Your winning case for an all-in-one Tranche 2 compliance solution

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 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.

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.