AML/CTF reforms

Understanding AML/CTF reforms: what this means for Pitcher Partners Melbourne clients

From 1 July 2026, Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws will extend to certain professional services, including our firm. These reforms are designed to strengthen Australia’s ability to prevent financial crime and bring the country into line with international standards.

For our clients, this means that in some circumstances we may need to ask for additional information or documents before we can provide certain services, even if you are an existing client.

Why we may ask for more information

Under the new AML/CTF regime, professional services firms must take reasonable steps to understand who they are dealing with and assess whether there is a money laundering, terrorism financing or proliferation financing risk. This includes undertaking customer due diligence (including identification and verification), customer risk assessments, record keeping and, where required, reporting suspicious matters.

These requirements are not a reflection of any concern about our clients. They are part of a broader legal framework designed to help protect businesses, the financial system and the community from misuse by criminals.

How the process will work

We understand these changes can feel like extra administration and costs, so we’re focused on making the process as straightforward as possible, with minimal disruption to you.

1. We’ll let you know what’s required
   If AML/CTF checks apply to your engagement, we’ll let you know what’s required before we can proceed.

We may need to collect ID documents, company records, trust deeds, or information on the source of funds and/or wealth. If you’re representing a company, trust or other structure, we may also be required to identify and verify the individuals who ultimately own or control it, including key personnel, directors and shareholders, trustees, beneficiaries and settlors of trusts.

2. You provide the requested documents
   This will be done electronically through a secure process.
3. We complete our verification and risk checks
   This may include confirming identity details, ownership or beneficiary information, and the nature and purpose of the entity and transactions.
4. We proceed with your work
   In most cases, once the required information has been received and verified, we can move forward promptly.

Will this affect timing?

For new clients and new entities for existing clients, we will not be able to proceed with providing the designated services until we have completed the onboarding process.  This includes obtaining the required proofs and conducting identification and verification for associated individuals.  As a result, providing the requested information early will help avoid delays.

How your information is handled

Any personal or corporate information collected for AML/CTF purposes will be handled in accordance with our privacy obligations and secure internal processes. We will only collect what is reasonably required to meet our legal obligations and support the services we provide. Visit our Privacy Policy.

If you have any questions about AML/CTF requirements or what they may mean for you, please get in touch with your usual Pitcher Partners Melbourne contact or our AML/ CTF compliance officer at: [email protected]