{"id":51831,"date":"2026-05-04T20:05:28","date_gmt":"2026-05-04T08:05:28","guid":{"rendered":"https:\/\/alphaamltraining.com\/?p=51831"},"modified":"2026-05-08T00:42:36","modified_gmt":"2026-05-07T12:42:36","slug":"anti-money-laundering-in-australia-a-2026-guide-for-tranche-2-businesses","status":"publish","type":"post","link":"https:\/\/alphaamltraining.com\/au\/anti-money-laundering-in-australia-a-2026-guide-for-tranche-2-businesses\/","title":{"rendered":"Anti-Money Laundering in Australia: A 2026 Guide for Tranche 2 Businesses"},"content":{"rendered":"\n\n\n<p>From 1 July 2026, anti-money laundering and counter-terrorism financing (AML\/CTF) obligations apply to a much broader group of Australian businesses &#8211; the Tranche 2 professions. This guide walks through what those obligations look like in practice. It covers lawyers, conveyancers, accountants, real estate agencies, trust and company service providers, and dealers in precious metals, stones and products.<\/p>\n\n\n\n<p><em><strong>Note:<\/strong> The content on this website is general and is not legal, compliance or professional advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.<\/em><\/p>\n\n\n\n<p><strong>What&#8217;s in this guide:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#are-you-in-scope\">Are you in scope?<\/a><\/li>\n\n\n\n<li><a href=\"#enrol-with-AUSTRAC\">Enrol with AUSTRAC (now open)<\/a><\/li>\n\n\n\n<li><a href=\"#develop-and-maintain-your-AML\/CTF-program\">Develop and maintain your AML\/CTF program<\/a><\/li>\n\n\n\n<li><a href=\"#customer-due-diligence\">Carry out customer due diligence<\/a><\/li>\n\n\n\n<li><a href=\"#report-to-AUSTRAC\">Report to AUSTRAC<\/a><\/li>\n\n\n\n<li><a href=\"#make-and-keep-records\">Keep records<\/a><\/li>\n\n\n\n<li><a href=\"#AML-CTF-training\">Train your personnel<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"Are-you-in-scope\"><strong>Are you in scope?<\/strong><\/h2>\n\n\n\n<p><strong>Obligation at a glance.<\/strong> Tranche 2 captures certain professional services that have long been recognised as exposure points for money laundering. Specifically, the AML\/CTF Act regulates businesses that provide a <strong>designated service<\/strong> with a geographical link to Australia &#8211; designated services are listed in section 6 of the AML\/CTF Act. If you provide one or more of those services in the course of carrying on a business, you&#8217;re a <strong>reporting entity<\/strong> and the obligations in this guide will apply to you from 1 July 2026.<\/p>\n\n\n\n<p>For Tranche 2, the new designated services are typically provided by the following businesses (newly regulated entities):&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>real estate professionals<\/li>\n\n\n\n<li>lawyers<\/li>\n\n\n\n<li>conveyancers &nbsp;<\/li>\n\n\n\n<li>accountants<\/li>\n\n\n\n<li>trust and company service providers<\/li>\n\n\n\n<li>dealers in precious stones, metals and products<\/li>\n<\/ul>\n\n\n\n<p><strong>AUSTRAC guidance<\/strong>: AUSTRAC recommends two practical first steps: use AUSTRAC&#8217;s <em><a href=\"https:\/\/www.austrac.gov.au\/new-austrac\/check-if-youre-regulated-and-need-enrol\/check-if-you-may-be-regulated\" target=\"_blank\" rel=\"noreferrer noopener\">check if you&#8217;ll be regulated<\/a><\/em> tool, and review the guidance on new industries and services to be regulated (see <em><a href=\"https:\/\/www.austrac.gov.au\/new-austrac\/designated-services-newly-regulated-entities\/professional-designated-services\" target=\"_blank\" rel=\"noreferrer noopener\">professional services designated services<\/a><\/em> and <em><a href=\"https:\/\/www.austrac.gov.au\/new-austrac\/designated-services-newly-regulated-entities\/real-estate-designated-services\" target=\"_blank\" rel=\"noreferrer noopener\">real estate designated services<\/a><\/em>). If you&#8217;re still unsure after that, AUSTRAC suggests independent professional advice.