As of 1 July 2026 Austrac introduced new legislation requiring all Australian Accounting firms, including VMG Accounting, to comply with Australia's AML/CTF regime.

​

Our Obligation

​

We are required to complete AML/CTF checks before we can provide certain services.

​

In practice, this means we must:

• verify the identity of our clients

• understand who owns or controls entities we act for

• understand the purpose of each matter or transaction

• assess and document ML/TF risks

• keep clear and accurate records of our decisions

​​

We are legally required to complete these checks before we can provide certain services. The checks we complete are risk‑based. The level of information we will request from you will be based on the AML/CTF risk assessment associated to you and/or your entity.

​

The AML Process

​

VMG Accounting aims to make this process as streamlined as possible for our clients. 

 

This process is mandatory under AML/CTF regulations and ensures we meet our legal obligations while keeping clients and communities safe.

 

You may be asked to do the following:

​

1. Share your details - we will request basic identity information and any relevant documents

2. Verify your information - details will be checked securely through approved systems

3. Further information - we will request any further information/details from you as quickly as possible

4. Assessment - risk assessment is completed in line with AML checks

5. Completion - once AML & KYC (Know Your Client) risk assessment is finalised we will send you an engagement letter to sign and return, we can then commence working with you.

​​

Depending on the service/s we are providing, we may request:

• identification documents

• details of who owns or controls an entity (for example, beneficial owners or controlling persons)

• information about the transaction, including where funds are coming from and the purpose of the transaction

​

In some cases, we may need updated information if circumstances change during a matter or if your request relates to a different entity/trust. We will only ask for information that is relevant to the work we are doing.

​

You can help minimise delays by:

• allowing a little extra time at the start of new matters, particularly for time‑critical transactions

• ensure we have current contact details

• having identification documents ready

• responding promptly if/when we request information​

​​

Security & Privacy

​

We take your privacy and data security seriously. Any information you provide is handled in accordance with:

​

• Australian privacy laws
• our professional confidentiality obligations
• strict AML/CTF requirements

​

Your information is collected and used solely for identity verification, compliance and onboarding purposes. We do not use your data for marketing, and we do not sell or trade client information.

​

All documents and personal details are stored securely, with access restricted to authorised team members only, and protected through encrypted systems and strict internal controls.