AML/CTF Tranche 2 commences
Due
1 July 2026
95 days ago — see source for next instance
What to file
AML/CTF Act extends to Tranche 2 sectors. Enrolment + program + CDD + reporting obligations begin.
Who is affected
Any firm providing a designated service under the Tranche 2 schedule from 1 July 2026 — including buyer's agents, conveyancers, accountants managing client money, lawyers handling property settlements, TCSPs and dealers in precious metals/stones above $10,000.
Penalty if missed
Civil penalties of up to $36.4M (body corporate) or $7.28M (individual), maximum per contravention; infringement notices; AUSTRAC remedial directions and enforceable undertakings. Individuals knowingly concerned in a contravention can be personally liable.
Applies to
Real estate, accounting, legal, conveyancing, TCSPs, precious metals dealers
Prep checklist
- Map which designated services your firm provides
- Enrol with AUSTRAC (due 28 days after your first designated service — 29 July 2026 for day-one providers)
- Document your ML/TF risk assessment
- Document your AML/CTF policies, including customer due diligence (the reformed structure that replaced the former Part A / Part B)
- Designate an AML/CTF compliance officer and notify AUSTRAC
- Train relevant staff
- Set up suspicious matter (3 business days; 24 hours for terrorism financing) and threshold transaction reporting workflows
On Rules Mate