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Resources<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><strong>What it is<\/strong><\/th><th class=\"has-text-align-left\" data-align=\"left\"><strong>Resources<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">AUSTRAC tools and guidance to confirm status<\/td><td class=\"has-text-align-left\" data-align=\"left\"><em><a href=\"https:\/\/www.austrac.gov.au\/new-austrac\/check-if-youre-regulated-and-need-enrol\/check-if-you-may-be-regulated\" target=\"_blank\" rel=\"noreferrer noopener\">AUSTRAC, &#8216;Check if you&#8217;ll be regulated&#8217; tool<\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/new-austrac\/designated-services-newly-regulated-entities\/professional-designated-services\" target=\"_blank\" rel=\"noreferrer noopener\">AUSTRAC, &#8216;Professional services designated services&#8217;<\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/new-austrac\/designated-services-newly-regulated-entities\/real-estate-designated-services\" target=\"_blank\" rel=\"noreferrer noopener\">AUSTRAC, &#8216;Real estate designated services&#8217;<\/a><\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"enrol-with-AUSTRAC\"><strong>Enrol with AUSTRAC<\/strong><\/h2>\n\n\n\n<p><strong>Obligation at a glance:<\/strong> The Act requires reporting entities to apply to be entered on the Reporting Entities Roll. When you enrol, you&#8217;ll need to provide details about your business structure, the services you provide, your key personnel<br>and your contact information.<\/p>\n\n\n\n<p><strong>AUSTRAC guidance.<\/strong> Enrolment is now open. AUSTRAC&#8217;s new enrolment forms went live on AUSTRAC Online on 31 March 2026, and the <em><a href=\"https:\/\/www.austrac.gov.au\/sites\/default\/files\/2025-07\/AMLCTF_obligations_factsheet_for_tranche_2_REs.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">AML\/CTF Obligations Factsheet for Tranche 2 Reporting Entities<\/a><\/em> sets out the timing this way:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>enrol within 28 days of the day you start providing a designated service<\/strong> &#8211; for the new Tranche 2 services, that&#8217;s typically 29 July 2026<\/li>\n\n\n\n<li><strong>keep enrolment details up to date <\/strong>&#8211; within 14 days of any change<\/li>\n\n\n\n<li>the due date for enrolment for new designated services is <strong>29 July 2026<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Once enrolled, you must keep your enrolment details up to date and notify AUSTRAC of any change within 14 days. Failing to enrol or keep details current is a civil penalty provision.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"586\" src=\"https:\/\/alphaamltraining.com\/wp-content\/uploads\/2026\/04\/AUSTRAC-Enrol-with-us-1024x586.png\" alt=\"\" class=\"wp-image-51832\" srcset=\"https:\/\/alphaamltraining.com\/wp-content\/uploads\/2026\/04\/AUSTRAC-Enrol-with-us-1024x586.png 1024w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2026\/04\/AUSTRAC-Enrol-with-us-300x172.png 300w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2026\/04\/AUSTRAC-Enrol-with-us-768x439.png 768w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2026\/04\/AUSTRAC-Enrol-with-us-1536x878.png 1536w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2026\/04\/AUSTRAC-Enrol-with-us-140x80.png 140w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2026\/04\/AUSTRAC-Enrol-with-us-290x166.png 290w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2026\/04\/AUSTRAC-Enrol-with-us-600x343.png 600w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2026\/04\/AUSTRAC-Enrol-with-us.png 2032w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-left\"><strong><a href=\"https:\/\/www.austrac.gov.au\/new-austrac\/enrol-or-register\" target=\"_blank\" rel=\"noreferrer noopener\">AUSTRAC enrolment is now open<\/a><\/strong>: AUSTRAC&#8217;s new enrolment forms went live on AUSTRAC Online on 31 March 2026.<\/p>\n\n\n\n<p class=\"has-text-align-left\">AUSTRAC has published a preview of the new enrolment form questions if you&#8217;d like to see them ahead of time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Resources<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table alignleft\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><strong>What it is<\/strong><\/th><th class=\"has-text-align-left\" data-align=\"left\"><strong>Resources<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">AUSTRAC enrolment and supporting guidance<\/td><td class=\"has-text-align-left\" data-align=\"left\"><a href=\"https:\/\/www.austrac.gov.au\/new-austrac\/enrol-or-register\/enrol-us\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Enrol with us&#8217; <\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/business\/new-austrac\/enrol-or-register\/preparing-our-new-enrolment-forms\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Preparing for our new enrolment