Why this matters now
AUSTRAC AML/CTF Tranche 2 takes effect 1 July 2026. From that date, real estate agents, conveyancers, lawyers, brokers and accountants face strict obligations around customer due diligence, suspicious matter reporting, and audit response. Every firm needs a written compliance program.
Up to 100,000 penalty units (corporate) for failing to implement a compliant program. Agents are expected to have a documented governance framework on day one of Tranche 2.
Appoint a Compliance Officer. Run an independent evaluation every three years. Train staff continuously. Building this in-house typically runs $5,000+ in consultant fees.
When AUSTRAC contacts your office, you have a strict timeframe to produce your written program. Sustained-effort-and-progress evidence is what AUSTRAC inspectors look for.