FAQs

Not technically. As of 2025, the rules are still being developed. Nothing is enforceable yet. However, Tranche 2 is confirmed and on its way. Starting now allows you to plan, budget and test your systems, rather than scrambling to meet deadlines under pressure closer to 2026.

Yes, the Australian Government has committed to Tranche 2 as part of its promise to meet global anti-money laundering standards. Delays are possible during finalisation, but full implementation is no longer in question. It's not optional, it's on its way.

If your business ignores Tranche 2 obligations once they’re live, you could face regulatory action from AUSTRAC. Failing to comply could risk fines, investigations or client trust. The good news? Preparing as early as you can gives you control and peace of mind. 

We know cost matters, especially for small businesses. That’s why easyAML is built to be affordable and scalable. Here’s how Tranche 2 costs might look based on the Attorney General’s Department’s Impact Analysis estimates: 

Head to AUSTRAC’s official website for updates, or contact the easyAML team to discuss your specific situation and next steps. We're here to help you navigate what's coming with clarity and confidence. Our support team handles the ongoing monitoring and updates, keeping compliance simple for your business. 

Tranche 1 covered banks, casinos and money transfer services. Tranche 2 extends AML/CTF obligations to real estate agents, lawyers, accountants and other professional services. While Tranche 1 businesses have been complying for years, Tranche 2 brings these requirements to small and medium businesses for the first time.

Most businesses in covered sectors will need to comply, regardless of size. While final exemptions aren't confirmed, AUSTRAC typically doesn't provide blanket small business exemptions for AML/CTF obligations. It's best to assume you'll need to comply and prepare accordingly rather than risk penalties later. 

AUSTRAC checks compliance through things like document reviews, site visits and monitoring your reporting. If your policies, procedures, training records and systems are solid and your records are up to date, you’ll be in good shape. Proper documentation is essential in demonstrate your compliance efforts during any AUSTRAC review or audit. 

If your business ignores Tranche 2 obligations once they’re live, you could face regulatory action from AUSTRAC. Failing to comply could risk fines, investigations or client trust. The good news? Preparing as early as you can gives you control and peace of mind. 

We know cost matters, especially for small businesses. That’s why easyAML is built to be affordable and scalable. Here’s how Tranche 2 costs might look based on the Attorney General’s Department’s Impact Analysis estimates: 

Yes. Proper compliance setup takes 3-6 months, and that's after you understand your requirements. Starting early means less stress, better implementation and time to test your systems before go-live come 1 July 2026. Be ready for Tranche 2 reforms by allocating the time your business needs to adapt smoothly and with full confidence. 

easyAML is constantly monitoring all AUSTRAC updates and will automatically update your compliance program. If the requirements change, we will update your compliance program automatically. You’ll always be aligned with current regulations, with tools and templates that evolve alongside any updates. It’s part of the ongoing support we provide.

Yes, you could. But most DIY efforts take far longer, carry higher risks and leave critical gaps. Based on internal testing, our AML software has shown time savings of up to 80% when compared to manual compliance processes, while maintaining accuracy, consistency and audit-readiness. We’ve built it to minimise the cost for small and medium businesses, without sacrificing quality, completeness or peace of mind.

Non-compliance can result in significant penalties for businesses. You'll be ready (without the stress and last-minute rush) if you start with easyAML by January 2026. We’ll walk you through every step, so you’re ready, compliant and confident ahead of go-live. 

Yes. Especially with Tranche 2 reforms expanding AML obligations to smaller professional services. AML software takes the guesswork out of compliance by helping Australian small to medium business owners verify customers, monitor activity, store records securely and stay audit-ready. If you're in real estate, law, accounting or other designated sectors, talk with us to see if you’ll be affected by these changes. 

You don’t need to be an expert – that’s our job. easyAML’s software is built for people who are great at what they do, not AML compliance. Whether you're in real estate or accounting, we guide you through every requirement with step-by-step tools, straightforward instructions and full support. We make sure nothing is missed and everything is handled correctly.

Look for anti-money laundering software solutions that are simple, affordable and tailored for small-medium teams. easyAML includes ready-to-use programs, refined workflows, verification tools and ongoing monitoring — all aligned to AUSTRAC’s requirements. We understand how real businesses operate. That’s why our support is clear, practical and built to help you meet compliance without confusion. 

Under Tranche 2, real estate agents will need to implement AML/CTF compliance measures including customer identification, record keeping and transaction monitoring. This means verifying client identities, maintaining detailed records and reporting suspicious activities to AUSTRAC. The exact requirements are still being finalised by the government.

Yes, conveyancers will be covered under Tranche 2 regulations. You'll need to establish customer identification procedures, maintain comprehensive records and implement transaction monitoring systems. As property transactions often involve large sums, conveyancers play a crucial role in preventing money laundering through real estate. 

Lawyers will need to implement customer due diligence, maintain detailed records and monitor transactions for suspicious activity. This includes verifying client identities, understanding the source of funds and reporting unusual transactions to AUSTRAC. Legal services involving property, company formation and financial transactions will be key focus areas.

Yes, accountants and tax agents will be subject to Tranche 2 AML/CTF obligations. You'll need customer identification procedures, record-keeping systems and transaction monitoring capabilities. Services like company formation, trust establishment and high-value financial advice will require enhanced due diligence and reporting to AUSTRAC.

VASPs, including cryptocurrency exchanges and wallet providers, will face comprehensive AML/CTF obligations under Tranche 2. This includes customer identification, transaction monitoring, record keeping and suspicious matter reporting. Given the high money laundering risks in virtual assets, VASPs will need robust compliance systems.

