What is a designated service for an accountant?

A specific service listed in the AML/CTF rules, such as managing a client's money or assets, or arranging the formation of a company or trust.

Do bookkeepers need to comply?

If you provide a designated service, yes. Scope follows the service you provide, not the job title.

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Guide

AML requirements for accountants (2026)

Last updated 8 September 2026

From 1 July 2026, accountants and trust-and-company service providers are regulated under AUSTRAC Tranche 2 when they provide a designated service, such as managing client money, forming companies or trusts, or acting as a registered office or nominee. It is what you do, not what you are called.

It is the service, not the job title

You are in scope because of the designated services you provide, not simply because you are an accountant. Providing one designated service brings that work into scope.

What an accounting practice must do

Identify which designated services you provide, and enrol with AUSTRAC.
Adopt AUSTRAC's accounting starter kit and complete your risk assessment.
Verify clients, screen them, report when required, train staff, and keep records for seven years.

Senly AML shapes your program to the designated services you actually provide, so you carry the obligations that apply and nothing you do not.

Questions, answered.

Are accountants regulated under Tranche 2?: Yes, when they provide a designated service such as managing client money, forming companies or trusts, or acting as a registered agent.
What is a designated service for an accountant?: A specific service listed in the AML/CTF rules, such as managing a client's money or assets, or arranging the formation of a company or trust.
Do bookkeepers need to comply?: If you provide a designated service, yes. Scope follows the service you provide, not the job title.

See accountant compliance

This guide is general information, not legal advice. The official source is austrac.gov.au.