Significant changes are coming to Australia’s anti‑money laundering landscape, with the Tranche 2 AML/CTF reforms set to take effect from 1 July 2026. These reforms expand AUSTRAC’s regulatory reach to sectors that have not previously been subject to anti‑money laundering obligations, aiming to close long‑identified gaps in Australia’s financial crime framework.
Who Will Be Affected?
From July 2026, several business sectors will fall under the new regulatory regime, including:
- Real estate professionals (agents, buyer’s agents, property developers)
- Accountants providing financial or corporate services
- Lawyers and conveyancers involved in property or business transactions
- Dealers in precious metals, stones, and jewellery
- Trust and company service providers
These businesses will become AUSTRAC‑regulated “reporting entities,” joining banks and other financial institutions already covered under existing rules.
What New Obligations Will Apply?
Affected businesses will be required to:
- Enrol with AUSTRAC, with enrolments for newly regulated sectors opening 31 March 2026.
- Develop and maintain an AML/CTF program tailored to their size and risk profile.
- Conduct customer due diligence at onboarding and on an ongoing basis.
- Report suspicious matters and certain transactions to AUSTRAC.
- Keep records for prescribed periods.
These obligations mirror those already imposed on financial institutions and are designed to strengthen Australia’s ability to detect and prevent money laundering and terrorism financing.
