Deadline: March 31, 2026
Criminal penalties apply for non-compliance from July 1, 2026. Maximum: 2 years imprisonment and/or $27,500 fine per breach.
Your Obligations (What You MUST Do)
As an accountant providing designated services (trust account dealings, buying/selling business entities, acting as a formation agent), you're caught by Tranche 2. Here's what AUSTRAC requires:
- Register with AUSTRAC by March 31, 2026 (free, takes 10 minutes)
- Create an AML/CTF Program - your compliance rulebook
- Complete a ML/TF Risk Assessment - identify your risks
- Train your team on AML obligations and red flags
- Verify all clients when providing designated services (individuals + entities + UBOs)
- File reports when required (SMR for suspicious, TTR for $10k+ cash)
- Keep records for 7 years (verifications, training, programs)
Key Difference for Accountants: You must verify entities (companies, trusts, SMSFs) AND their Ultimate Beneficial Owners (UBOs). This means:
- • Individual client = 1 verification ($15)
- • Company client = Entity verification ($35) + UBO verifications ($15/person)
- • Trust client = Entity verification ($35) + Trustee + Beneficiaries
How to Do It All for $0
1. AUSTRAC Registration (FREE)
Register at AUSTRAC Online - takes 10 minutes. Follow our step-by-step enrollment guide.
Learn more →2. AML Program (FREE vs $3,000-7,000)
Use our Program Generator. Accounting-specific template with entity verification workflows. Downloads in 5 minutes.
Learn more →3. Risk Assessment (FREE vs $4,000-8,000)
AI-powered 20-page risk report. Accounting-specific risks (trust accounts, entity formation, complex structures).
Learn more →4. Team Training (FREE vs $800-1,500)
4 interactive modules covering UBO verification, red flags, reporting. Certificates included.
Learn more →5. Client Verifications (FREE for You)
Client-pays model. Individual $15, Entity $35, UBOs $15/person. You pay $0.
Learn more →6. Reports & Records (FREE)
SMR/TTR/IFTI templates. 7-year storage. Compliance dashboard tracks everything.
Learn more →Accounting Firm Workflow Example
New company client engaging you for tax services:
- 1. Send company KYB link → client pays $35 → company verified
- 2. System auto-identifies 2 directors + 2 shareholders (4 UBOs)
- 3. Send KYC links to each UBO → each pays $15 → all verified
- 4. You pay $0, client pays $95 total, you're fully compliant
Total Cost Comparison
Traditional Compliance
- AML Program (consultant)$5,000
- Risk Assessment (consultant)$6,000
- Training (3 accountants)$3,000
- Software (easyAML)$299/mo
- Verifications (50 entities/yr)$2,500
- First Year Total:$20,088
- Ongoing (Year 2+):$6,088/yr
FreeAML Compliance
- AML Program (generator)$0
- Risk Assessment (AI tool)$0
- Training (unlimited)$0
- Software$0
- Verifications (client-pays)$0
- First Year Total:$0
- Ongoing (Year 2+):$0/yr
Save $20,088 First Year
+ $6,088 every year ongoing
Optional: Charge Service Fees (Pro $50/mo)
OPTIONALWant to earn revenue from compliance instead of it being a cost? Upgrade to Pro.
- ✓ Set custom service charges (e.g., $100 per entity verification)
- ✓ Client sees total price ($35 + your $100 = $135)
- ✓ You get $100 per check, instant bank payout
- ✓ Example: 15 entity verifications/month × $100 = $1,500/mo revenue
Real Example: 5-partner accounting firm, 25 new entity clients/month:
25 verifications × $100 markup = $2,500/mo revenue from compliance (covers Pro subscription 50x over)
Your 30-Minute Compliance Checklist
- 1Register with AUSTRAC
⏱️ 10 min
- 2Generate AML Program
⏱️ 5 min
- 3Complete Risk Assessment
⏱️ 10 min
- 4Invite team to training
⏱️ 2 min
- 5Send first verification
⏱️ 2 min
Total: 29 Minutes
Frequently Asked Questions
Related Free Compliance Guides
Ready to Comply for Free?
Join hundreds of accounting practices using FreeAML for zero-cost Tranche 2 compliance.
Start Free Compliance (29 min) →No credit card required. No hidden fees. Ever.