Yes. From 1 July 2026, real estate agents involved in property transactions will need to comply with AML/CTF obligations. This includes identity checks on buyers and sellers, risk assessments and record-keeping. Tranche 2 captures real estate as a high-risk sector under AUSTRAC's regulatory expansion.

AML obligations apply when you assist with buying, selling or transferring real estate on behalf of a client. This includes acting as an agent, facilitating settlement, or managing funds — even direct sales by developers may trigger compliance requirements under Tranche 2.

Possibly. If your property management services include handling rental funds, bond payments, or other transactions, you may fall under AUSTRAC’s designated services. Review your service offerings carefully and consult AUSTRAC’s upcoming guidance to see if your business is captured. Not sure if you’re affected? Talk with us to see if you'll be impacted.

Digital verification isn’t mandatory, but it’s strongly recommended. Under Tranche 2, you must verify each client’s identity before providing services. Digital verification streamlines this process, reduces manual errors and ensures your checks meet AUSTRAC standards, especially for remote clients or busy agencies without in-house compliance staff.

KYC (Know Your Customer) checks involve verifying a client’s identity before a transaction begins. This includes ID verification, checking beneficial ownership for companies and ongoing risk assessments. AML software can automate this process and help your agency stay compliant without adding operational burden.

Non-compliance can result in fines, enforcement notices and AUSTRAC publicly listing your agency as non-compliant. It may damage your reputation and result in lost trust from banks, clients, and partners. Compliance protects your agency and shows that you're operating to professional standards.

Yes. AML software simplifies the entire compliance process, from verifying clients to managing risk and reporting to AUSTRAC. For small and medium agencies without in-house staff who specialise in compliance, a solution like easyAML helps you meet every requirement without added complexity or legal costs.

Start by understanding whether your services fall under the new rules, then enrol with AUSTRAC, create an AML/CTF program and implement client due diligence processes. Tools like easyAML make it easier to get started and stay compliant with support tailored for the property industry.

Not necessarily. However, most property, commercial and private client firms will fall within scope. If your services intersect with client money, structures or transactions, you’re likely affected. If you’re unsure if your business falls under this umbrella, have a chat with us.

No. Legal professional privilege remains protected. Tranche 2 reforms do not override your duty to client confidentiality. You’ll only need to report activity that falls outside the scope of legal advice, for example, suspicious transactions involving funds or property. The legislation respects core legal principles while still meeting AUSTRAC’s objectives.

Yes — even though the deadline is July 2026, getting AML-ready takes time. Firms typically spend 3–6 months setting up their program, training staff and installing systems. Starting now means less pressure later. easyAML delivers expert guidance at every step, helping you skip last-minute panic. 

AUSTRAC enforces civil fines, pursues criminal charges, and can publicly disclose your firm’s name. Even minor oversights,  like failing to report suspicious activity, can result in enforcement action. Failing to comply damages your professional reputation and puts clients at greater risk. With easyAML, you’ll decrease legal risk while maintaining your practice’s integrity and trust.  

If you’re a lawyer or conveyancer subject to Tranche 2, you must provide regular training to your team. This helps them spot red flags, follow internal compliance procedures and understand reporting obligations. easyAML’s software offers tailored training modules designed specifically to support legal professionals, keeping your staff confident and compliant.

Yes. Under Tranche 2, conveyancers must complete client due diligence (CDD) before offering any services. This process verifies identities, assesses risk levels and screens against sanctions and watchlists to prevent illicit activity. These steps protect your practice and help maintain compliance with AML regulations.

Under Tranche 2, your firm will be required to submit Suspicious Matter Reports (SMRs) whenever you identify unusual or suspicious activity. Detailed records must be maintained for at least seven year. You might also need to file Threshold Transaction Reports (TTRs) and International Funds Transfer Instructions (IFTIs) depending on your transactions to ensure full compliance. 

No, only accountants providing designated services, such as forming companies or trusts, managing client funds or facilitating financial transactions, will be captured under AML/CTF obligations. However, most advisory and tax practices are expected to fall under these rules. Talk with us to confirm if your practice is impacted.

Yes, if they offer designated services as outlined by AUSTRAC. This includes involvement in fund management, entity structuring, or other financial arrangements. If you’re unsure, it’s best to review your service scope now and prepare accordingly. Non-compliance may still apply even if your AML exposure is limited.

Yes. If your practice provides designated services, you must perform KYC checks before beginning work. This includes identity verification, risk profiling and ongoing due diligence. Failing to complete these checks could result in compliance breaches, even for longstanding or repeat clients.

Non-compliance can result in financial penalties, legal action and reputational damage. AUSTRAC has the authority to issue enforcement notices and publish your firm’s name. Tranche 2 reforms are serious; your AML compliance program must meet the new standards to avoid these consequences.

Using AML software (like easyAML!) helps small and medium accounting firms comply without hiring internal compliance officers. It guides you through KYC, risk assessments, monitoring and reporting, all tailored to AUSTRAC’s requirements. It’s a cost-effective way to meet obligations and avoid penalties. 

Ideally, you should begin preparing by January 2026. Creating a compliant AML/CTF program takes time (typically between 3–6 months!) and involves onboarding, staff training, documentation and tool setup. Starting early with AML software ensures your accounting or tax practice isn’t rushed or exposed as the Tranche 2 deadline approaches. 

Yes, especially for practices offering services that fall under Tranche 2. AML software simplifies compliance by automating identity checks, monitoring transactions and generating audit-ready reports. It removes the guesswork and reduces time spent managing compliance manually.