Getting ready to enrol with AUSTRAC: Anti-Money Laundering Tranche 2 Entities Guide

With AUSTRAC’s Tranche 2 AML/CTF reforms commencing in 2026, thousands of newly regulated entities - including lawyers, accountants, conveyancers and real estate professionals - must complete the AUSTRAC enrolment process. Enrolment opens on 31 March 2026 and Tranche 2 entities will need to have enrolled by 29 July 2026. This guide outlines what Tranche 2 entities need to prepare, what the AUSTRAC Business Profile Form requires, and how to ensure your AML/CTF compliance framework is ready.

How to create your AUSTRAC account

One of the first things you will do from 31 March 2026 is create a user account for your entity. This can be completed through the AUSTRAC website. Creating an account will give you access to the AUSTRAC business profile form to commence the enrolment process.

What information the AUSTRAC Business Profile Form requires

Enrolment will entail gathering and entering key information[1] about your business and personnel. Below are some examples of the key information that will be required:

• Information about you as the applicant:

  • full name, and any registered or other names under which you will provide designated services

  • ACN, ABN, ARBN and ARSN[2] of your entity (as applicable)

  • address of registered office and principal place of business

  • information about your legal form (eg company, trust, partnership)

  • names and contact details of key personnel (such as directors and officeholders

  • number of employees

  • whether you are a small business entity under the Income Tax Assessment Act 1997 for the income year

  • domain names for all websites (if any) through which you provide or will provide your designated services

  • description of business or principal activity

  • approximate annual turnover for the most recent financial year.

• Depending on your legal structure, there will be additional information required. For example, for a company, you will need to provide details of each director, including director identification number and if your company has an ultimate holding company (Holdco), then details with respect to that Holdco.

• Information about your designated services:

  • a description of each designated service

  • date of commencement of, or from which you propose to supply, the designated services

  • information on the industry in which you provide or propose to provide the designated services

  • from where you will provide the designed services.

• Reporting Groups

  • whether you will be a member of a reporting group

  • whether you will be the lead agency of the reporting group

  • if you are the lead agency, details of members of the reporting group

  • if you are not the lead agency, then details of the lead agency.

• Information relating to earnings

  • For the year ending in the previous financial year, whether earnings of your business and any related leviable entities was $100,000,000 or more.

• Enforcement action / offences[3]

  • whether your business has been the subject of criminal, civil or enforcement action 

  • whether ‘key personnel’ has been the subject of criminal, civil or enforcement action 

  • ‘key personnel’ is defined as:

    • Directors

    • compliance officers

    • shareholders with greater than 25% shareholding

    • beneficial owners

    • company secretary

    • personnel key to the operation of the business.

When you must update your enrolment details

If your applicant or designated services details change, you will be required to notify AUSTRAC of the change within 14 days of the change arising.

Preparing your AML/CTF policies before enrolment opens

The time for enrolment will be upon us before you know it. It is important that during this time you are working to a schedule to ensure that your AML/CTF policy and program are being prepared as well as deciding who will be your AML key personnel. Knowing the kind of information that will be required at enrolment as a Tranche 2 entity is important. AUSTRAC’s Business Profile Form explanatory guide provides useful information in this regard and is worth reviewing as part of your preparation.

Our AML/CTF team assists Tranche 2 entities with AUSTRAC enrolment, AML program development, risk assessments and training. If you have any questions please feel free to reach out to our AML/ATF team. 

See related article: Are you a reporting entity under the AML/CTF Act?

Author: Rebecca Hegarty

This publication is intended as a source of information only. No reader should act on any matter without first obtaining professional advice.