AUSTRAC Compliance for Tranche 2 Businesses

Your AUSTRAC Compliance Checklist

• 1
  Enrol with AUSTRAC via AUSTRAC Online
  Go to austrac.gov.au and complete the enrol a new business form. Nominate your AML/CTF compliance officer and identify your designated services. Deadline was 29 July 2026 for businesses providing services on 1 July 2026.
• 2
  Appoint a compliance officer and notify AUSTRAC
  Appoint a suitable AML/CTF compliance officer and notify AUSTRAC via AUSTRAC Online within 14 days of appointment.
• 3
  Complete your risk assessment
  Document the ML/TF risks associated with your designated services, clients, delivery channels and countries. AUSTRAC provides sector-specific starter kits.
• 4
  Build your AML/CTF program
  Write your policy document and process document. Use AUSTRAC's program starter kit as a base, then customise for your specific services.
• 5
  Train your staff
  Provide AML/CTF training to all personnel before they start performing AML/CTF functions. Keep training records.
• 6
  Verify all clients before designated services
  Complete initial CDD on every client before providing any designated service. This includes identity verification, PEP and sanctions screening and beneficial ownership checks for corporate clients.
• 7
  Set up ongoing monitoring and reporting
  Monitor client activity, report suspicious matters within required timeframes and submit annual compliance reports to AUSTRAC by 30 September each year.