AUSTRAC opens enrolment for new professions under AML reforms
On 19 June 2026, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced the opening of enrolment for new professions as part of the Australian Government's comprehensive anti-money laundering (AML) reforms. This initiative marks a significant expansion of Australia's AML and counter-terrorism financing (CTF) regime, bringing additional sectors under regulatory oversight.
Details of the Enrolment Process
Effective immediately, businesses in the following sectors are required to enrol with AUSTRAC:
- Legal professionals, including lawyers and conveyancers
- Accounting professionals
- Real estate agents and property developers
- Dealers in precious metals, stones, and related products
These professions can complete their enrolment through the AUSTRAC Online portal. The enrolment process is a critical step in ensuring that these sectors are prepared to comply with AML/CTF obligations by the 1 July 2026 deadline.
Implications of the AML Reforms
The inclusion of these professions under the AML/CTF regime is part of the government's efforts to close existing gaps in the financial system that could be exploited for money laundering and terrorism financing. By expanding the scope of regulated entities, AUSTRAC aims to strengthen the integrity of Australia's financial system and protect legitimate businesses from criminal exploitation.
Brendan Thomas, CEO of AUSTRAC, emphasized the significance of these reforms, stating, "These reforms are about closing long-standing gaps, lifting protections across the economy, and making it harder for criminals to hide, move, or enjoy the proceeds of crime."
Compliance Obligations for Newly Regulated Entities
From 1 July 2026, the newly regulated sectors will be required to adhere to several key obligations under the AML/CTF laws, including:
- Implementing AML/CTF programs tailored to their specific risk profiles
- Conducting customer due diligence to verify the identity of clients
- Reporting suspicious matters to AUSTRAC
- Maintaining accurate records of transactions and customer information
AUSTRAC has provided guidance and resources to assist businesses in understanding and fulfilling these obligations. The agency acknowledges the challenges associated with these changes and is committed to supporting businesses through the transition period.
Next Steps for Businesses
Businesses in the affected sectors are encouraged to begin the enrolment process promptly to ensure compliance by the 1 July 2026 deadline. Early enrolment will allow sufficient time to develop and implement the necessary AML/CTF programs and to train staff on their new obligations.
For more information on the enrolment process and compliance requirements, businesses can visit the AUSTRAC website or contact the agency directly for assistance.
These reforms represent a significant step forward in Australia's efforts to combat financial crime and align with international standards for AML/CTF regulation.