AUSTRAC’s second AML/CTF Essentials webinar offered a comprehensive walkthrough of what businesses need to do to prepare for the 1 July 2026 compliance deadline. This post breaks down the key takeaways — including how to build your AML/CTF program, appoint a compliance officer, conduct due diligence, and manage risk effectively.
Why This Matters
Businesses in sectors like accounting, law, real estate, crypto, and financial services are being brought into scope under Australia’s expanded AML/CTF regime. Understanding your obligations now can save your business time, money, and stress later.
AUSTRAC has launched a five-tier education campaign, and this webinar — the second in the series — focused on your obligations under the regime.
Your Key AML/CTF Obligations
By 1 July 2026, if your business provides a designated service, you must:
- Enrol with AUSTRAC
- Must be done within 28 days of providing the service
- Use the updated forms (coming 2025)
- Appoint an AML/CTF Compliance Officer
- Must be a fit and proper person based in Australia
- Notify AUSTRAC of any changes to this role
- Develop and maintain an AML/CTF Program
- Documented risk assessment
- Policies and procedures tailored to your risk profile
- Approved by senior management
- Reviewed regularly and independently every 3 years
- Conduct Customer Due Diligence (CDD)
- Includes initial, ongoing, and enhanced CDD
- Required before providing services, and must be risk-based
- Implement a Transaction Monitoring Program
- Manual or automated, based on your business risk profile
- Must generate alerts and be reviewed regularly
- Submit Required Reports to AUSTRAC
- Suspicious Matter Reports (within 24 hrs for terrorism, 3 business days otherwise)
- Threshold Transaction Reports (cash transactions ≥ $10,000)
- International Value Transfer Reports (pending rule finalisation)
- Annual Compliance Reports (due each Jan–March)
- Avoid Tipping Off
- Disclosing certain AML actions to customers is a criminal offence
- Businesses must have strong internal controls to prevent this
- Maintain Records for 7 Years
- AML/CTF program docs, customer info, transactions, staff training, risk reviews
Getting Started Early
AUSTRAC made it clear: they don’t expect perfection from day one — but they do expect genuine effort and progress.
Now is the time to:
- Review your current processes
- Document your procedures
- Identify gaps
- Start preparing for risk assessment and compliance policies
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Education Tiers and Support
This webinar is part of Tier 1 of AUSTRAC’s education series. Upcoming tiers will include:
- Sector-specific guidance (from Oct–Dec 2025)
- Starter Kits for small businesses
- Detailed walkthroughs of obligations and controls
