Ask your Aspen Advisor
“Are my current companies and trusts ready for the new AML rules, or could they hold up banks and transactions after 1 July 2026?”
If you feel like banks already ask for your whole life story just to open an account, you are not wrong. For years, they have had to follow strict anti money laundering and counter terrorism financing rules.
From 1 July 2026, a lot of that world will extend to accountants, law firms and other professional service businesses. That includes Aspen and many of the advisers you and your clients rely on.
This is not about making life harder. It is about Australia tightening the net on fraud, tax crime and terrorism funding. The practical impact for you is simple. You will see more ID checks, more questions and more focus on getting the paperwork right.
The Two Dates that Matter
31 March 2026
Firms that set up or manage companies and trusts, or act in key roles such as trustee or nominee, must be registered with AUSTRAC as “reporting entities”.
1 July 2026
From this date, when you ask us to set up or restructure a company or trust, we will be required to:
- Check and verify the identity of the relevant people
- Identify who really owns or benefits from the structure
- Ask more questions where needed about the source of funds and wealth
- Keep stronger records and monitor for suspicious activity
In other words, we will need to behave more like a bank when it comes to risk and documentation.
What this will feel like for you
In practice, you can expect:
- Tighter ID checks
Names, dates of birth and ID documents will need to match exactly. Missing middle names, name changes or minor spelling issues can cause delays. - Closer review of documents
Trust deeds, company constitutions and related documents will be reviewed more carefully. If details are wrong or missing, they may need to be corrected before a bank or regulator is comfortable. - More questions about ownership and money flow
We may ask who ultimately benefits from a structure, or how a large contribution is being funded. This is not suspicion, it is compliance. - Some additional cost
We will be using secure systems for verification and monitoring. There will be reasonable fees associated with that work.
Why this can actually help you
While this might sound like extra hassle, done properly it can strengthen your position.
- Banks are less likely to reject documents at the last minute
- Your structures are better prepared if they are ever reviewed
- Old paperwork issues are more likely to be fixed rather than ignored
You end up with cleaner structures and fewer surprises.
What you can do now
You do not need to wait until the deadline.
- Make sure your ID matches your ASIC and legal records
- Pull out key documents such as trust deeds and constitutions and check they are complete
- Let us know early if you are planning restructures, new entities or major changes
- Talk to us if you suspect any old documentation might not be quite right
A short review now is much easier than a rushed fix when a bank is holding up a settlement.me.
Final Thought
AML is a serious change, but it does not need to be scary. If you are unsure how ready your structures are, speak with your Aspen advisor.
We can help you work out what is fine, what needs a tidy up and how to move into the new regime with confidence.
