Preparing for the changes if you are newly regulated

AUSTRAC maintains a landing page directed at newly regulated tranche 2 entities, including lawyers, conveyancers, accountants, trust and company service providers, real estate professionals and dealers in precious metals and stones, setting out the sequence of obligations under the extended anti money laundering and counter terrorism financing regime. From 1 July 2026, new designated services provided by these professions became subject to AML/CTF obligations for the first time.

Businesses providing a newly regulated designated service must apply to enrol with AUSTRAC within 28 days of first providing that service, which for most newly regulated entities meant enrolment was due by 29 July 2026 given obligations started on 1 July 2026. Enrolment is completed through AUSTRAC Online, where a business creates an account and completes an enrol a new business form, with the ability to save progress for up to 14 days. Businesses must also keep their enrolment details up to date, generally within 14 days of a change.

Beyond enrolment, newly regulated entities must develop and maintain an AML/CTF program tailored to their business, with governance arrangements that identify a governing body, a senior manager or managers, and an AML/CTF compliance officer. AUSTRAC has separately indicated that registration, which is an additional process beyond enrolment, will generally only apply to remittance and virtual asset service providers rather than to lawyers, accountants, real estate agents, conveyancers or dealers in precious metals and stones, unless they provide money or virtual asset services incidentally.

AUSTRAC has published supporting materials including program starter kits developed with industry peak bodies to help typical small businesses in newly regulated sectors understand what is required and by when.