By PAUL O’DONOGHUE, Senior Correspondent
AUTRAC has officially tabled its amended AML rules in the country’s parliament, which will bring over 80,000 so-called ‘tranche 2 entities’ under its watch,
As part of the change, lawyers, accountants, real estate and other professional services will now fall under AML rules.
Analysts said the move marks “the most significant expansion of Australia’s AML regime since the Act was introduced” in 2006.
AUSTRAC, Australia’s Financial Intelligence Unit (FIU), currently directly regulates 18,000 firms. That number is set to surge to approximately 100,000.
In a statement, the organization said the rules will come into effect in stages.
Tranche 2 firms will fall under the rules from 1 July 2026.
AUSTRAC tranche 2 rules
The proposal also involves updates to other aspects of the AML Act. Changes include amendments to suspicious matter reporting. Full details of the changes are available to read [HERE].
“We received a total of 229 submissions across the two rounds of public consultations,” AUSTRAC said. “We considered this feedback as we developed the rules.
The rules will apply to businesses offering services in the following sectors:
- real estate
- accounting
- legal
- trust and company services
- precious metals and stones
- virtual assets.
“You can visit check if I’ll be regulated and our reform page to find out if you’ll be affected,” AUSTRAC said.
“We’re committed to supporting businesses to prepare for regulation under the amended Act. Businesses play a key role in detecting and preventing serious financial crime.”
The regulator said that to comply with AML obligations, tranche 2 entities must:
- Familiarise themselves with the Rules and related laws.
- “Consider how the changes impact your business.”
“You can also read more about our regulatory expectations and priorities,” AUSTRAC added.
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