What will Tranche 2 AML compliance require?
The rules are still being finalised, but at a high level, this is what we expect AML/CTF Tranche 2 compliance to involve:
| Your obligation | What it means |
| Enrol with AUSTRAC | Sharing some essential details about your business and ensuring these remain current. |
| Have an AML/CTF Program | Have a written plan for how your business meets AML/CTF obligations. |
| Conduct Customer Due Diligence (CDD) | Verify your clients’ identity before providing services. |
| Ongoing Monitoring | Watch for suspicious transactions or unusual behaviour. |
| Suspicious Matter Reporting | Report activities that look suspicious to AUSTRAC. |
| Record Keeping | Store identity and transaction data securely and for a set period of time |
Preperation
How can I get ready for AML Tranche 2?
You have until mid-2026 (earlier for impacted virtual asset service businesses). Smart business owners are taking steps early to reduce the impact of these changes on their customers and staff.
Use our AML Tranche 2 checklist to start preparing:
1.
Understand your obligations.
Start reading up on what Tranche 2 will likely involve.
2.
Map your processes.
Identify where client onboarding, payments or legal services may trigger AML obligations.
3.
Choose the right tools.
Look for secure, compliant software that does the heavy lifting (like easyAML).
4.
Train your team.
Make sure your staff know what’s coming and what their role will be under these new rules.
5.
Stay informed.
Subscribe to updates from AUSTRAC and follow industry news.
Tranche 2 Implications FAQs
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What happens if I don’t comply with Tranche 2?
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.
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How much will AML/CTF compliance cost?
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:
Business Turnover Upfront Cost Annual Cost Under $200,000 ~$4,040 ~$6,020 Over $200,000 ~$28,650 ~$33,230