Your Complete Tranche 2
Compliance Guide
Everything you need to know about Australia's new AML/CTF obligations for real estate agents, lawyers, accountants, and trust service providers.
Who Must Comply?
Tranche 2 applies to six industry sectors providing designated services in Australia.
Real Estate Agents
All property sales, leasing, and rent collection
Conveyancers
Property settlement and transfer services
Lawyers
Trust accounts, property law, business transactions
Accountants
Trust services, entity formation, SMSF administration
Trust & Company Service Providers
Entity formation, trust administration, nominee services
High-Value Dealers
Precious metals, stones, jewellery ($10k+ transactions)
Your 7 Core Obligations
What you must do, deadlines, and how FreeAML makes it simple (and affordable).
1. AUSTRAC Enrolment
By 29 July 2026All Tranche 2 businesses must enrol with AUSTRAC via the Business Portal. You'll need your ABN/ACN, business structure details, beneficial ownership information, and designated services list.
FREE compliance program generator guides you through the exact information needed. No confusing forms.
2. AML/CTF Program
Before 1 July 2026Document and implement a written program that identifies ML/TF risks, describes your CDD and reporting processes, defines governance roles (Governing Body, Senior Manager, Compliance Officer), and includes an independent review schedule.
FREE AI-powered risk assessment (5 minutes) generates your complete AUSTRAC-compliant program. Auto-updates when regulations change.
3. Customer Due Diligence (CDD)
Before every transactionVerify client identity using reliable, independent sources. For individuals: photo ID + biometric liveness. For entities: ASIC/ABN registry + beneficial owner identification (25%+ ownership). Screen all clients against PEP/sanctions lists.
Individual verification $15, entity $35. Includes ID verification, AML screening, UBO detection, and AUSTRAC-compliant reports. 60-second process. Client-pays option = $0 for you.
4. Ongoing Monitoring
ContinuousMonitor client transactions and behavior for suspicious activity. Update CDD when risk factors change. Review high-risk clients more frequently (PEPs, complex structures, unusual wealth).
FREE ongoing AML monitoring included with every verification. Automatic alerts when watchlist status changes.
5. AUSTRAC Reporting
Within strict timeframesSuspicious Matter Reports (SMRs): 3 business days (24hrs for terrorism). Threshold Transaction Reports (TTRs): Cash $10k+, report within 10 days. International Funds Transfer Instructions (IFTIs): 10 days. Annual Compliance Report: 1 Jan - 31 Mar each year.
FREE report templates pre-filled with your client data. Submit directly from dashboard. Automatic deadline reminders.
6. Staff Training
Initial + ongoingTrain all staff on AML/CTF obligations, ML/TF risks, consequences of non-compliance, and your business's specific policies. Training must be tailored (not generic), role-specific, and regularly updated.
FREE 4-module training course with quizzes and certificates. Role-specific content. Tracks completion for AUSTRAC audits.
7. Record Keeping
7 years minimumMaintain comprehensive records of all CDD, transactions, reports, training, and compliance decisions. Records must be readily accessible for AUSTRAC audits.
FREE 7-year secure Australian cloud storage for all verification records. Export-ready for AUSTRAC.
Key Dates
Mark these deadlines in your calendar.
The Cost of Non-Compliance
AUSTRAC has significant enforcement powers. Penalties are severe and actively prosecuted.
Criminal Prosecution
Civil Penalties
Infringement Notices
Professional Deregistration
Compliance is not optional
AUSTRAC actively monitors reporting entities and conducts audits. Non-compliance triggers investigations, enforcement actions, and public naming. With FreeAML, basic compliance costs $0/month. The cost of non-compliance could destroy your business.
Start Complying Today — For Free
No subscription. No setup fees. Verify your first client in 60 seconds. All compliance tools included free.