If you operate a financial services business in Australia and the services you provide fall within the definition of designated services in Section 6 of the Anti-Money Laundering and Counter Terrorism Financing (“AML/CTF“) Act you are a Reporting Entity and will need to comply with the Act and the AML/CTF Rules.
If you:
some or all of the obligations in the AML/CTF Act and Rules will apply to you.
Services provided by financial or credit service providers:
Services provided which also require registration with AUSTRAC:
You can find further information about your obligations here:
From July 2026, services provided by accountants, lawyers, real estate professionals (Tranche 2 entities) were also required to comply.
A business provides a designated service under Tranche 2 if it buys or sells precious metals, precious stones and/or precious products, where:
If a business that deals with precious metals, stones and products decides not to accept cash or virtual asset payments for any transaction above the $10,000 threshold, the business does not provide a designated service.
You can find further information for Tranche 2 entities here, including the timeline to comply and key obligations to be met.
To have a geographical link to Australia, one of the following must apply to you:
All reporting entities must have an AML/CTF Program and meet certain ongoing obligations, including reporting to AUSTRAC. You can find out more about the obligations and which apply to you and the links below:
If you would like further information or assistance, please contact Sophie Grace directly.
Sophie Grace can provide you with an AML/CTF Program and can assist you to tailor it to your business’ needs. We have three different options available to suit your business and finance needs.
You can purchase template documents from our online shop. The template is an instant download and includes prompts to help you tailor the document yourself. We have template documents for:
Sign up to the Compliance Portal and receive the template AML/CTF Program Package, and obtain access to updated documents in light of any updates we make as new guidance or amended legislation is released. Choose between:
Sophie Grace can assist you to prepare the AML/CTF Program package based on your business’ specific requirements. Contact us to discuss further.
Find everything you need in relation to the AML/CTF Reforms
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