forms&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/new-austrac\/enrol-or-register\/new-enrolment-form-questions\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;New enrolment form questions&#8217;<\/em><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"develop-and-maintain-your-AML\/CTF-program\"><strong>Develop and maintain your AML\/CTF program<\/strong><\/h2>\n\n\n\n<p><strong>Obligation at a glance:<\/strong> Each reporting entity must have, and comply with, an AML\/CTF program. Section 26F of the Act sets out what the program must contain, and the AML\/CTF Rules 2025 prescribe further requirements. The program has two core elements:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>An <strong>ML\/TF risk assessment<\/strong> &#8211; a money laundering, terrorism financing and proliferation financing risk assessment for your business<\/li>\n\n\n\n<li><strong>AML\/CTF policies<\/strong> &#8211; the procedures, systems and controls that you will use to manage and mitigate those risks and ensure your business complies with its AML\/CTF obligations<\/li>\n<\/ul>\n\n\n\n<p>Your AML\/CTF program must be appropriate to your business&#8217;s nature, size and complexity, and kept up to date as your business and its risks change.<\/p>\n\n\n\n<p><strong>Governance and oversight of the AML\/CTF program: <\/strong>The Act requires three governance roles &#8211; a governing body that oversees compliance at the highest level, one or more senior managers who approve the program, and an AML\/CTF compliance officer (AMLCO) who runs day-to-day compliance and is the primary contact with AUSTRAC. In a small business, one person may hold all three of these roles.<\/p>\n\n\n\n<p><strong>AUSTRAC guidance<\/strong>: AUSTRAC has structured its AML\/CTF program guidance into five steps (see the resources table below). AUSTRAC has also published sector-specific starter kits for Tranche 2 reporting entities &#8211; including legal, conveyancing, accounting and real estate professionals &#8211; which provide template documents to help small, low complexity businesses implement an AML\/CTF program.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Resources<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><strong>What it is<\/strong><\/th><th class=\"has-text-align-left\" data-align=\"left\"><strong>Resources<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">AUSTRAC AML\/CTF program guidance<\/td><td class=\"has-text-align-left\" data-align=\"left\"><em><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/develop-your-amlctf-programs\/your-amlctf-program-overview\" target=\"_blank\" rel=\"noreferrer noopener\">AUSTRAC, &#8216;Your AML\/CTF program overview&#8217;<\/a><\/em><br><br><a href=\"https:\/\/www.austrac.gov.au\/amlctf-reform\/reforms-guidance\/amlctf-program-reform\/develop-your-amlctf-program-reform\/step-1-establish-your-governance-framework-reform\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Step 1: Establish your governance framework&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/develop-your-amlctf-programs\/step-2-identify-and-assess-your-risks\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Step 2: Identify and assess your risks&#8217;<\/em><\/a><br><br><em><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/develop-your-amlctf-programs\/step-3-manage-and-mitigate-your-risks-amlctf-policies\" target=\"_blank\" rel=\"noreferrer noopener\">AUSTRAC, &#8216;Step 3: Manage and mitigate your risks&#8217;<\/a><\/em><br><br><em><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/develop-your-amlctf-programs\/step-4-review-and-update-your-amlctf-program\" target=\"_blank\" rel=\"noreferrer noopener\">AUSTRAC, &#8216;Step 4: Review and update your AML\/CTF program&#8217;<\/a><\/em><br><br><em><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/develop-your-amlctf-programs\/step-5-conduct-independent-evaluation\" type=\"link\" id=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/develop-your-amlctf-programs\/step-5-conduct-independent-evaluation'\" target=\"_blank\" rel=\"noreferrer noopener\">AUSTRAC, &#8216;Step 5: Conduct an independent evaluation&#8217;<\/a><\/em><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">AUSTRAC program starter kits<br><\/td><td class=\"has-text-align-left\" data-align=\"left\"><em><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/program-starter-kits\" target=\"_blank\" rel=\"noreferrer noopener\">AUSTRAC, &#8216;Program starter kits&#8217;<\/a><\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"customer-due-diligence\"><strong>Customer