AML/CTF Reforms: Good News for Bookkeepers and BAS Agents

AML/CTF Reforms: AUSTRAC Clarifies Position for Bookkeepers and BAS Agents.

The Australian Bookkeepers Association (ABA) and the Institute of Certified Bookkeepers (ICB) have provided an important update following discussions with AUSTRAC and representatives from the Minister for Home Affairs' office regarding the upcoming Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) reforms.

What Was Clarified?

A major concern for many bookkeepers and BAS Agents has been whether helping clients process routine business payments—such as payroll, superannuation and supplier payments—would require them to register with AUSTRAC under the new AML/CTF rules.

The good news is that AUSTRAC has confirmed that where these payment activities are performed as part of a broader bookkeeping or BAS service, they are generally not considered a designated service under the legislation.

This means that bookkeepers and BAS Agents who have authorised access to a client's bank account and assist with day-to-day payments as part of their normal bookkeeping duties are expected to be excluded from AML/CTF enrolment requirements.

Why This Matters

Many small businesses rely on their bookkeeper to manage payroll, superannuation, accounts payable and cash flow obligations. These services are provided under the client's authority and form part of standard bookkeeping support—not as standalone money transfer or client asset management services.

The clarification provides reassurance to thousands of bookkeepers who were concerned that routine payment processing could trigger significant new compliance obligations.

More Guidance Is Coming

The ABA and ICB have also highlighted the need for clear, practical examples so that bookkeepers can easily determine when AML/CTF obligations do—and do not—apply.

AUSTRAC has acknowledged these concerns and is expected to release further guidance shortly. The professional bodies will continue working closely with the regulator to ensure the bookkeeping profession receives clear direction.

What we the BAS Agents & Bookkeepers Do Now?

The advice from the ABA and ICB is simple:

• Don't panic.

• Review your service offerings and engagement letters.

• Ensure your client payment authority processes are clear and documented.

• Pay attention to how client funds are handled.

• Avoid rushing to enrol with AUSTRAC based on speculation or misinformation.

  
  

While the AML/CTF reforms are significant and may affect some practitioners depending on the services they provide, ordinary bookkeeping and BAS-related payment arrangements appear to have been clearly recognised within the legislation.

The ABA and ICB will provide further updates as additional guidance becomes available.