply when an accountant, insolvency practitioner or corporate service provider provides a designated service. This can include services involving business transactions, managing client money or property, business structuring, company or trust formation and trust and company services. It is the service being provided, not the practitioner’s job title, that determines whether AML/CTF obligations apply.

What AUSTRAC expects from 1 July 2026

Risk assessment across every designated service the firm actually delivers.
A documented, risk-based AML/CTF program in operation, not just drafted.
Client and beneficial-owner due diligence completed before the engagement proceeds.
Activity monitoring with accessible, retrievable records.
Timely reporting to AUSTRAC when something looks wrong.

Which plan does my firm need?

Firm profile	Recommended plan	Why
Sole practitioner or small firm	Flex/Bespoke, KYC $15/check, KYB $50/check	Pay only for the checks you run
Mid-size firm with regular trust/company work	Standard ($349/mth) or Scaled ($549/mth)	Fixed monthly screening allowance plus dashboards
Multi-partner or multi-office firm	Enterprise ($949/mth)	Unlimited users, dedicated account manager

Not every service an accounting firm provides is necessarily a designated service. Routine accounting or tax work is generally treated differently from services involving business transactions, entity structuring, or receiving, holding, controlling or managing client money or property. It’s worth mapping out exactly which services your firm provides so AML/CTF controls apply where they’re actually required, not across the board.

Frequently asked questions

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What should an accounting firm’s AML program focus on?

Map every designated service the firm delivers, run a risk assessment against those services specifically, define risk-based CDD and enhanced-CDD triggers, and build clear day-to-day procedures staff can actually follow.

What does AUSTRAC enrolment look like for an accounting firm?

Confirm which services put you in scope, appoint an AML/CTF compliance officer (AMLCO), complete AUSTRAC enrolment, customise a starter AML/CTF program, then embed the controls into existing client-intake and practice-management workflows.

What does live CDD and monitoring look like for an accounting practice?

CDD at every new engagement, ongoing due diligence through the life of the client relationship, monitoring of client money and trust account activity, and documentation of every material decision.

Does this replace my professional indemnity or conduct obligations?

No, it addresses AML/CTF obligations specifically; other professional obligations remain separate.