AUSTRAC (Australian Transaction Reports and Analysis Centre) has announced significant updates to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime, with new obligations coming into effect on 1 July 2026.
To help newly regulated businesses prepare, AUSTRAC has launched an education campaign with webinars and tools, starting with the AML/CTF Essentials series. These reforms are particularly relevant for professionals in accounting, law, real estate, conveyancing, precious metals, and virtual asset services.
Who is AUSTRAC and What Do They Do?
AUSTRAC is both Australia’s AML/CTF regulator and financial intelligence unit. It collects and analyses financial information to support national security and law enforcement investigations. AUSTRAC currently regulates over 17,000 businesses and expects to regulate approximately 100,000 entities after July 2026 due to the expanded reforms.
What is the AML/CTF Regime?
The AML/CTF regime is Australia’s framework to combat:
- Money laundering: Concealing the origins of illegally obtained money.
- Terrorism financing: Providing financial support to terrorist groups or individuals.
- Proliferation financing: Funding the spread of weapons of mass destruction.
Each of these threats presents a serious risk to Australia’s financial integrity, safety, and global reputation.
Why Are These Reforms Happening?
Organised crime in Australia is estimated to cost over $68 billion annually, affecting public safety and economic stability. The AML/CTF Amendment Bill 2024 aims to:
- Expand regulation to cover high-risk sectors like law, accounting, real estate, and digital assets.
- Simplify compliance through clearer guidance and tiered education.
- Strengthen reporting and risk management obligations.
Who Is Affected by the New AML/CTF Laws?
If you operate in the following sectors, your business may soon have AML/CTF obligations:
- Accountants
- Lawyers and conveyancers
- Real estate agents and property developers
- Dealers in precious metals and stones
- Trust and company service providers
- Virtual asset service providers (e.g. crypto exchanges, wallet providers)
🔗 Learn how IdentityCheck helps your industry comply with AML/CTF obligations
What Are Your Obligations?
From 1 July 2026, businesses offering designated services must:
- Enroll with AUSTRAC within 28 days of offering a designated service.
- Develop and maintain an AML/CTF Program tailored to your business’s size and complexity.
- Appoint an AML/CTF Compliance Officer.
- Perform Customer Due Diligence (CDD) — including initial, ongoing, and enhanced checks.
- Submit reports such as:
- Suspicious Matter Reports (SMRs)
- Threshold Transaction Reports (TTRs)
- International Fund Transfer Instructions (IFTIs)
- Annual Compliance Reports
- Maintain accurate records to demonstrate compliance.
AUSTRAC will provide updated enrollment forms and guidance before these dates.
What Should You Do Now?
✅ Don’t enroll early — AUSTRAC’s new enrollment system is coming soon.
✅ Subscribe to AUSTRAC updates for changes, deadlines, and upcoming webinars.
✅ Review your current business processes — you may already be doing some of what’s required.
✅ Contact StackGo to access AML tools and guidance specific to your sector.
What’s Next?
This post covers key highlights from Webinar 1 of AUSTRAC’s AML/CTF Essentials series. The next sessions will explore:
- AML/CTF obligations in depth
- Customer due diligence
- Governance best practices
- Sector-specific guidance (coming late 2025)
Watch the full AUSTRAC video here
Final Thoughts
As the frontline in the fight against financial crime, your business plays a vital role. With AUSTRAC’s guidance and tools like IdentityCheck, you can get compliant with confidence and reduce the risk of criminal exploitation.
Let’s prepare together — because the stronger your systems, the safer your business and community.
Want to get compliant fast?
🔗 Explore IdentityCheck’s AML tools for designated service providers
