The landscape of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) is changing in Australia. Tranche 2 reforms are on the horizon, expanding AML/CTF obligations to include accounting, legal, real estate, and trust and company services businesses. Is your organisation prepared?

What is Tranche 2 - Anti Money Laundering/CTF Reforms?

What is Tranche 2?

Tranche 2 refers to the second phase of Australia’s AML/CTF regulatory reforms, extending regulations to designated non-financial businesses and professions (DNFBPs). This includes lawyers, accountants, real estate agents, and trust and company service providers. The goal is to align Australia with international standards, close regulatory gaps, and combat financial crime more effectively.

The Act introduces new 'designated services', so any entities providing such a service with a geographical connection to Australia will be subject to the AML/CTF Act.

What are the key obligations?

  1. Enrol with AUSTRAC.
  2. Assess your money laundering & terrorism financing risk, and develop and maintain an AML/CTF program tailored to your business.
  3. Conduct initial customer due diligence.
  4. Conduct ongoing customer due diligence, and enhanced customer due diligence for high risk customers (such as politically exposed persons).
  5. Report certain transactions and suspicious activities to AUSTRAC.
  6. Make and keep records of KYC information and of relevant transactions.
What are the important dates?

What are the important dates?

The timeline for Tranche 2 implementation is fast approaching. The first milestone date is 31 March 2026 when enrolment with AUSTRAC shall begin. From 1 July 2026 the AML/CTF Obligations for Tranche 2 entities will commence. Now is the time to prepare.

Consequences of Inaction:

Failure to act swiftly and implement necessary changes could result in severe penalties, including hefty fines, legal repercussions, and irreparable damage to your reputation. The risk of being exploited for money laundering increases significantly if proper compliance measures are not in place.

Equifax: your Tranche 2 solution

Equifax offers a comprehensive suite of fraud and identity protection solutions to help your business navigate Tranche 2 compliance. Our single-view of risk platform provides solutions for:

  • Initial and simplified customer due diligence through identity verification of individuals and commercial entities (i.e., beneficial owners) with the addition of comprehensive fraud assessments
  • Enhanced and ongoing customer due diligence through biometric verification, and PEP and sanctions screening
Contact our experts today to learn how Equifax can help you prepare for Tranche 2.

Tailored Solutions for Your Industry

Accountants & Trust and Company Services Providers:

Tranche 2 will require accountants to conduct thorough due diligence on clients, verify the source of funds, and report suspicious transactions. Equifax can help you streamline these processes with automated identity verification and transaction monitoring tools.

Accountants, ensure you're prepared. Contact us for a demo of our solutions tailored for your specific needs.

Real Estate Professionals:

Real estate transactions are a prime target for money laundering. Equifax provides solutions to help you identify red flags, verify client identities, and ensure compliance with upcoming AML/CTF regulations. Protect your agency and maintain market integrity with our advanced screening tools.

Real Estate Managers, safeguard your business. Schedule a free consultation to learn how our tools can help you stay compliant.

Lawyers & Conveyancers:

Balancing AML compliance with client confidentiality and legal professional privilege is crucial. Equifax offers discreet and efficient verification tools to help you conduct necessary checks while upholding your professional duties.

Lawyers, maintain your professional integrity. Request a personalized briefing on our secure and efficient verification processes.

Equifax: Good to Go. Your AML/CTF and Tranche 2 solution and beyond

Equifax's comprehensive fraud and identity protection solutions are essential for Tranche 2 businesses preparing for Australia’s AML/CTF reforms. Our solutions have been used by financial institutions and gaming businesses since the inception of the current AML/CTF Act, so Equifax is a trusted partner when it comes to the expertise and technology needed to navigate these regulations. Our single-view platform and advanced capabilities ensure businesses can meet compliance requirements, enhance customer trust, and operate securely.

Contact our experts today to learn how Equifax can help you prepare for Tranche 2.

Don’t wait until it’s too late. Secure your business and ensure compliance with Tranche 2 AML/CTF reforms.

To request a demo, book a free consultation or speak with an Equifax expert, click on the contact button below.

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