Why Is Your Accountant Asking for Your Passport?
By Tina Zawila
Have you ever wondered why your accountant, lawyer or real estate agent might suddenly ask for identification documents you've never needed to provide before?
From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws have expanded to include accountants, advisers, lawyers, conveyancers and real estate agents. There forms are designed to help prevent criminals from using trusted professionals to hide, move or legitimise illegally obtained funds.
While money laundering might sound like something that only happens in crime dramas, it is a real issue that affects communities and economies around the world. Professional service providers and property transactions can sometimes be used to disguise the source of illicit funds. The new laws aim to make those activities more difficult by increasing transparency and accountability.
For everyday Australians, the biggest change will likely be the need to provide more identification and background information when engaging certain professional services. If you're setting up a company, restructuring a business, buying or selling property, or seeking advice on specific transactions, you may be asked to verify your identity or provide details about who owns or controls a business or trust.
Businesses operating through companies or family trusts may also need to disclose information about the people who ultimately own, benefit from or control those structures.
While it may feel like additional red tape, these checks are becoming standard practice around the world and play an important role in protecting Australia's financial system, property market and business community from misuse.
So, if your accountant, solicitor or real estate agent asks for a driver's licence, passport or other supporting information, don't be surprised. They're not being difficult—they're complying with new legal obligations that help keep our economy safer and more transparent for everyone.
This article is general information only and should not be relied upon as professional advice. Individuals and businesses should seek advice specific to their circumstances.
The team at UHY Haines Norton CQ are here to assist you with all of your financial questions and concerns. Call us today on 4972 1300.
