FREE GUIDE - UPDATED JULY 2026
AML Tranche 2 Is Now Law. Here's What Your Firm Needs to Do.
From 1 July 2026, Australian law firms, accounting practices, and professional services firms are legally obligated under AML/CTF Rules 2025. This guide covers every ongoing obligation, and what AUSTRAC expects now that the deadline has passed.
FREE DOWNLOAD
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Industries covered: legal, accounting, financial services
1 July
Was the Compliance Deadline – Do you Comply?
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Sections covering every obligation you need to meet
WHO NEEDS TO ACT
AML Tranche 2 covers more firms than you might think
AML Tranche 2 came into full effect on 1 July 2026. Law firms, accounting practices, conveyancers, and other designated professional services firms are now operating under mandatory AML/CTF obligations for the first time.
Enrolment with AUSTRAC was required by 31 March 2026. If your firm enrolled, this guide will help you understand what ongoing compliance looks like — including your AML/CTF program obligations, customer due diligence requirements, reporting to AUSTRAC, record-keeping, and the cybersecurity controls that underpin all of it.
If your firm has not yet enrolled or has gaps in its compliance program, AUSTRAC’s enforcement focus will now turn to regulated entities. This guide covers the steps to get your firm into a defensible position.
Legal firms
Conveyancing, trust accounts, company formation, financial transactions
Accounting practices
Tax agents, bookkeepers, trust and company administration
Financial services
Financial planners, TCSPs, VASPs, and real estate agents
WHAT'S INSIDE
16 pages. Everything you need to know to Comply
- The full scope of AML/CTF obligations now in effect for law firms and accounting practices
- Customer due diligence, KYC requirements, and how to manage enhanced due diligence for high-risk clients
- Reporting obligations: Suspicious Matter Reports, Threshold Transaction Reports, and International Funds Transfer Instructions
- Record-keeping requirements and how long your firm must retain documentation
- How to build and maintain a two-part AML/CTF compliance program
- The cybersecurity and IT controls AUSTRAC expects to underpin your compliance program
- How KMTech’s managed security services support ongoing compliance — without replacing your AML legal advice
KMTech does not sell AML compliance software. This guide is impartial, practical, and written for the people carrying the compliance load.
WHY CYBERSECURITY MATTERS FOR AML
Your compliance is only as strong as your IT environment
AML Tranche 2 requires you to store client identity documents, submit secure reports to AUSTRAC, and maintain continuous audit trails. Every one of those obligations sits on your technology infrastructure.
24/7 managed detection
Conveyancing, trust accounts, company formation, financial transactions
Compliance as a Service
Tax agents, bookkeepers, trust and company administration
BEC protection
Business email compromise prevention – critical for settlement and trust account transactions
Audit-ready infrastructure
The logs, monitoring records, and documentation regulators may request
Download the guide to understand your obligations under the AML/CTF Rules 2025 and the practical steps your firm needs to take to remain compliant. Written for partners, CIOs, and practice managers in law firms and accounting practices.
If your firm has gaps in its AML/CTF program or needs support with the IT and security controls AUSTRAC requires, speak to the KMTech team. We help professional services firms stay compliant, not just at deadline, but ongoing.
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AML Tranche 2 Compliance
AML Tranche 2 refers to the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Act 2024, which extends Australia’s AML/CTF regime to legal professionals, accountants, financial advisers, real estate agents, and other professional services.
AML Tranche 2 Compliance: Essential Steps for Australian Legal Firms (Updated July 2026)
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