Do I need to register with AUSTRAC under Tranche 2?

If your business provides a designated service under the AML/CTF Act 2006 as amended by the AML/CTF Amendment Act 2024, the 29 July 2026 transitional enrolment deadline has passed. Designated services include legal work involving property transactions, trust and company formation, and client fund management; accounting work involving company or trust formation, nominee director arrangements, and client fund management; real estate purchase and sale transactions; conveyancing; and dealings in precious metals, stones, and pawnbroking.

What is a designated service under the AML/CTF Act?

A designated service is a service listed in the AML/CTF Act 2006, as inserted by the AML/CTF Amendment Act 2024. The list captures law firms (property, company formation, and client fund services), accounting practices (company formation, client fund management, and nominee arrangements), real estate agents acting on purchase or sale transactions, conveyancers, dealers in precious metals and stones, and pawnbrokers. Only businesses providing one or more of these specific services are reporting entities.

What is a reporting entity under AUSTRAC?

A reporting entity is a person or business that provides one or more designated services under the AML/CTF Act 2006. Reporting entities must enrol with AUSTRAC, implement an AML/CTF Program, conduct customer due diligence, submit Threshold Transaction Reports for cash transactions of $10,000 or more, submit Suspicious Matter Reports when money laundering or terrorism financing is suspected, and keep records for at least 7 years.

When did Tranche 2 obligations start in Australia?

All Tranche 2 AML/CTF obligations commenced 1 July 2026 under the AML/CTF Amendment Act 2024 and are now in effect. Newly captured businesses — lawyers, accountants, real estate agents, conveyancers, jewellers, and pawnbrokers — must already have their program implemented, staff trained, and CDD procedures active. The 29 July 2026 transitional enrolment deadline has passed.

What is the AUSTRAC enrolment deadline for Tranche 2?

The 29 July 2026 date was the historical transitional enrolment deadline for applicable newly regulated entities and has passed. Under the standard ongoing rule, a person must apply no later than 28 days after starting to provide a designated service. Enrolment is completed through AUSTRAC Online.

Are all lawyers required to comply with AUSTRAC?

No. Law firms are captured only when they provide specific designated services: acting in property purchase or sale transactions, forming companies or trusts, providing nominee director arrangements, managing client funds, or providing registered office services. Litigation firms and practices providing only general legal advice without any of these services are not reporting entities.

Are accountants regulated under AUSTRAC Tranche 2?

Accountants are regulated only if they provide specific designated services: forming companies or trusts on behalf of clients, acting as a nominee director or shareholder, managing or controlling client funds, or providing registered office services. Practices that provide only tax return preparation, BAS lodgement, bookkeeping, and financial reporting are not captured.

Are real estate agents required to enrol with AUSTRAC?

Real estate agents who act on property purchase or sale transactions must enrol with AUSTRAC and have complied since 1 July 2026, including buyers agents and buyers advocates. Agents who provide only residential property management — leasing, rent collection, and maintenance — without acting on purchase or sale transactions are not captured.

Are conveyancers regulated under AUSTRAC Tranche 2?

Yes. Conveyancing — the preparation and execution of documents for the transfer of property — is a designated service under the AML/CTF Act 2006. The 29 July 2026 transitional enrolment deadline for conveyancers has passed. Conveyancers must already have their AML/CTF Program implemented, since obligations commenced 1 July 2026.

Are jewellers required to comply with AUSTRAC?

Jewellers and precious metals dealers are required to comply if they sell or purchase precious metals, precious stones, or precious products and accept cash or virtual asset payments of $10,000 or more in a single transaction or linked transactions. Bullion dealers are regulated at any transaction value regardless of payment method. Businesses with a documented, strictly enforced policy prohibiting cash of $10,000 or more may not be regulated for precious metals transactions.

What happens if I don't enrol with AUSTRAC by the deadline?

Operating without enrolling is a contravention of the AML/CTF Act 2006. Civil penalties for bodies corporate can reach $36,400,000 per contravention (based on the penalty unit rate of $364, effective 1 July 2026); daily penalties may also apply for non-enrolment. AUSTRAC publishes all enforcement actions publicly, so reputational consequences compound financial ones.

How do I know if my business is a reporting entity?

You are a reporting entity if your business provides one or more designated services under the AML/CTF Act 2006 as amended by the AML/CTF Amendment Act 2024. Use this eligibility checker to assess your obligations based on industry and specific services. You can also check AUSTRAC's guidance at austrac.gov.au or seek advice from a qualified AML/CTF compliance professional.

