From 1 July 2026, the scope of Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime will expand to cover additional industries.
At Simple KYC, we will help you meet the new AML/CTF requirements confidently.
Tranche 2 of the AML/CTF reform expands Anti-Money Laundering and counter-terrorism financing obligations to real estate agencies, accounting and legal firms, requiring them to verify customer identity, report suspicious transactions and maintain proper customer records.
For more guidance and educational materials, we recommend to Visit AUSTRAC’s website
The Tranche 2 reforms will extend Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations to to cover high-risk non-financial businesses and professions, known as DNFBPs. Lawyers, accountants, and real estate professionals are among the primary professions affected by these reforms.
Agents, buyers’ agents, and developers must verify client identities, monitor transactions, and report suspicious activity to AUSTRAC under the new AML/CTF rules.
SKYC for Real State →
Firms handling client funds, managing trusts, or providing certain advisory services must implement due diligence, document risk, and report suspicious matters.
SKYC for Accounting →
Law firms, individual practitioners, and conveyancers will be subject to AML/CTF obligations when providing services such as managing client funds, facilitating property transactions, or setting up companies and trusts.
SKYC for Legal →All in-scope businesses will need to enrol as a reporting entity with AUSTRAC before providing any designated services.
You must create a documented, risk-based AML/CTF program tailored to your specific business operations, client profile, and sector risks.
Verify your customer’s identity and understand the nature of their business and source of funds.
Ongoing CDD involves monitoring and managing ML/TF/PF risks throughout the customer relationship.
Certain matters must be reported to AUSTRAC within set timeframes, including: Suspicious Matter Reports (SMRs), Threshold Transaction Reports (TTRs), etc.
You are required to retain key records for at least 7 years and these must be accessible for review by AUSTRAC if requested.
Digitally initiate a Customer Due Diligence Onboarding through our digital smart forms via multiple channels (email, SMS or your website) for your customers. Easy and seamless CDD Onboarding with:
Individuals, including directors and beneficial owners of business customers, can digitally verify their own identities during the onboarding journey.
Pre-fill information from reliable third party sources and ID documentation to reduce time, effort and minimise the risk of manual errors.
Once all information is verified and requirements met, the onboarding journey is completed without any manual effort.
Identify and manage high-risk customers by screening high-risk industries, jurisdictions, PEPs, sanctions, adverse media and more.
Conduct Ongoing Customer Due Diligence (OCDD) and manage risks through ongoing monitoring.
Stay fully compliant with minimal time and cost.
Reduce the friction and time required from your customers to comply with Tranche 2 regulation.
Let us automate repetitive, manual tasks, so you can concentrate on the high-value work that matters.
