Tranche 2 of Australia's AML/CTF reform extends the regime to designated non-financial businesses and professions — accountants, lawyers, real-estate agents, and trust and company service providers. It is the most significant expansion of the regime since 2006, and the headline date is 1 July 2026.
For a typical accounting practice, the practical work breaks into four areas: enrolling with AUSTRAC, drafting an AML/CTF program proportionate to your risk profile, embedding KYC and KYB into client onboarding, and building ongoing customer due diligence and transaction monitoring into BAU. Each of these can be done with off-the-shelf tooling — what trips firms up is sequencing.
Our recommendation is to start with a risk assessment in Q3 2025, lock in a verification platform and program documents by Q1 2026, and then run two months of parallel onboarding before the go-live date. Firms that wait until April 2026 to begin will likely miss the window — AUSTRAC enrolment alone can take several weeks at peak load.
BPSI provides an end-to-end Australian-hosted KYC/KYB platform that maps cleanly to the Tranche 2 obligations. If you would like a 30-minute scoping call, contact anurag.aggarwal@bpsi.com.au.
Drop us a line and we'll come back to you with practical next steps tailored to your firm.