Notes on AUSTRAC, AML and the work.
Short, practical pieces for Australian accounting and professional services firms preparing for Tranche 2.
AUSTRAC Tranche 2: What accounting firms need to know before 1 July 2026
From 1 July 2026, accountants, lawyers and real-estate professionals are formally captured under the AML/CTF Act. We break down the obligations, the timeline, and the practical first steps for a small or mid-sized firm.
KYC vs KYB: Understanding the difference for AML compliance
KYC verifies a natural person. KYB verifies a business and its beneficial owners. They share workflows but solve different problems — confusing them is one of the most common compliance gaps we see during audits.
Why Australian data sovereignty matters for identity verification
When you verify a client, you are handling some of the most sensitive personal data they will ever give you. Where that data is processed — and which jurisdiction's laws apply to it — is a first-order compliance question, not a technical footnote.