AML Mate / Journal

AML/CTF insights for your practice

Practical articles and guides for Australian professionals working through AML/CTF obligations.

104 articles Page 7 of 9

Article archive, page 7

73 to 84 of 104

General29 May 202610 min read

AUSTRAC Just Ordered a NSW Club to Pay for Its Own AML Audit. The Power It Used Applies to Every Tranche 2 Firm Too.

On 21 May 2026 AUSTRAC ordered Bankstown District Sports Club to appoint an external auditor under section 162 of the AML/CTF Act, at the club's own expense. This is a quieter enforcement tool than a Federal Court case, and that is exactly why Tranche 2 firms should pay attention. The audit examines three things, and they are the same three things 80,000 new entities must have working by 1 July 2026.

General21 May 202611 min read

AUSTRAC: Criminals Are Now Laundering Money With AI. Tranche 2 Firms Are 40 Days From Being The Front Line.

On 12 May 2026 AUSTRAC released three new national risk updates. The headline finding: AI is now a cross-cutting accelerant in money laundering. