Question 1

What is Tranche 2 AML compliance?

Accepted Answer

Tranche 2 AML compliance refers to the expansion of Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act to capture specific professional services including accountants, lawyers, conveyancers, real estate agents, and dealers in precious metals and stones. The reforms came into effect on 1 July 2026.

Question 2

When did Tranche 2 come into effect?

Accepted Answer

The Tranche 2 AML/CTF laws came into effect on 1 July 2026. The AUSTRAC enrolment window opened on 31 March 2026. Businesses already providing designated services had until 29 July 2026 to enrol, and new providers must enrol within 28 days of starting.

Question 3

Which professional services are captured under Tranche 2?

Accepted Answer

Professionals including accountants, lawyers, conveyancers, real estate agents, jewelers, and bullion dealers who provide specific designated services are captured under Tranche 2 AML obligations.

Question 4

Do I need to re-onboard all my existing clients?

Accepted Answer

You do not need to immediately conduct full CDD on pre-commencement customers. However, you must perform full CDD if they request a new designated service, if there is a material change increasing their risk profile, or if you need to file a Suspicious Matter Report.

Question 5

Do all industries need transaction monitoring?

Accepted Answer

Yes, all regulated entities must conduct ongoing customer due diligence including monitoring transactions for suspicious activity. Robust transaction monitoring is particularly critical for bullion dealers, jewellers, and professionals operating trust accounts.

Question 6

What services does Lead AML provide?

Accepted Answer

Lead AML provides expert AML consulting to build your compliance program including risk assessments, policies, and staff training. We also provide a cloud-based compliance platform that automates KYC onboarding, risk scoring, name screening, transaction monitoring, and reporting.

Frequently Asked Questions

Ready to Get Compliant?

Frequently Asked Questions

By when do I need to start to stay compliant?

Are all industry professionals obligated?

What happens to existing clients?

What is Tranche 2 AML compliance?

How does Lead AML help my business?

Can I try Lead AML or download a guide?

Is transaction monitoring required for all industries?

Are the guides Tranche 2 compliant?

When did Tranche 2 come into effect?

Which professional services are captured under Tranche 2?

Do I need to re-onboard all my existing clients?

What exactly is Tranche 2 AML compliance?

What services does Lead AML provide?

How can I access your guides and book a consultation?

Do all industries need transaction monitoring?

Are your guides up-to-date with Tranche 2 requirements?

Ready to Get Compliant?