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AUSTRAC has unveiled a series of starter packs designed to assist accountants and other tranche 2 entities in meeting their upcoming anti-money laundering and counter-terrorism financing (AML/CTF) obligations.
The financial intelligence regulator said the resources are intended to support businesses that will soon fall under AML/CTF regulation, helping them comply with new requirements in a practical and proportionate way.
“The kits aim to reduce the time, cost and effort for typical small businesses to develop an anti-money laundering program and will help ensure businesses new to anti-money laundering regulation meet their obligations without excessive regulatory burden,” AUSTRAC chief executive Brendan Thomas said.
From 1 July 2026, accounting firms that provide designated services—such as assisting with real estate transactions or establishing trust and company structures—will be regulated as tranche 2 entities under Australia’s AML/CTF framework.
Once captured by the regime, these firms will be required to enrol with AUSTRAC, establish and maintain an AML/CTF program, conduct ongoing customer due diligence, report suspicious matters and keep detailed records demonstrating compliance.
To support this transition, AUSTRAC has released a starter kit specifically tailored for small accounting firms engaged in lower-risk activities.
“Accountants are often exploited for money laundering in Australia,” AUSTRAC said, noting that their role in handling large volumes of cash, facilitating international transactions and creating complex legal structures can make them vulnerable to misuse by criminals seeking to conceal the origins of illicit funds.
“Your role is critical in identifying and responding to AML/CTF risks,” the regulator added.
The tranche 2 reforms are aimed at strengthening Australia’s response to money laundering by improving oversight of so-called “gatekeeper professions,” which criminals may use to move or disguise illegal funds. The changes are also intended to align Australia more closely with international AML/CTF standards.
Although the full extent of money laundering in Australia is difficult to quantify, the Australian Institute of Criminology has estimated that criminal activity generates up to $43.7 billion annually.
“Organised crime costs the Australian economy billions of dollars and does immeasurable harm to the community each and every year,” Thomas said.
“The changes to the anti-money laundering regime will enable AUSTRAC and newly regulated businesses to work together to shut criminals out of the financial system and disrupt their illegal enterprises.”
According to AUSTRAC, the starter kits provide a comprehensive AML/CTF framework aligned with Australian requirements. This includes a risk assessment addressing common challenges faced by accounting firms, policy templates outlining obligations and timeframes, guidance on day-to-day AML/CTF processes, and record-keeping tools to demonstrate compliance.
“Risk may seem like an abstract concept, but our kits tell you exactly what it means,” Thomas said.
“If a client is purchasing property using large amounts of physical currency, displaying unusual behaviour without a legitimate explanation, or operating behind complex legal structures, the kit gives you the tools you need to respond appropriately.”
Professional services firm Grant Thornton welcomed the initiative, describing the starter kits as practical resources rather than purely theoretical guidance.
“Developed with input from industry and significantly supported by Grant Thornton, the Kits demonstrate a new model of regulator and industry collaboration focused on prevention, clarity and practical support,” said Neil Jeans, risk consulting partner at Grant Thornton.
“This approach ensured the Starter Kits reflect how these businesses actually operate, translating regulatory requirements into clear, proportionate and workable steps that enable tranche 2 businesses to achieve effective AML/CTF compliance without unnecessary complexity, cost or administrative burden.”
