Amendment timeline
AML/CTF Act 2006
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)
About this Act
Australia's principal AML/CTF Act. Requires designated-services providers ('reporting entities') to enrol with AUSTRAC, conduct customer due diligence, develop a written AML/CTF program, report suspicious matters, threshold cash transactions and international funds transfers, and keep records for 7 years. Tranche 2 — extension to lawyers, accountants, conveyancers, real estate agents, trust and company service providers, and dealers in precious metals and stones — commences 1 July 2026 after the December 2024 reforms.
- Original Royal Assent
- 12 December 2006
- Original commencement
- Staged from 13 Dec 2006 to 12 Dec 2008
- Administered by
- AUSTRAC
Amendment timeline
Chronological list, oldest to newest. Each entry cites the legislation.gov.au compilation or as-made source and, where available, regulator guidance.
Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2014
Royal Assent
8 October 2014
Commencement
Various 2014-2015
What changed
Implemented FATF Mutual Evaluation Round 4 recommendations on politically exposed persons (PEPs), beneficial ownership and correspondent banking. Introduced ongoing customer due diligence (OCDD) requirements and tightened the agency-reliance rules for verification of identity.
Who's affected
All reporting entities — particularly ADIs and remitters with correspondent banking relationships or PEP exposure.
Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017
Royal Assent
13 December 2017
Commencement
Staged through 2018-2019
What changed
Brought digital currency exchange providers (DCEs) into the AML/CTF regime as a new class of reporting entity. Tightened cross-border reporting on bearer-negotiable instruments and physical cash movements over $10,000. Gave AUSTRAC enhanced enforcement powers (infringement notices, expanded civil penalty triggers).
Who's affected
Digital currency / crypto exchanges; ADIs and remitters dealing with cross-border movements.
Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024
AML/CTF Amendment Act 2024 (Tranche 2)
Royal Assent
10 December 2024
Commencement
Existing reporting entities: 31 Mar 2026; Tranche 2 entities: 1 Jul 2026
What changed
The biggest change to Australian AML law since the Act commenced. Extends the regime to 'Tranche 2' designated services provided by lawyers, conveyancers, accountants, trust and company service providers (TCSPs), real estate professionals, and dealers in precious metals and stones from 1 July 2026. Modernises the framework: replaces 'AML/CTF programs Part A + Part B' with a single risk-based program, simplifies CDD requirements, tightens 'tipping off' rules to allow defensive disclosures, modernises the travel rule for value transfers, expands AUSTRAC powers and clarifies digital currency exchange obligations.
Who's affected
Tens of thousands of new reporting entities across legal, accounting, conveyancing, real estate, TCSP and precious metals and stones sectors. Plus all existing reporting entities, whose programs had to move to the reformed model from 31 March 2026.
What's coming next
AML/CTF Rules and transitional rules — AUSTRAC has remade the AML/CTF Rules for the reformed regime, with transitional rules for newly regulated entities that stagger the first independent evaluation between 30 June 2029 and 31 December 2030 by AUSTRAC account number. AUSTRAC continues to publish guidance (including sector program starter kits) and its FY26/27 regulatory priorities, which target businesses that fail to enrol and programs that are not applied in daily operations.
Why this matters now
Civil penalties of up to $36.4M (body corporate) or $7.28M (individual), maximum per contravention, at the $364 penalty unit from 1 July 2026. Each day a designated service is provided unenrolled can be a separate contravention, with infringement notices of $21,840 (company) per contravention. Tranche 2 sectors needed an end-to-end build (risk assessment + policies + CDD + transaction monitoring + reporting + training + record keeping) from 1 July 2026. AUSTRAC expects 'effort, not perfection' in FY26/27 but has taken early action against non-enrolment, issuing notices to apparently unenrolled businesses from 28 August 2026. Existing reporting entities moved to the reformed program model from 31 March 2026.
Frequently asked
When exactly does Tranche 2 commence?
Enrolment opened 31 March 2026 (also the date the reformed obligations applied to existing reporting entities). Tranche 2 designated services obligations commenced 1 July 2026. Enrolment is due 28 days after first providing a designated service — 29 July 2026 for businesses providing designated services from 1 July 2026.
Does the regime catch all lawyers and accountants?
No — only those providing 'designated services' as defined in Table 1 of s 6. For lawyers and conveyancers: real estate transactions, managing client money, company/trust formation. For accountants: managing client money, company/trust formation, buying/selling business entities. A lawyer who only does litigation work is generally out of scope.
Does Part A vs Part B still apply?
No — Part A / Part B is the former structure, which applied to existing reporting entities only until 31 March 2026. Now every reporting entity (existing and Tranche 2) operates an AML/CTF program made up of an ML/TF risk assessment and AML/CTF policies covering customer due diligence, transaction monitoring, reporting, training, record keeping, personnel due diligence and governance, with independent evaluation of the whole program at least once every 3 years.
What's the threshold for the Tipping Off offence after the reforms?
The 2024 reforms permit 'defensive disclosures' — a reporting entity can now disclose to another reporting entity in the same group, or to a regulator, the fact of a suspicion or an SMR for AML/CTF compliance purposes without breaching s 123. Inadvertent disclosure to the customer remains a strict offence.
What are the maximum civil penalties?
Up to 100,000 penalty units for a body corporate ($36.4M at the $364 unit value from 1 July 2026) and 20,000 penalty units for others ($7.28M) — maximum per contravention. For failure to enrol, each day a designated service is provided unenrolled can be a separate contravention; AUSTRAC can issue an infringement notice of 60 penalty units ($21,840) for a company or 12 penalty units ($4,368) for an individual per contravention, or seek a civil penalty up to the maximum. The Federal Court can also impose disqualification, compensation and corrective orders.
Other amendment timelines
Rules Mate summarises and links to legislation.gov.au and regulator guidance. We do not republish statutory text. Every date in this timeline has been verified against the Federal Register of Legislation as at 6 June 2026. Always verify against the live source before acting. Compliance tools, not legal advice. Consult a qualified professional.