At Deb-it Books, we know most clients want things kept simple, practical and stress-free.
You send through your bookkeeping, tax or business information, and our job is to help you stay organised, compliant and on track. That will not change.
However, from 1 July 2026, some changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing laws will apply to certain professional services. These changes may mean that, in some situations, Deb-it Books will need to collect and verify identity information before providing particular services.
This does not mean every client will suddenly need to complete extra paperwork. It also does not mean we have concerns about you, your business or your affairs.
It simply means that, for certain types of work, the law may require us to complete extra checks.
Imagine a long-standing client contacts us and says:
“We are changing our business structure and need help updating company details, directors and ownership information.”
In the past, that may have been handled as a normal administrative or advisory task.
Under the new AML/CTF framework, some services involving companies, business structures, legal entities, ownership, control, restructuring or business transactions may fall within the rules as a designated service.
If that happens, Deb-it Books may need to verify who we are dealing with before or during the work.
That might include confirming the identity of a director, business owner, authorised person or person who ultimately owns or controls the business.
This is not about making life difficult. It is about making sure professional services are not misused by people trying to hide money, conceal ownership, move criminal proceeds or disguise who really controls a business.
AML/CTF stands for Anti-Money Laundering and Counter-Terrorism Financing.
These laws are designed to help protect Australia’s financial system and wider community from being misused for serious financial crime.
Money laundering is the process of making money from illegal activity appear legitimate. Terrorism financing involves funds being used to support terrorist activity. The broader reforms also refer to proliferation financing, which relates to funding activities connected with weapons proliferation.
While most people will never be involved in these issues, the system relies on businesses and professional service providers completing appropriate checks where required.
Banks, lenders and financial institutions have been doing identity checks for many years. From 1 July 2026, the rules are expanding to include certain services provided by newly regulated industries, including accountants, lawyers, conveyancers, real estate professionals, trust and company service providers, and dealers in precious metals and stones.
No.
This is the most important point for clients to understand.
The new requirements do not automatically apply to every service simply because it is provided by an accountant, tax agent or bookkeeper.
For clients who use Deb-it Books for standard services such as routine bookkeeping, BAS preparation, payroll support, tax return preparation or general compliance assistance, there may be little or no practical change.
The requirements are more likely to apply where the service involves a designated service under the AML/CTF rules.
The clients most likely to be affected are those where Deb-it Books assists with matters involving companies, business structures, legal arrangements or significant business transactions.
This may include services such as:
Each situation will depend on the type of work being requested.
If a service does not fall within the rules, additional AML/CTF identity checks may not be required.
If a service does fall within the rules, we will explain what is needed before proceeding.
If Deb-it Books asks you to complete an identity check, it is because we may have a legal obligation to do so.
It is not because we believe you have done anything wrong.
It is not because you are considered suspicious.
It is not because we want to create more administration for you.
It is simply part of a compliance process designed to confirm who we are dealing with and, where relevant, who owns or controls a business or entity.
In practical terms, this may be similar to the checks you already complete when:
AUSTRAC describes this as part of customer due diligence. In plain English, it means knowing who the customer is and making sure the service is being used for a legitimate purpose.
The exact information required will depend on the service being provided and the client structure involved.
For an individual, this may include information such as:
For a business, company or trust, this may include information such as:
In some situations, additional information may be required to understand the purpose of the transaction, the business structure or the people involved.
If this applies to you, Deb-it Books will tell you what is needed and guide you through the process.
In most cases, the process should be straightforward.
Our aim is to make the process as simple and practical as possible. Where identity verification is required, we will let you know early so the checks can be completed without unnecessary delays.
The best way to avoid delays is to provide the requested information promptly and make sure the details match your official identification documents.
For example, your legal name, address and date of birth should match the ID being used.
Where identity verification is required for a designated service, any third-party verification disbursement will be passed on to the client.
This means that if Deb-it Books needs to use an external identity verification provider, the cost of that verification may be charged as a disbursement.
We will let you know beforehand if this applies to you and confirm the applicable cost before proceeding.
These disbursements only relate to the identity verification process and will only apply where checks are required for a relevant designated service.
Deb-it Books understands that identity information is sensitive.
Any information collected for AML/CTF purposes will be handled carefully and used for the purpose of meeting our professional and legal obligations.
We will only ask for information where it is required for the relevant service. We will also aim to keep the process clear, respectful and proportionate.
If you are unsure why something is being requested, you are welcome to ask.
Some long-term clients may understandably wonder:
“You already know me, so why do I need to provide ID?”
That is a fair question.
In many cases, we do know our clients well. However, the new AML/CTF rules may still require formal verification for certain types of services. Knowing a client personally or having worked with them for many years does not always remove the legal requirement to complete proper checks.
The requirement depends on the type of service being provided and whether the service falls within the AML/CTF rules.
For many clients, nothing major will change.
If you only use Deb-it Books for standard tax, bookkeeping, BAS or payroll support, there may be little or no practical difference.
You do not need to do anything immediately.
If your circumstances change or you request a service that falls within the new rules, we will let you know at the time.
These changes are part of a wider national effort to protect Australia’s financial system and community from financial crime.
Professional services can sometimes be misused by criminals to create complex business structures, hide ownership, move funds or make unlawful activity appear legitimate. The reforms are designed to close gaps and make it harder for those activities to occur.
For genuine clients, the process is simply an added compliance step.
For Deb-it Books, it is part of continuing to provide accurate, reliable and personalised support while meeting our professional and regulatory obligations.
There is nothing you need to do immediately.
If the new requirements apply to a service you request, Deb-it Books will:
AUSTRAC has published a short public guide called “Why you might be asked for ID”, which explains why businesses may request identification in certain situations.
You can read it here:
https://www.austrac.gov.au/general-public/why-you-might-be-asked-id
We understand that new compliance rules can sometimes feel confusing or frustrating. Our goal is to make the process clear, practical and easy to follow.
If Deb-it Books asks you for identity information, please know that it is a standard compliance requirement and not a reflection of any concern about you or your business.
As always, if you have any questions, please reach out.
Kind Regards,
Deb Fazzalari CA
Deb-it Bookkeeping & Tax Services
W: debitbooks.com.au
P: 0499 651 754
Accurate. Reliable. Personalised Support.