AUSTRAC has released a statement of regulatory expectations to support businesses to implement the changes under the AML/CTF reforms.
The reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) will commence on 1 July 2026 for tranche 2 entities — businesses in the legal, accounting, real estate and jeweller industries. For businesses currently regulated, the reforms commenced on 31 March 2026.
What AUSTRAC expects by 1 July 2026
For businesses coming under regulation on 1 July 2026, AUSTRAC expects that by that date each business will:
- Be enrolled as a reporting entity. Businesses can access the online enrolment system from 31 March 2026.
- Have an AML program, either adopting the starter program provided by AUSTRAC or having developed their own.
- Have an AML/CTF Compliance Officer appointed.
- Have trained staff on the AML/CTF program and processes.
- Be ready to ask clients questions and report suspicious activity.
AUSTRAC’s enforcement focus after 1 July 2026
After 1 July 2026, AUSTRAC will focus its enforcement in the newly regulated sectors on entities:
- Who wilfully ignore the obligation to enrol.
- Who AUSTRAC suspects are complicit with, or wilfully blind to, money laundering in their business.
How Opportuna Legal can help
Opportuna Legal advises businesses on AML/CTF compliance, including preparing for the reformed regulatory framework and meeting AUSTRAC’s expectations. If you need guidance on enrolment, AML programs, or compliance obligations, contact Opportuna Legal.
Anthony Jarvis is the Managing Partner of Opportuna Legal, a corporate and commercial law firm based in Perth, Australia. Anthony advises private companies, founders, and boards on M&A, capital markets, corporate governance, and commercial contracts. Anthony advises business owners and family groups on trust structuring, succession planning, and corporate governance.
Contact: reception@opportunalegal.com.au | (08) 6110 3748
This article is general information only and does not constitute legal advice. Readers should obtain professional advice specific to their circumstances before acting on any of the information contained in this article.