What is AUSTRAC Tranche 2 and does it affect my business?

AUSTRAC Tranche 2 refers to the expansion of Australia's AML/CTF regime to non-financial businesses under the AML/CTF Amendment Act 2024. As of 1 July 2026, lawyers, accountants, real estate agents, conveyancers, jewellers and pawnbrokers providing designated services must comply with the same AML/CTF obligations that have applied to banks and casinos since 2006. Whether your business is affected depends on the specific services you provide - not your industry category alone. Use Klyvon's free eligibility checker at klyvon.com.au/am-i-regulated.

What is the enrolment deadline and what happens if I miss it?

Enrolment with AUSTRAC opened on 31 March 2026. The transitional enrolment deadline was 29 July 2026 and has passed. All AML/CTF obligations - including having an AML/CTF program in place - are already in effect as of 1 July 2026. Operating as a reporting entity without enrolling is a civil penalty provision under the AML/CTF Act 2006 - no intent is required. Daily penalties accrue from the date you began providing designated services without enrolment.

When does compliance become mandatory?

All AML/CTF obligations under Tranche 2 are already in effect as of 1 July 2026. This means your AML/CTF program must be in place, your compliance officer must be appointed, and your customer due diligence procedures must be operational now. If you haven't completed enrolment or appointed your compliance officer yet, do so as soon as possible.

What penalties apply if I don't comply?

Civil penalties under the AML/CTF Act 2006 are calculated in penalty units. Maximum penalties are significant — up to 100,000 penalty units per contravention for bodies corporate. Daily penalties accrue for each day of non-enrolment. Actual penalties are determined by the Federal Court based on the specific facts of each case. AUSTRAC publishes all enforcement actions publicly.

What do I actually need to have in place now that Tranche 2 is in effect?

As of 1 July 2026, in-scope businesses must have: (1) enrolled with AUSTRAC at online.austrac.gov.au; (2) conducted a money laundering and terrorism financing risk assessment; (3) developed and implemented a firm-specific AML/CTF program covering a risk management framework and customer identification procedures; (4) appointed a compliance officer; (5) established customer due diligence procedures; and (6) trained staff. Klyvon provides draft compliance documents for review - get started free at klyvon.com.au/signup.

Is Klyvon a law firm? Is this legal advice?

No. Klyvon is not a law firm and does not provide legal advice. Klyvon is a compliance technology platform that generates AML/CTF program documents based on AUSTRAC's published sector guidance and the AML/CTF Act 2006. All documents are generated as a starting point for your review - final decisions and sign-off remain with your firm and its compliance officer. Klyvon recommends review by a qualified compliance adviser before operational reliance.

How long does it take to get compliant using Klyvon?

Klyvon generates a draft AML/CTF program document after you answer questions about your firm. The draft requires review, approval, adoption and implementation by the reporting entity before it is operational.

How is Klyvon different from hiring a consultant?

Klyvon provides a dated, firm-specific draft based on the information entered. The reporting entity remains responsible for reviewing, approving, adopting, implementing and maintaining its program.

What happens after I generate my program?

Your AML/CTF program is generated pre-filled with your firm's details and industry-specific obligations. Essential plan users can download it as a PDF. From there: review it with your compliance officer, submit your AUSTRAC enrolment using the included guide, then use the compliance calendar for ongoing obligations — staff training refreshes, your first Annual Compliance Report due 30 September 2027, and suspicious matter reporting.

Does Klyvon include sanctions screening?

Targeted financial sanctions screening is now part of your AML/CTF program obligation under the AML/CTF Rules 2025 - not a separate exercise. Klyvon's generated program includes the required policy controls for targeted financial sanctions. You will still need to screen clients against the DFAT Consolidated List as part of your CDD workflow. Klyvon does not run live screening checks, but your program documents exactly when and how to do it.

TRUSTED BY AUSTRALIAN FIRMS UNDER AUSTRAC TRANCHE 2

The law is complicated.

Getting compliant isn't.

Built from your answers. Compliant with current law. Ready to hand to AUSTRAC.

AccountantsConveyancersReal Estate AgentsJewellersLawyers

WHAT'S INCLUDED

Five obligations. One connected workflow.

01AML/CTF Program

Built from your answers — your services, your client types, your risk profile. Not a generic template with your name on it.

02Risk Assessment

A documented ML/TF risk assessment across every service and delivery channel your firm operates. The first thing an AUSTRAC audit asks for.

03Role-Based Staff Training + Certificate

Mandatory training, by role — not a generic quiz. Everyone who touches a designated service must be trained now that obligations are in effect. Completion certificates generated automatically. Records are retained for the applicable statutory period.

04Compliance Calendar

Missing an ACR, a CDD expiry, or your annual review is a contravention. Every date tracked and surfaced before it becomes a problem.

05Answers instead of pointing you at a PDF

Ask your AML/CTF question, get a grounded answer against the Act and Rules — not a link to a 400-page document.

From zero to compliant. Here's how it works.

Tell us about your firm

Your sector, your services, your client types. Eight questions that shape everything — no generic assumptions, no manual edits later.

~5 MINUTES

Your program is built

A complete AML/CTF program written to your answers and current law. Ready to review, sign off, and hand to AUSTRAC. Not a template — yours.

INSTANT

The platform takes it from here

Law changes get flagged. Annual reviews surface before they're due. Staff training tracked. You run your firm — Klyvon runs the compliance calendar.

ONGOING

Three records AUSTRAC asks for in every audit.

When AUSTRAC reviews your firm, they look beyond the program document. These three records show decisions were made, roles were assigned, and changes were approved — all with timestamps.

SMR Decision Record

Records decisions on suspicious matters — whether reported or not, and why

CO Designation Record

Records your compliance officer appointment and suitability

14-Day Change Approval

Documents program updates within the required 14-day timeframe

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AML/CTF Program — full preview

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Suspicious Matter Report Drafter ††

Staff Training ††

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FULL COVERAGE

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AML/CTF Program — audit-ready PDF

Compliance Officer Letter

CDD Procedures document

AML Guidance Engine

Unlimited CDD records + exports

High-volume SMR drafts + register

Unlimited staff training + certificates

Annual review package

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† AML Guidance Engine limited to 5 queries/day on free plan
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Klyvon covers your AML/CTF program, training, and compliance records. For identity verification (KYC/KYB), use your existing tool or any provider you prefer — Klyvon stores and manages the records either way.

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Australian-hosted

Data never leaves AU shores

7yr

Record retention

Meets AUSTRAC record-keeping rules

Session to compliant

Program, training, enrolment guide — done together

Documents generated

AML program, CO letter, CDD procedures, enrolment guide

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AU-based support

Local team, no offshore call centre

Plan questions

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Everything you need to know about AUSTRAC Tranche 2 compliance.

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