One of Australia’s biggest regulatory shifts in decades begins on 1 July 2026. The AML/CTF Amendment Act extends compliance to thousands of companies that previously fell outside the regime.
What are the AML/CTF reforms and why now?
Australia’s AML/CTF system has run since 2006, but key high-risk sectors stayed out for nearly twenty years. These “Tranche 2” sectors — lawyers, accountants, real-estate, trust providers, and dealers in precious metals and gemstones — were repeatedly criticised by the Financial Action Task Force (FATF) for their exclusion.
Who is captured?
- Legal professionals (lawyers, conveyancers, notaries)
- Accountants and accounting firms
- Real estate agents (significant funds in property sales, purchases, rentals)
- Dealers in precious metals and gemstones
- Trust and company service providers
According to AUSTRAC, the Tranche 2 amendments will subject almost 90,000 new companies to AML supervision.
What changes?
- Expanded definition of virtual assets — “digital currency” superseded by the broader “virtual assets.”
- Updated CDD obligations — modernised, risk-based.
- New reporting and value-transfer rules — IVTS phased in (some entities to 2029).
- Repeal of the Financial Transaction Reports Act 1988.
- Stronger governance obligations for senior management and boards.
Key dates
- 31 March 2026 — AUSTRAC enrolment opens for new entities.
- 30 May 2026 — Compliance Officer notification deadline.
- 1 July 2026 — AML/CTF compliance obligations commence.
- 29 July 2026 — Enrolment deadline for new entities.
- 30 March 2029 — Updated CDD for existing reporting entities.
How Grace Advisory can help
- AML/CTF Program Development
- AUSTRAC Registration Assistance
- Ongoing AML/CTF Compliance Support
- Independent Review of AML/CTF Programs
- AML/CTF Training