What is Tranche Two?
Tranche Two is part of Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) reforms. From 1st July 2026, a wider group of professional service providers will come under AUSTRAC regulation.
The reforms aim to close long-criticised gaps by requiring businesses to carry out risk-based customer checks, reporting, and compliance programs, bringing Australia into line with international standards.
Download our Tranche Two guide
Who needs to comply?
Anyone who provides a designated service regulated by AUSTRAC needs to comply with Tranche Two regulations.
This includes industries like Law, Accounting, Real Estate, designated non-financial businesses and professionals plus more.
Tranche Two reform timeline
March 31 2025
Enrolment Opens
July 1 2025
Obligations Begin
Step 1
Enrol with AUSTRAC
Enrol with the Australian Transaction Reports and Analysis Centre (AUSTRAC) via their website.
Step 2
Appoint your compliance officer
Every reporting entity must appoint a nominated AML/CTF Compliance Officer. The officer must be employed at management level, be an Australian resident, and be a fit and proper person with sufficient authority and resources to oversee day-to-day compliance with the AML/CTF Act.
Assign and keep track of your compliance officer position within the Personr platform.
Step 3
Develop a risk assessment document
Before building your AML/CTF program, you must identify and assess the money laundering and terrorism financing (ML/TF) risks specific to your business. This includes your customers, the services you offer, your delivery channels, and the countries you deal with.
This risk assessment forms the foundation of your compliance program and must be kept up to date.
Step 4
Set up your AML/CTF program
Using your risk assessment, develop and implement an AML/CTF program tailored to your business. This must include policies, procedures and controls to prevent, detect and report suspicious activity, and comply with all reporting requirements under the AML/CTF Act.
You can host your businesses AML program within the Personr platform. You will be notified when your policies need to be renewed.
Step 5
Begin completing Customer Due Diligence
You must verify the identity of your customers before providing designated services.
With Personr you can complete the full onboarding journey in one platform, and it's as simple as sharing a link. Including KYC, KYB, AML Screening, on-going monitoring and more.
Step 6
Train your staff
All staff must receive regular AML/CTF training to recognise red flags and understand their reporting obligations. Training must be documented and updated as risks evolve.
Use Personr’s integrated partners to train your staff, and track their training within the platform.
Step 7
Go live with confidence on July 1st
You’ve done the prep, and with Personr all of your compliance needs will be met in one place. Now go ahead and focus on clients, not compliance.
Why Personr?
Ready to join your compliance journey
Resources
Learn more about Personr and find compliance resources.
Download our Tranche Two guide
Find out all you need to know about Tranche Two obligations.
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Learn about the Personr app's features and benefits.