New AML rules, with effect from 1 July 2026

 

From 1 July 2026, new anti-money laundering rules apply to firms like ours. Here is what has changed, and why, for most of the firms we work with, it makes very little difference to how you order.

What has changed

Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime has expanded. From 1 July 2026, company formation, trust, and corporate secretarial providers are covered for the first time, and CoSec Partners is now enrolled with AUSTRAC as a reporting entity.

In practice, this means that before we form a company, establish a trust, or provide certain other services, the people involved need to have had their identity verified. This is known as customer due diligence, or CDD.

The good news is that if you are a professional firm that already does this for your own clients, you very likely will not need to do it twice.

What it means for your orders

There are two ways the verification can happen. Which one applies depends on who is placing the order.

We rely on your checks - No extra cost

Most accounting firms, legal firms, and financial planning firms are now reporting entities and already verify their own clients. Where that is the case, we can rely on the checks you have done rather than repeating them. There is no extra cost, and no second round of ID for your client. You set this up once, and after that each order needs only a quick confirmation from you that the checks are complete.

We verify for you - $150 + GST per order

If you are not a reporting entity, or you are ordering directly rather than on behalf of a client you have already verified, we take care of the verification. We do this through our verification partner, FirstAML. The people involved receive a secure link and verify their identity online in a few minutes. A verification fee of $150 per order applies and is added to your invoice.

Setting it up once

For firms using the reliance path, the set-up is a one-time step. You complete a short online form confirming that your firm is a reporting entity, that you carry out customer due diligence, and that you are comfortable for us to rely on it. We review it, confirm when your arrangement is active, and from then on your orders flow through with only a per-order confirmation. No forms to repeat, and no verification fee.

We will send you the link when you next place an order, or you can ask us for it any time.

Ordering stays the same

However you order with us, by website, PDF order form, or email, the process works just as it always has. The verification step simply slots in where it is needed. If you are set up on the reliance path, most of it happens quietly in the background.

When we will still do our own checks

To meet our obligations, there are some situations where we will carry out verification ourselves, even for a firm we would normally rely on. These are the higher-risk cases: where someone is a politically exposed person or subject to sanctions, where an ownership structure is unusually complex, where a higher-risk jurisdiction is involved, or where we are being appointed directly, for example as registered office, ASIC registered agent, or nominee director. We will always let you know when this applies.

Your client relationship is safe

We know your client is your client. Where we contact someone directly to verify their identity, it is only for that purpose and to meet our legal obligations. We use the information you and your clients provide solely to deliver our services and comply with the law, we keep it secure, and we never use it to compete for the relationship. That is a commitment, not just a policy.

Want the full detail? This article is a plain-English summary. The complete terms, including the reliance conditions, record-keeping, and how responsibilities are shared, are set out in the AML/CTF Tranche 2 and reliance on referring firm CDD section of our Terms and Conditions. If you place orders on the reliance basis, we recommend reading that section and obtaining your own AML advice if you would like it.

Questions?

Our corporate secretarial team is happy to walk you through what this means for your firm. Call 1300 226 226 or email team@cosecpartners.com.au.

Last updated 1 July 2026. CoSec Partners Pty Ltd (ABN 58 615 782 799), 232 Unley Road, Unley SA 5061. CoSec Partners provides document preparation, lodgement, and corporate secretarial services, and does not provide legal, tax, or financial advice.