Australia’s professional accounting sector is facing one of the most significant regulatory shifts in years, with new Anti-Money Laundering (AML) obligations now firmly in place. These changes aren’t just technical updates — they fundamentally reshape the compliance responsibilities accountants face when dealing with their clients.
At dVT Group, we understand how these changes can impact your practice. We’re here to guide you through the complexities, helping you turn compliance into a strength, not just a burden.
What’s Changing — and Why It Matters
The recent AML reforms bring Australian accountants into sharper regulatory focus, aligning local obligations with global standards set by bodies like the Financial Action Task Force (FATF). While financial institutions have long carried the AML burden, accountants are now firmly part of the frontline in the fight against financial crime.
This means new obligations and heightened scrutiny, requiring firms to implement more robust systems and processes to meet AUSTRAC’s expectations.
What Does This Mean for Your Practice?
- Know Your Customer (KYC) Becomes Non-Negotiable
Accountants must now thoroughly verify client identities, conduct ongoing due diligence, and actively monitor transactions for red flags. The casual client intake processes many firms once relied on are no longer enough — clear evidence of risk assessment and ongoing monitoring is essential. - Balancing Compliance with Confidentiality
This is one of the trickiest challenges for accountants. Under the new framework, you’re legally obligated to report suspicious activity — even if that activity involves a longstanding client. Finding the balance between client confidentiality and compliance is delicate and getting it wrong could mean hefty fines or worse. - Administrative Pressure and Reputational Risk
For small and mid-sized firms, these changes can feel overwhelming. The time and resources needed to build AML programs, train staff, and keep up with reporting requirements can stretch even the most efficient practice. Yet the cost of non-compliance — including financial penalties and reputational damage — is far greater.
The dVT Group Advantage — Your Compliance Partner
This is where dVT Group comes in. We work with accountants and professional service firms every day, helping to translate regulatory complexity into practical, manageable solutions.
Here’s how we can help:
✅ Tailored Compliance Programs: We design AML programs that fit the size and risk profile of your firm — not a cookie-cutter template, but a real-world solution tailored to your practice.
✅ Practical Risk Assessments: We assess your existing processes and recommend cost-effective ways to tighten compliance without disrupting client service.
✅ Ongoing Support: From preparing for audits to navigating suspicious transaction reports, dVT Group is your on-call AML advisor, helping you stay ahead of changes as they happen.
Why It Pays to Be Proactive
AML compliance is no longer just a regulatory checkbox — it’s fast becoming a hallmark of a trusted professional firm. Accountants who embrace the changes not only reduce risk but also enhance their credibility with clients, referrers, and regulators alike.
Let’s Talk — dVT Group is Ready to Help
Don’t wait until the regulators come knocking. Contact one of our experienced team at dVT Group on (02) 9633 3333 or by email at mail@dvtgroup.com.au to discuss how we can help your firm navigate these AML changes with confidence and clarity.
dVT Group — Your trusted partner in compliance, risk, and peace of mind. We are a business advisory firm that specialises in business turnaround, insolvency (both corporate and personal), business valuations and business strategy support.
By Angela Bensemann
March 2025
