Anti-Money Laundering & Counter-Terrorism Financing (AML/CTF) Compliance Policy

Our Commitment to Compliance

At Naked Accounting, we are committed to meeting our obligations under Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation.

 

From 1 July 2026, changes to the AML/CTF regime require accounting firms that provide designated services to implement and maintain comprehensive compliance programs designed to help prevent money laundering, terrorism financing and other financial crimes.

 

As a registered tax and accounting practice, Naked Accounting has implemented a comprehensive AML/CTF Compliance Program, including policies, procedures and systems designed to meet our legal and regulatory obligations.

 

What This Means for Our Clients

To comply with the AML/CTF legislation, we may ask you to provide information and documentation to verify your identity and understand the nature of your business. Depending on the services we provide, this may include:

• Identity verification for individuals.

• Verification of companies, trusts, partnerships and other entities.

• Identification of beneficial owners and controlling persons.

• Information about the purpose and nature of your business relationship with us.

• Documentation to support the source of funds or source of wealth where required.

• Updated information from time to time as part of our ongoing monitoring obligations.

 

These requirements are prescribed by law and apply to clients receiving designated services.

 

AML Compliance Administration Fee

To support the ongoing operation and maintenance of our AML/CTF Compliance Program, Naked Accounting charges an Annual AML Compliance Administration Fee.

 

This annual fee contributes towards the costs of:

• Client identity and business verification.

• AML/CTF risk assessments.

• Ongoing client monitoring.

• Regulatory record keeping.

• Secure verification technology and compliance software.

• Staff training and continuing compliance obligations.

• Maintaining and reviewing our AML/CTF Compliance Program in line with legislative requirements.

 

The AML Compliance Administration Fee is reviewed periodically and may be amended to reflect changes in legislation, regulatory requirements or the costs associated with maintaining our compliance program.

 

Your Responsibilities

By engaging Naked Accounting, you agree to:

• Provide accurate, complete and up-to-date information requested for AML/CTF compliance purposes.

• Supply any documentation reasonably required to verify your identity, business structure or beneficial ownership.

• Notify us of any material changes to your ownership, control or business circumstances that may affect our compliance obligations.

• Cooperate with any ongoing compliance reviews or requests for updated information where required.

 

If we are unable to satisfy our AML/CTF obligations due to insufficient information or documentation, we may be legally unable to commence or continue providing certain services.

 

Privacy and Confidentiality

Any personal information collected for AML/CTF purposes is managed in accordance with applicable Australian privacy laws and our Privacy Policy. Information is collected solely to meet our legal obligations, is stored securely, and will only be disclosed where authorised or required by law.

 

Questions

We understand these requirements may be new for many clients. If you have any questions about our AML/CTF obligations, the verification process, or why we require certain information, please contact the Naked Accounting team. We are committed to making the process as straightforward and efficient as possible while meeting our legal obligations.