‘Designated Services’ of Professional Service Providers under the AML/CTF Act

With the AML/CTF regime for Tranche 2 entities coming into effect on 1 July 2026 under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML Act), many professional service providers are still considering whether the services they provide, or will provide, are captured as “designated services”.

We have previously discussed the various categories of designated services that apply to Tranche 2 entities including professional service providers: Getting ready to enrol with AUSTRAC: Anti-Money Laundering Tranche 2 Entities Guide. However, some of the terminology is still somewhat unclear in the categories. 

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