AUSTRAC

Tranche 2 entities must enrol with AUSTRAC by 29 July 2026.

Lodge SMRs, TTRs ($10K+ cash), and IFTI reports via AUSTRAC Online.

Identify and verify every customer (and beneficial owner) before providing a designated service.

Every reporting entity needs a documented AML/CTF program — Part A risk + Part B systems.

Reporting entities must designate a senior employee as AML/CTF Compliance Officer.

AML/CTF Rules require detection + EDD on Politically Exposed Persons (foreign + domestic + international organisation).

Companies must retain financial + business records for 7 years.

AU adopts the OECD CARF for crypto reporting; reporting expected from 2027, first international exchange ~2028 (per Dec 2025 MYEFO).

Reporting entities must arrange independent review of their Part A AML/CTF program at appropriate intervals.

Sportsbet admitted that its Part A AML/CTF program did not appropriately assess and mitigate ML/TF risks across its business for almost 8 years.

AUSTRAC alleges Entain failed to maintain compliant AML/CTF program + Customer Due Diligence over a multi-year period.

Bell Financial failed to conduct adequate enhanced customer due diligence on high-risk customers including those with PEP and adverse media flags.

AUSTRAC concluded compliance assessments of multiple reporting entities focusing on PEP detection + enhanced due diligence.

SkyCity admitted serious + systemic AML/CTF non-compliance including failure to identify high-risk customers + insufficient program.

Crown admitted to serious and systemic non-compliance with AML/CTF obligations across both venues — inadequate Part A program, failure to risk-assess customers, failure to conduct enhanced customer due diligence on high-risk customers including 60 specific individuals.

Westpac admitted contravening the AML/CTF Act on over 23 million occasions, including failing to report 19.5 million IFTI transactions to AUSTRAC over nearly 5 years and inadequate ongoing customer due diligence for high-risk transactions involving child exploitation typologies.

AUSTRAC alleged Westpac contravened AML/CTF Act 23M times — including via LitePay payments to child exploitation hotspots in SE Asia.

CBA failed to report 53,506 IFTI threshold transactions to AUSTRAC on time, failed to assess risks for IDM machines, and failed to monitor known suspicious customers.

AUSTRAC alleged CBA failed to file 53K+ TTRs + had systemic IDM machine AML failures.

Tabcorp failed to maintain an adequate AML/CTF program, failed to identify customers, and failed to report 108 suspicious matters.

AUSTRAC alleged Tabcorp had systemic AML/CTF compliance failures over 5+ years.