due diligence<\/strong><\/h2>\n\n\n\n<p><strong>Obligation at a glance<\/strong>: Each reporting entity needs to complete customer due diligence (CDD) on its customers. Customer due diligence (CDD) is about knowing who your customers are and understanding any money laundering, terrorism financing, and proliferation financing risks associated with providing designated services to them. <\/p>\n\n\n\n<p><strong>AUSTRAC guidance:<\/strong> AUSTRAC&#8217;s <em><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/customer-due-diligence\/overview-customer-due-diligence\" target=\"_blank\" rel=\"noreferrer noopener\">Overview of customer due diligence<\/a><\/em> describes the four practical layers:<\/p>\n\n\n\n<!-- Alpha AML Training \u2014 CDD blog visual\n     Drop into a WordPress Custom HTML block. -->\n\n<style>\n.cdd-block {\n  font-family: 'Inter', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, sans-serif;\n  margin: 2rem 0;\n  max-width: 100%;\n}\n\n.cdd-grid {\n  display: grid;\n  grid-template-columns: 1fr 1fr;\n  gap: 1rem;\n}\n@media (max-width: 600px) {\n  .cdd-grid { grid-template-columns: 1fr; }\n}\n\n.cdd-card {\n  border-radius: 12px;\n  padding: 1.25rem 1.5rem;\n  border: 1px solid;\n}\n\n\/* Blue \u2014 Initial \/ Ongoing CDD (standard process) *\/\n.cdd-card.cdd-blue {\n  border-color: #185FA5;\n  background: #E6F1FB;\n}\n.cdd-card.cdd-blue .cdd-card-title { color: #042C53; }\n.cdd-card.cdd-blue .cdd-card-sub {\n  color: #185FA5;\n  border-bottom-color: rgba(24, 95, 165, 0.2);\n}\n.cdd-card.cdd-blue .cdd-card-body { color: #185FA5; }\n\n\/* Coral \u2014 Enhanced CDD (required) *\/\n.cdd-card.cdd-coral {\n  border-color: #993C1D;\n  background: #FAECE7;\n}\n.cdd-card.cdd-coral .cdd-card-title { color: #4A1B0C; }\n.cdd-card.cdd-coral .cdd-card-sub {\n  color: #4A1B0C;\n  border-bottom-color: rgba(153, 60, 29, 0.2);\n}\n.cdd-card.cdd-coral .cdd-card-body { color: #712B13; }\n\n\/* Teal \u2014 Simplified CDD (permitted) *\/\n.cdd-card.cdd-teal {\n  border-color: #0F6E56;\n  background: #E1F5EE;\n}\n.cdd-card.cdd-teal .cdd-card-title { color: #04342C; }\n.cdd-card.cdd-teal .cdd-card-sub {\n  color: #0F6E56;\n  border-bottom-color: rgba(15, 110, 86, 0.2);\n}\n.cdd-card.cdd-teal .cdd-card-body { color: #0F6E56; }\n\n.cdd-card .cdd-card-title {\n  font-size: 1.05rem;\n  font-weight: 600;\n  margin: 0 0 0.25rem;\n}\n.cdd-card .cdd-card-sub {\n  font-size: 0.9rem;\n  font-weight: 500;\n  margin: 0 0 0.75rem;\n  padding-bottom: 0.75rem;\n  border-bottom: 1px solid;\n}\n.cdd-card .cdd-card-body {\n  font-size: 0.9rem;\n  line-height: 1.5;\n}\n.cdd-card .cdd-card-body p { margin: 0 0 0.5rem; }\n.cdd-card .cdd-card-body p:last-child { margin-bottom: 0; }\n.cdd-card .cdd-card-body ul {\n  margin: 0;\n  padding-left: 1.1rem;\n  list-style: disc;\n}\n.cdd-card .cdd-card-body li { margin-bottom: 0.25rem; }\n.cdd-card .cdd-card-body li:last-child { margin-bottom: 0; }\n\n.cdd-block .cdd-subhead { margin: 2rem 0 0.25rem; }\n.cdd-block .cdd-subhead-intro { margin: 0 0 1rem; }\n<\/style>\n\n<div class=\"cdd-block\">\n\n<div class=\"cdd-grid\">\n  <div class=\"cdd-card cdd-blue\">\n    <p class=\"cdd-card-title\">Initial CDD<\/p>\n    <p class=\"cdd-card-sub\">Before providing a designated service<\/p>\n    <div class=\"cdd-card-body\">\n      <ul>\n        <li>Collect and verify KYC information<\/li>\n        <li>Identify the customer&rsquo;s ML\/TF risk<\/li>\n        <li>Determine the CDD measures required for that customer<\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"cdd-card cdd-blue\">\n    <p class=\"cdd-card-title\">Ongoing CDD<\/p>\n    <p class=\"cdd-card-sub\">Throughout the business relationship<\/p>\n    <div class=\"cdd-card-body\">\n      <ul>\n        <li>Keep KYC information current<\/li>\n        <li>Monitor transactions and behaviour<\/li>\n        <li>Reassess ML\/TF risk over time<\/li>\n        <li>Collect further information if needed<\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n<\/div>\n\n<h4 class=\"cdd-subhead\">Risk-based variations<\/h4>\n<p class=\"cdd-subhead-intro\">These can apply at initial CDD, ongoing CDD, or both.<\/p>\n\n<div class=\"cdd-grid\">\n  <div class=\"cdd-card cdd-coral\">\n    <p class=\"cdd-card-title\">Enhanced CDD<\/p>\n    <p class=\"cdd-card-sub\">Required<\/p>\n    <div class=\"cdd-card-body\">\n      <p>Apply additional measures to identify the customer and to manage and mitigate ML\/TF risks where:<\/p>\n      <ul>\n        <li>the customer&rsquo;s ML\/TF risk is high, or<\/li>\n        <li>other circumstances specified in the Act or Rules apply (for example, dealing with a politically exposed person).