AML obligations for accountants are now live. Get your firm compliant today.
Our AML/CTF platform is purpose-built AML software for accountants & tax agents facing Tranche 2, supported by our local Aussie team.
- Step by step guidance
- Fully AUSTRAC-aligned solution
- No compliance experience required
Accountants & tax agents are now subject to Tranche 2
If your practice manages client money, forms companies or trusts, or facilitates financial transactions, Tranche 2 already applies to you. It's been in effect since 1 July 2026 — not a date on the horizon, but the rules you're operating under right now.
Haven't enrolled with AUSTRAC or built a program yet? You're already carrying that risk. Getting this right doesn't take a full-time hire or a legal background — that's exactly what easyAML is built for.
Where does your practice actually sit under Tranche 2?
Not every accounting service is captured — but a lot of common advisory and structuring work is. Your practice is likely in scope if it:
- Forms, manages or acts as agent for companies, trusts or other structures on a client's behalf
- Manages client money, accounts, securities or other assets
- Acts as, or arranges for someone to act as, a director, secretary, trustee or nominee shareholder
- Buys or sells real property on behalf of a client
- Provides a registered office or business address for a client entity
Not sure whether your services fall inside that list? Reach out and we'll go through your specific client work with you.
Seven things your program can't skip
Strip out the jargon and AML compliance for an accounting practice comes down to seven things:
- A documented risk assessment covering your clients, the services you provide and any structuring or fund management work you take on
- Customer due diligence, including enhanced checks for higher-risk clients, such as overseas clients or those using complex company or trust structures
- Ongoing monitoring of client activity and engagements
- Clear procedures for escalating and reporting suspicious matters
- Staff training records
- A nominated AML/CTF compliance officer
- Record-keeping that meets the seven-year retention rule
easyAML's accountant-specific program builder handles this end to end, from setting up your risk assessments through to keeping the whole program AUSTRAC-aligned as the rules evolve.
Tranche 2 obligations
for accountants
Enrol with AUSTRAC
Enrolment for newly regulated businesses closed on 29 July 2026. If your practice hasn't enrolled yet, this needs to happen immediately.
- Step by step guidance
- Local support whenever you need it
Implement an AML/CTF Program
Develop and maintain a written, risk-based compliance program tailored to your business.
- Accountant-specific AML/CTF program builder
- Guided, AUSTRAC-aligned risk assessment setup
- Complete program - policies, procedures, and controls
- Your program is kept up to date and compliant
Verify your customers
Conduct checks to verify the identity of every client before you act for them, and screen for risk factors like PEPs and sanctions.
- Easy biometric identity verification (Powered by Scantek)
- PEPs, sanctions & criminal watchlists screening
- ABN/ACN lookup and beneficial owner checks
- Complete KYC, KYB and KYE checks
Ongoing due diligence
Regularly monitor client activity and reassess their risk. Records need to be maintained for at least seven years.
- Continuous transaction monitoring
- Customer behaviour analysis
- Automated risk assessments
Reporting suspicious matters
Report activity that seems unusual or suspicious to AUSTRAC.
- Suspicious activity alerts
- One click AUSTRAC-ready reports
- Secure 7 year record storage compliance
Staff Training
Make sure your team understands red flags and reporting steps.
- On-demand compliance training modules
- Quizzes, walkthroughs and downloadable resources
- Local Australian-based support whenever you need it
Non-compliance with AML/CTF obligations can lead to serious consequences, including fines, legal action and public enforcement by AUSTRAC. Even unintentional breaches can result in reputational damage or the loss of key referral relationships. Accountants and tax agents who ignore Tranche 2 are already exposed to that risk, now that Tranche 2 is in effect.
Integrations
No, you don't have to leave Xero
easyAML sits alongside the tools your practice already runs client work on, including Xero and Xero XPM, so client and transaction data never needs entering twice.
The platform
Built around how a practice actually works with clients
Every obligation above sits in one platform, shaped around how an accounting practice runs: digital ID verification at onboarding, smart risk assessments tailored to advisory and structuring work, and audit-ready reporting that keeps seven years of records ready for AUSTRAC.
The risk
Clients trust you with their money. A breach costs more than the fine
Non-compliance can mean financial penalties, legal action and AUSTRAC publicly naming your practice. For an accounting firm, that sits directly against the trust clients place in you to manage their money and structures properly — so the real cost is usually the lost relationships and referrals.
Practices that haven't enrolled or built a program are already exposed, now that Tranche 2 is in effect.
The shortcut
Or hand the client checks to us, engagement by engagement
AML on Demand puts our team on your client files: we collect and verify documents, run sanctions and PEP screening, and prepare your compliance file for each engagement — typically within four business hours.
Your practice still approves every outcome and signs off on AUSTRAC reporting, at $50 per outsourced client check.
FAQs: AML for accountants & tax agents
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Do all accountants need to comply with Tranche 2?
No, only accountants providing designated services, such as forming companies or trusts, managing client funds or facilitating financial transactions, are 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.
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Do bookkeepers and BAS agents need to comply with AML obligations?
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.
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Do I need to verify every client for AML compliance?
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.
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What happens if an accountant doesn’t comply with AML CTF obligations?
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 is now in effect, so your AML compliance program needs to meet these standards to avoid these consequences.
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How can accountants meet their AML obligations without in-house expertise?
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.
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How quickly can an accounting practice become compliant?
Building an AML/CTF program from scratch typically takes 3 to 6 months, covering onboarding, staff training, documentation and tool setup. With Tranche 2 already in effect, practices that haven't started yet should treat this as urgent rather than something to plan around. easyAML's guided program builder significantly cuts this timeline down.
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Is AML software necessary for small accounting practices?
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.
The numbers
The manual way costs $23,250 a year
That's the Attorney-General's Department estimate of what businesses spend managing AML/CTF without dedicated software — admin time, outside consultants and ongoing staff training.
easyAML plans start at $179 a month plus GST and include everything from your program and risk assessments through to screening, training and local Australian support, for far less than building this in-house.