Compliance Deadline Approaching

AUSTRAC Tranche 2 Starts July 1, 2026

Free ABN verification for newly regulated businesses. Check if you're affected, understand your obligations, and get compliant.

Verify an ABN Now — Free Download Compliance Guide

Are You Affected?

Industries affected by AUSTRAC Tranche 2 from July 1, 2026:

  • • Accountant / Tax Agent (including BAS agents, auditors, bookkeepers)
  • • Lawyer / Solicitor (when providing designated legal services)
  • • Real Estate Agent (buying, selling, or auctioning real property)
  • • Conveyancer (handling property transfers)
  • • Trust & Company Service Provider (trusts, companies, or nominee services)
  • • Precious Metals / Stones Dealer (high-value goods)

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Your Obligations

Six core requirements for Tranche 2 entities from July 1, 2026.

1. Enrol with AUSTRAC

Create an account on AUSTRAC Online and register by July 29, 2026.

2. Appoint a Compliance Officer

Designate someone senior responsible for AML/CTF compliance.

3. Develop an AML/CTF Program

Written document for identifying and mitigating ML/TF risks. Free starter kits available.

4. Perform Customer Due Diligence

Verify business clients exist before providing designated services. This is where ABN verification fits.

5. Report Suspicious Matters

Lodge confidential Suspicious Matter Reports (SMR) with AUSTRAC.

6. Keep Records

Retain CDD, transactions, and compliance records for seven years.

How ABN Verification Helps

Customer Due Diligence requires you to verify that a business customer actually exists. QELab's free ABN Lookup instantly confirms:

✅ Business exists and is Active
✅ GST registration status
✅ Entity type (Company, Trust, Sole Trader)
✅ Legal name matches
✅ Registration date
✅ State / Territory
Try ABN Lookup Now — Free, No Registration →

Key Dates

1

Mar 31, 2026

Enrolment opens

AUSTRAC Online enrolment opens for newly regulated entities.

2

Jul 1, 2026

Obligations commence

AML/CTF obligations start for Tranche 2 entities.

3

Jul 29, 2026

Enrolment deadline

28 days after commencement — last day to enrol.

Free Compliance Checklist

AUSTRAC Tranche 2 Compliance Checklist (PDF)

  • ✅ 10-point checklist for your industry
  • ✅ ABN verification step-by-step guide
  • ✅ Record-keeping template

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Official AUSTRAC Resources

↗ Newly Regulated Businesses ↗ Program Starter Kits ↗ AML/CTF Essentials Checklist ↗ AML/CTF Essential Series (YouTube)

Frequently Asked Questions

What is AUSTRAC Tranche 2?

Tranche 2 refers to the expansion of Australia's anti-money laundering and counter-terrorism financing (AML/CTF) laws to cover professions that were previously unregulated — including accountants, lawyers, real estate agents, conveyancers, and precious metals dealers.

When does Tranche 2 start?

AML/CTF obligations for newly regulated (Tranche 2) entities commence on July 1, 2026. You must enrol with AUSTRAC by July 29, 2026.

Do I need to verify my clients' ABNs?

Customer Due Diligence requires you to take reasonable measures to verify a business customer's identity. Verifying their ABN confirms the business exists, is active, and matches what the client has told you.

Is there a free ABN verification tool?

Yes. QELab's ABN Lookup is free, requires no registration, and verifies ABN details in real-time via ABR Web Services.

What happens if I don't comply?

Non-compliance can result in civil penalties, enforceable undertakings, infringement notices, and remedial directions from AUSTRAC.

How do I enrol with AUSTRAC?

Visit AUSTRAC Online, create an account, and complete the enrolment form. Enrolment is open now and must be completed by July 29, 2026.

Start Verifying Client ABNs Today

Build your CDD habit before the July 1 deadline. It's free, instant, and requires no registration.

Free ABN Lookup Read the Full Guide