Does Klyvon include sanctions screening?

Targeted financial sanctions screening is now part of your AML/CTF program obligation under the AML/CTF Rules 2025 — not a separate exercise. Klyvon's generated program includes the required policy controls for targeted financial sanctions. You will still need to screen clients against the DFAT Consolidated List as part of your CDD workflow. Klyvon does not run live screening checks, but your program documents exactly when and how to do it.

How often must a reporting entity get an independent evaluation of its AML/CTF program?

At least once every 3 years, and more often if appropriate to the size and complexity of your business. The independent evaluation must assess: your ML/TF risk assessment against the Act and Rules, the design of your AML/CTF policies, your actual compliance with those policies, and whether you're appropriately identifying, assessing, and mitigating ML/TF risk. Findings go in a written report to your governing body or a responsible senior manager.

I started providing a designated service after 1 July 2026 — do I still need to enrol by 29 July 2026?

No. The 29 July 2026 date only ever applied to businesses that were already providing a designated service on 1 July 2026, and that date has passed. If you started after 1 July, you have 28 days from the date you started to enrol with AUSTRAC — this rule applies on an ongoing basis, not just around the Tranche 2 rollout. Full explanation and worked examples: https://www.klyvon.com.au/austrac-enrolment-28-day-rule.

Eligibility Checker

AUSTRAC Tranche 2 · Eligibility Checker

Do I need to register with AUSTRAC?

Since 1 July 2026, thousands of Australian businesses have become AUSTRAC reporting entities for the first time. Answer three questions to find out if your business is captured — and what Klyvon's AI can generate for you for review.

⚠ Historical transitional enrolment deadline passed: 29 July 2026 · Obligations commenced: 1 July 2026austrac.gov.au ↗

Eligibility Checker

Is my business a reporting entity under AUSTRAC Tranche 2?

Answer the questions below to get an indicative result. Based on the AML/CTF Act 2006 as amended by the AML/CTF Amendment Act 2024.

What type of business do you operate?

Select the option that best describes your practice.

Reference

Common questions about AUSTRAC Tranche 2 eligibility

What's Next

Once you know you're regulated — what's next?

Seven steps for in-scope reporting entities — obligations commenced 1 July 2026, and the historical transitional enrolment deadline for applicable newly regulated entities passed on 29 July 2026.

Enrol with AUSTRAC now if you are not enrolled

Register at online.austrac.gov.au — you will need your ABN, business details, and the designated services you provide. Enrolment has been open since 31 March 2026.

Appoint an AML/CTF Compliance Officer in writing

Designate a named individual — owner or senior employee — responsible for your compliance program, AUSTRAC reporting, and staff training. Notify AUSTRAC within 14 days of the appointment. The transitional deadline was the later of 29 July 2026 or 14 days after enrolment.

Complete a written ML/TF Risk Assessment

Assess your exposure across client types, transaction values, payment methods, and geographic risk — and document it in your Program.

Implement an AML/CTF Program (risk framework and CDD procedures)

Your Program must cover CDD procedures, transaction monitoring, TTR obligations, SMR procedures, and your record-keeping policy.

Provide initial and ongoing role-appropriate AML/CTF training to relevant personnel

Provide initial and ongoing AML/CTF training for personnel performing relevant functions, appropriate to their functions, relevant ML/TF risks and responsibilities.

Submit TTRs and SMRs when required

Report cash transactions of $10,000 or more within 10 business days. Submit Suspicious Matter Reports within 3 business days — or 24 hours for terrorism financing.

Schedule your independent evaluation

At least once every 3 years (more often if your business's size or complexity warrants it), arrange an independent evaluation covering your risk assessment, policy design, actual compliance, and risk mitigation effectiveness. A written report goes to your governing body or responsible senior manager. Distinct from your annual internal review.

Klyvon generates all of this for your specific industry for review.

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The historical transitional enrolment deadline for applicable newly regulated entities passed on 29 July 2026. Standard ongoing enrolment timing applies. Obligations are in effect.

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Related Resources

AUSTRAC Penalty Register

Every enforcement action since 2006

AML/CTF for Lawyers

What law firms need to have in place now

AML/CTF for Accountants

Tranche 2 obligations for accountants

AML/CTF for Jewellers

Precious metals dealer obligations

AML/CTF for Conveyancers

Conveyancer obligations, in effect since 1 July 2026

AML/CTF for Real Estate

Obligations for agents and buyers advocates

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