<\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"cdd-card cdd-teal\">\n    <p class=\"cdd-card-title\">Simplified CDD<\/p>\n    <p class=\"cdd-card-sub\">Permitted in defined circumstances<\/p>\n    <div class=\"cdd-card-body\">\n      <p>You may be able to apply simplified CDD for low-risk customers during initial and ongoing CDD.<\/p>\n    <\/div>\n  <\/div>\n<\/div>\n\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Resources<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><strong>What it is<\/strong><\/th><th class=\"has-text-align-left\" data-align=\"left\"><strong>Resources<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">AUSTRAC customer due diligence guidance<\/td><td class=\"has-text-align-left\" data-align=\"left\"><a href=\"https:\/\/www.austrac.gov.au\/amlctf-reform\/reforms-guidance\/amlctf-program-reform\/customer-due-diligence-reform\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Overview of customer due diligence&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/amlctf-reform\/reforms-guidance\/amlctf-program-reform\/customer-due-diligence-reform\/initial-customer-due-diligence-reform\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Initial customer due diligence&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/amlctf-reform\/reforms-guidance\/amlctf-program-reform\/customer-due-diligence-reform\/ongoing-customer-due-diligence-reform\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Ongoing customer due diligence&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/customer-due-diligence\/enhanced-customer-due-diligence\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Enhanced customer due diligence&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/customer-due-diligence\/transitioning-existing-customers\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Transitioning existing customers&#8217;<\/em><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"report-to-AUSTRAC\"><strong>Report to AUSTRAC<\/strong><\/h2>\n\n\n\n<p><strong>Obligation at a glance<\/strong>: Each reporting entity needs to submit reports to AUSTRAC related to certain types of transactions and suspicious matters. These reports contribute to AUSTRAC intelligence that helps law enforcement detect potential criminal activity and keep the Australian community and financial system safe. <\/p>\n\n\n\n<p><strong>AUSTRAC guidance<\/strong>: AUSTRAC&#8217;s <em><a href=\"https:\/\/www.austrac.gov.au\/sites\/default\/files\/2025-07\/AMLCTF_obligations_factsheet_for_tranche_2_REs.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">AML\/CTF obligations factsheet for tranche 2 reporting entities<\/a> <\/em>summarises the reports that must be submitted to AUSTRAC:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><strong>Report<\/strong> type<\/th><th class=\"has-text-align-left\" data-align=\"left\">You must submit this report<\/th><th class=\"has-text-align-left\" data-align=\"left\">Must be submitted within<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">Suspicious matter report (SMR)<\/td><td class=\"has-text-align-left\" data-align=\"left\">When there are reasonable grounds to suspect a person isn&#8217;t who they claim to be, or that a matter is linked to criminal activity or proceeds of crime<\/td><td class=\"has-text-align-left\" data-align=\"left\">24 hours for terrorism financing; <strong>3 business days<\/strong> otherwise<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Threshold transaction report (TTR)<\/td><td class=\"has-text-align-left\" data-align=\"left\">An individual transaction involves physical currency of A$10,000 or more (or foreign currency equivalent)<\/td><td class=\"has-text-align-left\" data-align=\"left\">Within <strong>10 business days<\/strong> after the day of the transaction<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Cross-border movement report<\/td><td class=\"has-text-align-left\" data-align=\"left\">Carrying, mailing or shipping physical currency or bearer negotiable instruments worth A$10,000 or more into or out of Australia<\/td><td class=\"has-text-align-left\" data-align=\"left\">Before passing through customs (carrying); before sending (mailing or shipping); within 5 business days of receipt<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Annual compliance report<\/td><td class=\"has-text-align-left\" data-align=\"left\">Submitted by all reporting entities each year<\/td><td class=\"has-text-align-left\" data-align=\"left\">Submission period will be <strong>1 July &#8211; 30 September<\/strong> each year<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>A note on legal professional privilege:<\/strong> there&#8217;s a separate process where the information forming the suspicion may be subject to legal professional privilege (LPP).  