The AML/CTF Amendment Act 2024 came into effect on 1 July 2026.
90,000+ Australian businesses are now legally required to verify customer identity, report suspicious matters, and maintain AML/CTF programs.
If you provide designated services in these sectors, you're now a reporting entity under the AML/CTF Act
Agents, property managers, and development sales
Lawyers and conveyancers handling transactions
Accountants providing designated services
Providers of corporate services
Dealers above regulated thresholds
Additional designated service providers
Answer a few questions to get a personalised compliance report and cost estimate
Step 1 of 5
Select the primary industry your business operates in
Tranche 2 reporting entities must comply with the full AML/CTF regime
Register as a reporting entity by 29 July 2026
Document your risk assessment and compliance procedures
Designate someone responsible for AML/CTF compliance
Implement KYC/CDD processes before providing designated services
Submit suspicious matter reports (SMRs) to AUSTRAC when required
Maintain transaction and identity verification records for 7 years
The AML/CTF Act carries serious penalties for reporting entities that fail to comply
Up to $33 million for corporate entities that breach the AML/CTF Act
Up to $6.6 million for individuals who breach the AML/CTF Act
Penalties apply for failing to enrol, not verifying identity, failing to report suspicious matters, and other breaches
VeroID is an approved DVS Gateway Provider offering affordable, compliant identity verification for Tranche 2 businesses, with a web dashboard so you can verify IDs without building software
Join VeroID Early Access for $500 (save $250) and lock in $1.50/verification for 12 months
Sign up, log in to the dashboard, and run identity checks from your browser with no API integration required.
Questions about Tranche 2 compliance?