In March 2026, Australia's financial landscape is undergoing its most significant shift in decades. You may notice that Queensland Country Bank and other financial institutions will start asking more questions, but it's not because we’ve become nosy. It is because of a major overhaul to Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws.
These reforms are designed to deter, detect and disrupt money laundering and terrorism financing. Here is what you need to know about what that means for you as a Member.
Why the new laws
From 31 March 2026, existing financial institutions - including banks, mutual banks and credit unions - are required to transition to a more risk-based regulatory framework under the AML/CTF regime.
The Australian government and the nation's financial intelligence agency AUSTRAC are aligning Australia with global standards and making it much harder for criminals to move money funded by crime through our financial systems, and the regime means banks will be legally obligated to look deeper into the nature of your transactions.
What banks may be asking and your rights
While you already must show identification documents when you open a bank account, the new laws require banks to perform ongoing customer due diligence.
This means we need to keep your information current and may ask questions we’ve never asked before, such as:
- Where exactly did the money for this large transaction come from? (e.g., an inheritance, a house sale, or business earnings).
- Why are you sending this money, and what is the intended outcome?
- If you are acting for a business or a trust, who is the actual person who owns or controls that entity?
- Has your financial situation changed in a way that makes your recent banking activity look unusual?
Delay in providing this information can lead to frozen transactions until we can verify the payment’s legitimacy, or in some cases, temporary account suspension.
However, a word of caution - be suspicious of any unsolicited or unprompted contact from individuals or entities claiming to represent financial institutions. If you receive a request that feels suspicious, the safest course of action is to hang up and call Queensland Country Bank directly on 1800 075 078, email us at info@queenslandcountry.bank, login to your banking app or visit a branch in person.
The laws are not just for banks
While the big changes for banks hit in March, the net is widening. By 1 July 2026, a whole new group of professionals - known as Tranche 2 entities - will fall under these same rules. This includes real estate agents, lawyers, conveyancers and accountants.
Essentially, any major profession involved in high-value transactions will soon be asking for the same ID and confirmation of where funds originated that your bank does.
We understand it can feel intrusive to explain your private financial moves to our team or via an online form. However, Queensland Country Bank is still bound by the Privacy Act 1988. We are only allowed to collect information that is "reasonably necessary" to meet our legal obligations.
Find out more information about the AML/CTF regime and what it means for you at AUSTRAC.