AUSTRAC will instead require the submission of an LPP form in lieu of disclosing the privileged information (this form is currently being developed). For more information, see the resources table below.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Resources<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><strong>What it is<\/strong><\/th><th class=\"has-text-align-left\" data-align=\"left\"><strong>Resources<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">AUSTRAC reporting guidance<\/td><td class=\"has-text-align-left\" data-align=\"left\"><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/reporting-us\/suspicious-matter-reports\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Suspicious matter reports&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/reporting-us\/threshold-transaction-reports\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Threshold transaction reports&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/reporting-us\/cross-border-movement-reports\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Cross-border movement reports&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/reporting-us\/annual-compliance-reports\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Compliance reports&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/reporting-us\/tipping\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Tipping off&#8217;<\/em><\/a><br><br><em><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/reporting-us\/legal-professional-privilege-reform\" target=\"_blank\" rel=\"noreferrer noopener\">AUSTRAC, &#8216;Legal professional privilege&#8217;<\/a><\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"make-and-keep-records\"><strong>Make and keep records<\/strong><\/h2>\n\n\n\n<p><strong>Obligation at a glance<\/strong>: You need to keep records of your activities and how you&#8217;re complying with your AML\/CTF obligations. Most records need to be kept for seven years.<\/p>\n\n\n\n<p><strong>AUSTRAC guidance:<\/strong> AUSTRAC&#8217;s record keeping page outlines the records you must keep, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>AML\/CTF program records<\/li>\n\n\n\n<li>customer due diligence (CDD) records<\/li>\n\n\n\n<li>transaction records related to a designated service.<\/li>\n<\/ul>\n\n\n\n<p>How you store records is up to you &#8211; provided they&#8217;re legible, secure and easily retrievable. Because AML\/CTF records often contain personal information about your customers, the Privacy Act 1988 and the Australian Privacy Principles apply alongside your AML\/CTF obligations. The OAIC&#8217;s <a href=\"https:\/\/www.oaic.gov.au\/privacy\/privacy-guidance-for-organisations-and-government-agencies\/organisations\/privacy-guidance-for-reporting-entities-under-the-anti-money-laundering-and-counter-terrorism-financing-act\" target=\"_blank\" rel=\"noreferrer noopener\">Privacy guidance for reporting entities under the Anti-Money Laundering and Counter-Terrorism Financing Act<\/a> is a useful starting point for thinking about how to store these records.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Resources<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><strong>What it is<\/strong><\/th><th class=\"has-text-align-left\" data-align=\"left\"><strong>Resources<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">AUSTRAC record keeping guidance<\/td><td class=\"has-text-align-left\" data-align=\"left\"><a href=\"https:\/\/www.austrac.gov.au\/amlctf-reform\/reforms-guidance\/amlctf-program-reform\/develop-your-amlctf-program-reform\/record-keeping-reform\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Record keeping overview&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/amlctf-reform\/reforms-guidance\/amlctf-program-reform\/develop-your-amlctf-program-reform\/record-keeping-reform\/record-keeping-checklist-reform\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Record keeping checklist&#8217;<\/em><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"AML-CTF-training\">AML\/CTF training<\/h2>\n\n\n\n<p><strong>Obligation at a glance<\/strong>: Your AML\/CTF program must include arrangements for personnel due diligence and training. Training has to be tailored to each person&#8217;s role and the ML\/TF risks they&#8217;re exposed to &#8211; and provided both when they start and throughout their employment or engagement.