ANZ Warns Businesses on Anti-Money Laundering and Payday Changes from July 2026

ANZ Bank has issued a reminder to businesses and accounting professionals to be aware of the anti-money laundering and payday changes.

Chartered Accountants ANZ (CA ANZ) has reminded businesses and accounting professionals of the approaching deadline for significant changes to anti-money laundering and counter-terrorism financing obligations, as well as superannuation payments, to be prepared for July 1, 2026.

ANZ Bank, the Australia and New Zealand Banking Group Limited, is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia. It is Australia's second-largest bank by assets and fourth-largest bank by market capitalization.

The anti-money laundering and counter-terrorism financing (AML/CTF) amendments are known as "tranche 2" and it refers to certain professional services provided by real estate professionals, lawyers, accountants, and conveyancers.

An AML/CTF program that incorporates client due diligence, reporting, internal controls, and continuous risk management must be put in place by practitioners providing designated services. CA ANZ Group Executive Advocacy and International, Geraldine Magarey FCA, stated that these changes need to be taken seriously and that steps must be made to guarantee compliance.

Ms. Magarey said that these entities must enroll with the Australian Transaction Reports and Analysis Centre (AUSTRAC) after 31st March 2026 and establish a proportionate, risk-based AML/CTF program by 1 July 2026 to lessen money laundering and terrorism financing risks.

Employers in Australia are also dealing with a big payroll alteration. Starting on July 1, 2026, they will have to pay employee superannuation contributions on the same day as their wage instead of on a quarterly basis. Ms. Magarey stated that she completely supports the payday super policy because it is sensible. Although there are still some issues with the policy's implementation like how fast it was passed, she claims that it is the best way to increase financial parity for workers.

The $20,000 quick asset write-off for small enterprises is expected to end on July 1, 2026, Ms. Magarey added. In her opinion, employers and small business owners should be aware of their evolving responsibilities, as this is an essential step.