From 1 July 2026, AML/CTF obligations will apply to tranche 2 professions and businesses, which include Lawyers, Conveyancers, Accountants, Real Estate Professionals and Trust and company service providers.
Key obligations include:
- Enrolling and registering with AUSTRAC
- Developing and maintaining an AML/CTF program tailored to your business
- Getting your staff ready to implement AML/CTF obligations
- Conducting initial and ongoing customer due diligence (CDD)
- Reporting certain transactions and suspicious activities to AUSTRAC
- Maintaining records of your AML/CTF obligations
Learn more about each key obligation from the AUSTRAC website.
AUSTRAC have also provided Program Starter Kits for the legal industry to assist your firm with meeting obligations.
When will the obligations commence?
Refer to the following timeline on the implementation of AML/CTF obligations for tranche 2 businesses. The most important dates to note are:
- 31 March 2026 - Enrolment with AUSTRAC commences
- 1 July 2026 - AML/CTF obligations commence
How Smokeball can help with AML/CTF obligations
To assist with record keeping, the following features will be available before obligations commence on 1 July 2026.Â
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AML-related fields on existing and future contact cards in the Smokeball Desktop App:
Final interface may be subject to change - Risk Assessment
- Client Due Diligence Type
- PEP Status on Individuals
- Financial Sanctions StatusÂ
- Source of Wealth and Funds
- Nature and Purpose of Business Relationship
- Power of Attorney PEP and Financial Sanctions Status
These fields will be made available for precedent automation.
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Risk Assessment status can be viewed at a glance from within the matter. You can also enable the new Risk Assessment column on the main Contacts View.
Final interface may be subject to change Final interface may be subject to change - New AML/CTF related reports will be available to help with compliance and maintaining records.
- Smokeball will partner with InfoTrack, providing an easy way to launch InfoTrack AML Customer Due Diligence from within Smokeball. Learn more about InfoTrack AML CDD.Â
- Precedents Online, one of our Marketplace Precedent offerings, will release a new suite of AML/CTF precedents under their Commercial > Anti-Money Laundering (AML) category. Learn more about Precedents Online.