<\/p>\n\n\n\n<p><strong>AUSTRAC guidance<\/strong>: AUSTRAC&#8217;s <a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/personnel-due-diligence-and-training\/amlctf-training\" target=\"_blank\" rel=\"noreferrer noopener\">AML\/CTF training<\/a> guidance emphasises that training should be tailored to the role each person actually performs under the AML\/CTF program. To help businesses think through what different training groups or roles within the business need, AUSTRAC has published an example role-by-obligation table. A couple of illustrative rows below:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><strong>Obligation<\/strong><\/th><th class=\"has-text-align-left\" data-align=\"left\"><strong>Role includes<\/strong><\/th><th class=\"has-text-align-left\" data-align=\"left\"><strong>Training may cover<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">Initial CDD<\/td><td class=\"has-text-align-left\" data-align=\"left\">Customer onboarding<\/td><td class=\"has-text-align-left\" data-align=\"left\">How to follow your ID verification procedures; <br><br>Beneficial ownership, sanctions and PEP checks; <br><br>Initial customer screening<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Suspicious matter reporting<\/td><td class=\"has-text-align-left\" data-align=\"left\">Any role exposed to customers and transactions<\/td><td class=\"has-text-align-left\" data-align=\"left\">Awareness of ML\/TF risks and indicators; <br><br>Escalation procedures and timelines; <br><br>Reporting accurately and on time<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-text-align-left\"><strong>AUSTRAC Table <\/strong>&#8211; what training may include for personnel that conduct specific obligations. See AUSTRAC&#8217;s <a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/personnel-due-diligence-and-training\/amlctf-training\">AML\/CTF training<\/a> page for the complete version.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Resources<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><strong>What it is<\/strong><\/th><th class=\"has-text-align-left\" data-align=\"left\"><strong>Resources<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">AUSTRAC training and personnel due diligence<\/td><td class=\"has-text-align-left\" data-align=\"left\"><a href=\"https:\/\/www.austrac.gov.au\/amlctf-reform\/reforms-guidance\/amlctf-program-reform\/personnel-due-diligence-and-training-reform\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Personnel due diligence and training&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/personnel-due-diligence-and-training\/amlctf-training\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;AML\/CTF training&#8217;<\/em><\/a><br><br><a href=\"https:\/\/www.austrac.gov.au\/industry-and-business\/obligations-and-guidance\/your-amlctf-program\/personnel-due-diligence-and-training\/identifying-personnel-roles-require-due-diligence-and-training\" target=\"_blank\" rel=\"noreferrer noopener\"><em>AUSTRAC, &#8216;Identifying personnel roles that require due diligence and training&#8217;<\/em><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Train your team with Alpha AML Training<\/strong><\/h2>\n\n\n\n<p>Alpha AML Training can help you meet your staff training obligations. Our industry-tailored AML\/CTF training is built for Australia&#8217;s Tranche 2 sectors. Our e-learning modules are designed specifically for <a href=\"https:\/\/alphaamltraining.com\/au\/tranche-2\/lawyers\/\">law firms<\/a>, conveyancers, <a href=\"https:\/\/alphaamltraining.com\/au\/tranche-2\/accounting\/\">accounting practices<\/a> and <a href=\"https:\/\/alphaamltraining.com\/au\/tranche-2\/real-estate\/\">real estate agencies<\/a> &#8211; reflecting the ML\/TF risks and case studies that apply to your sector.