Maintain a written AML/CTF program
Every reporting entity needs a documented AML/CTF program — Part A risk + Part B systems.
Who must comply
All AUSTRAC reporting entities.
What triggers it
Becoming a reporting entity.
When due
Before providing the first designated service. Maintained on an ongoing basis with annual independent review.
Evidence required
Written program document, board approval minutes, risk assessment, training records, independent review report.
Max penalty
Up to $33M per civil penalty contravention (corporations) or 5 years imprisonment for criminal offences
Effective from
1 July 2026
Summary
A reporting entity must adopt and maintain a written AML/CTF program covering: an ML/TF risk assessment (Part A), customer identification and KYC procedures (Part B), employee due diligence, ongoing customer due diligence, transaction monitoring, board/senior management approval, AML/CTF compliance officer designation, independent review, and ongoing training. Tranche 2 entities must have a compliant program before providing any designated service from 1 July 2026.
Enforced by
Source legislation
Industries
Topics
Source: https://austrac.gov.au/business/core-guidance/aml-ctf-program. Rules Mate is not a law firm. Always verify against the live regulator source before acting.