Across Australia, AML/CTF compliance has reached a pivotal point, with AUSTRAC, the country’s anti-money laundering and counterterrorism financing regulator, leading the charge. Tranche 2 reforms were announced in March 2025, with firms required to comply from 1 July 2026.
These changes expand obligations across multiple areas:
- Enhanced client due diligence: Verifying the identity of all clients, including additional checks for politically exposed persons (PEPs), adverse media, and high-risk clients.
- Ongoing monitoring: Continuous processes to detect suspicious transactions or changes in client risk profiles.
- Record-keeping and reporting: Maintaining detailed records of all verification, monitoring, and reporting activities.
AUSTRAC has stressed that firms are not expected to be perfect from day one. The regulator makes it clear that only those who completely ignore their obligations or turn a blind eye to blatant criminal activity face the highest risk of penalties. For most firms, these reforms are about strengthening processes, improving transparency, and reducing exposure to risk, which inevitably brings operational changes.
Balancing compliance with efficiency is key. Firms must ensure these new obligations do not slow down client onboarding or transactional workflows. That’s where technology can make a difference. InfoTrack’s AML/CTF Compliance Centre provides a centralised, end-to-end platform to simplify managing these obligations. From onboarding to ongoing monitoring, the platform helps firms maintain consistent, auditable processes while reducing manual effort.
“Tranche 2 represents a significant step forward for AML/CTF compliance, and our goal with the Compliance Centre is to make it as seamless as possible for firms,” says Kristy Lee Bullock, Executive Head of Product and Client Experience at InfoTrack. “We’re not just providing tools. We’re building a platform that helps firms stay ahead, reduce risk, and integrate compliance into their day-to-day workflows.”
As part of our commitment to helping firms prepare for these changes, the Ready-Set-Go AML/CTF Roadshow kicks off in March 2026, bringing hands-on learning and expert guidance to over 25 locations nationwide. Join leading voices in law and compliance for an engaging, scenario-based session that helps your firm take practical steps towards Tranche 2 readiness, with insights aligned to AUSTRAC’s latest expectations. But it’s more than just a workshop. It’s a chance to connect with hundreds of practitioners who are all navigating the same challenges. Register now to secure your spot at your nearest location.