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"709\" data-src=\"https:\/\/alphaamltraining.com\/wp-content\/uploads\/2024\/10\/Tranche-2-module-banner-8-1024x709.png\" alt=\"\" class=\"wp-image-30880 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/709;aspect-ratio:1.444307130191822;width:537px;height:auto\" data-srcset=\"https:\/\/alphaamltraining.com\/wp-content\/uploads\/2024\/10\/Tranche-2-module-banner-8-1024x709.png 1024w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2024\/10\/Tranche-2-module-banner-8-300x208.png 300w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2024\/10\/Tranche-2-module-banner-8-768x532.png 768w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2024\/10\/Tranche-2-module-banner-8-1536x1063.png 1536w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2024\/10\/Tranche-2-module-banner-8-116x80.png 116w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2024\/10\/Tranche-2-module-banner-8-290x201.png 290w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2024\/10\/Tranche-2-module-banner-8-600x415.png 600w, https:\/\/alphaamltraining.com\/wp-content\/uploads\/2024\/10\/Tranche-2-module-banner-8.png 1625w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>Alpha AML Training&#8217;s five <a href=\"https:\/\/alphaamltraining.com\/au\/courses\/\" type=\"link\" id=\"https:\/\/alphaamltraining.com\/au\/courses\/\">AML\/CTF courses<\/a> are built around the core AML\/CTF functions and aligned with AUSTRAC&#8217;s guidance, so each person gets tailored training topics aligned to the role they perform:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Introduction to Tranche 2 AML<\/strong> &#8211; orientation to the new Tranche 2 regime<\/li>\n\n\n\n<li><strong>Introduction to AML<\/strong> &#8211; general awareness for all roles that need the basics<\/li>\n\n\n\n<li><strong>Red flags and reporting obligations<\/strong> &#8211; for client-facing personnel<\/li>\n\n\n\n<li><strong>Customer due diligence<\/strong> &#8211; for staff involved with onboarding and CDD<\/li>\n\n\n\n<li><strong>AML governance and AML\/CTF programs<\/strong> &#8211; for the compliance officer, senior managers and governing body<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Get started today<\/strong><\/h3>\n\n\n\n<p>With 1 July 2026 approaching, now is the time to make sure your team is ready. <\/p>\n\n\n\n<p><a href=\"https:\/\/alphaamltraining.com\/au\/free-demo\/\">Book a free demo<\/a> to talk through training options, pricing and packages for your firm &#8211; you could be delivering training to your staff today. <\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From 1 July 2026, anti-money laundering and counter-terrorism financing (AML\/CTF) obligations apply to a much broader group of Australian businesses &#8211; the Tranche 2 professions. This guide walks through what those obligations look like in practice. It covers lawyers, conveyancers, accountants, real estate agencies, trust and company service providers, and dealers in precious metals, stones [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":53926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[562],"tags":[],"class_list":["post-51831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-au"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Anti-Money Laundering: A 2026 Guide for Tranche 2 Businesses<\/title>\n<meta name=\"description\" content=\"From 1 July 2026, Tranche 2 businesses face new AML\/CTF obligations. A plain-English walkthrough of AUSTRAC&#039;s guidance and the obligations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alphaamltraining.com\/au\/anti-money-laundering-in-australia-a-2026-guide-for-tranche-2-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anti-Money Laundering: A 2026 Guide for Tranche 2 Businesses\" \/>\n<meta property=\"og:description\" content=\"From 1 July 2026, Tranche 2 businesses face new AML\/CTF obligations. A plain-English walkthrough of AUSTRAC&#039;s guidance and the obligations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/alphaamltraining.com\/au\/anti-money-laundering-in-australia-a-2026-guide-for-tranche-2-businesses\/\" \/>\n<meta property=\"og:site_name\" content=\"Alpha AML Training\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Alpha-AML-Training-104887788103663\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-04T08:05:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-07T12:42:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/alphaamltraining.com\/wp-content\/uploads\/2026\/05\/Laundromat_article_header.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"alpha\" \/>\n<meta name=\"twitter:card\" 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