AUSTRAC’s Tranche-2 reforms bring thousands of Australian professionals under the AML/CTF Act for the first time. This page explains what Tranche-2 is, who it affects, key dates, and what businesses must do to comply.
Tranche-2 extends AML/CTF obligations to professions outside banking and finance, including real estate, legal, and accounting sectors.
Aimed at reducing money laundering risks in high value service industries where large sums of money frequently change hands.
Aligns Australia with international Financial Action Task Force (FATF) standards for combating financial crime.
Tranche-2 = new legal obligations for non-financial professional service industries to identify, assess, and report money laundering and terrorism financing risks.
Buyer's agents, seller's agents, and property developers
Law firms and solicitors providing designated legal services
Conveyancing and property transfer services
Accounting practices providing designated services
TCSPs providing structural and nominee services
Dealers in precious metals, stones and products
All Tranche-2 businesses must implement these core compliance requirements.
Verify customer identity and beneficial ownership
Assess and document money laundering/terrorism financing risk
Continuously monitor transactions and customer activity
Report suspicious activities to AUSTRAC promptly
Maintain comprehensive records for audit and compliance
Ensure all staff understand AML/CTF obligations
⚠️ All Tranche-2 businesses must implement these core compliance requirements.
Closes loopholes in property, legal, and professional sectors.
Aligns Australia with global Financial Action Task Force Standards
Reduce regulatory risk and protects professional reputation
Failing to meet your Tranche-2 obligations can result in serious consequences.
Increased regulatory oversight and audits
Significant financial penanlities for non-compliance
Damage to professional standing and client trust
Possible license revocation or regulatory referral
Our Platform automates the complex requirements of Tranche-2 compliance, so you can focus on running your business.
Join thousands of Australian professionals preparing for the new compliance requirements.
