Tranche 2 AML in Australia: Key Dates & What You Need To Do Now

Published on 16 May 2025 at 22:28

As Tranche 2 of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act gains momentum in Australia, thousands of new businesses—especially law firms, accountants, and real estate agencies—will soon be subject to mandatory compliance obligations.

If you're in one of these sectors, here’s what you need to know about what’s changing, what’s required, and how to get ready.

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🗓️ Key Dates (Indicative Only)

    • May to July 2025: Targeted consultation on draft core guidance in working groups with industry associations and peak bodies 

    • August 2025: Finalisation of AML/CTF Rules 

    • October 2025: Finalisation of core guidance 

    • October to November 2025: Targeted consultation on tranche 2 sector-specific guidance in industry working groups  

    • December 2025: Finalisation of tranche 2 sector-specific guidance 

    2026

    • 31 March 2026: Changes to obligations for current reporting entities and virtual assets service providers 

    • 1 July 2026: AML/CTF obligations commence for tranche 2 entities  

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🔧 What’s Changing?

Tranche 2 expands the reach of the AML/CTF Act to include designated non-financial businesses and professions (DNFBPs), such as:

  • Law firms & conveyancers
  • Accounting & bookkeeping practices
  • Real estate agents
  • Trust & company service providers

✅ What You Need To Do Now (and How We Can Help)

🔍 1. Assess Your Risk Exposure

Understand whether your business will be captured by the new AML/CTF laws.
👉 We provide risk assessment templates and guidance tailored to small to mid-size businesses.

👤 2. Appoint a Compliance Officer

You’ll need a designated AML/CTF Compliance Officer to oversee your program.
👉 We offer ready-to-use job descriptions and governance frameworks.

📝 3. Develop an AML/CTF Program (Part A & B)

This is a core legal requirement under AUSTRAC.
👉 Our document sets include fully editable Word templates for both Part A and Part B, aligned with AUSTRAC legislation.

🔎 4. Conduct a Risk Assessment

AUSTRAC requires this to be completed before implementing your program.
👉 We supply a structured AML Risk Assessment document and register with step-by-step guidance.

🧾 5. Implement Customer Due Diligence (CDD/EDD)

Make sure you’re identifying and verifying all clients correctly.
👉 Our policies cover CDD, EDD, PEP screening, and beneficial ownership checks.

📚 6. Deliver Staff Training

Train your team to spot red flags, complete SMRs, and understand tipping-off risks.
👉 We provide training materials, attendance registers, and policy templates.

📄 7. Maintain Records & Registers

AUSTRAC requires you to retain all records for 7 years.
👉 Get our full set of registers, record-keeping policies, and compliance tracking tools.

🧭 8. Stay Informed

The law is still evolving.
👉 Join our mailing list to be notified of new templates, blog updates, and when document packs are available. Email us with your name and the product(s) you’re interested in to join our mailing list

We’ll let you know when new AML/CTF packs are released, or if there’s important guidance that could affect your business.

 

 

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