What changed
- The AML/CTF Amendment Act 2024 extends AUSTRAC regulation to tranche 2 sectors: lawyers, accountants, real estate professionals, trust and company service providers, and dealers in precious metals and stones.
- Reforms for existing reporting entities started 31 March 2026; tranche 2 obligations started 1 July 2026.
- Newly regulated businesses must enrol with AUSTRAC, run an AML/CTF program, conduct customer due diligence, and report suspicious matters.
Who's affected
Australian law firms, accounting practices, real estate agencies, trust and company service providers, and bullion and gem dealers.
What compliance teams should do now
- Stand up client screening against the DFAT Consolidated List, UN, and other relevant sanctions data.
- Check clients and beneficial owners for PEP status and adverse media.
- Keep a documented record of each check for AUSTRAC.
Get ahead of examiners — run your first correlated sanctions, PEP, and adverse-media search today. Create your free account →
How AMLX helps
AMLX gives newly regulated firms a self-serve screening workspace — free to start, no enterprise procurement — sized for practices without a compliance department.
Built for: Law Firms & Advisors · Real Estate & Title Companies · Art, Antiques & Luxury Goods Dealers · Trust & Corporate Service Providers
Jurisdiction coverage: Australia screening
Related regulatory updates
- Investment Adviser AML Rule Delayed to 2028 — FinCEN pushed its investment adviser AML/CFT rule from January 1, 2026 to January 1, 2028 — but the delay is a runway, not an exemption.
- FinCEN Residential Real Estate Rule Vacated — The FinCEN Residential Real Estate Rule took effect March 1, 2026 and was vacated by a federal court in Texas on March 19, 2026. Laundering risk in all-cash deals did not go anywhere.
- OFAC 10-Year Recordkeeping & Statute of Limitations — Sanctions violations can now be pursued for 10 years, and OFAC extended recordkeeping to match. Your screening evidence has to last a decade.
Frequently asked questions
What is the AUSTRAC tranche 2 AML obligations change?
Australia's AML/CTF reforms switched on for lawyers, accountants, real estate professionals, and other 'tranche 2' businesses on 1 July 2026.
Who does this affect?
Australian law firms, accounting practices, real estate agencies, trust and company service providers, and bullion and gem dealers.
How can AMLX help us respond?
AMLX gives newly regulated firms a self-serve screening workspace — free to start, no enterprise procurement — sized for practices without a compliance department. You can start on the free tier with no sales call.
Sources
This page summarises public regulatory developments for general information. It is not legal advice; confirm current status with the regulator or your counsel.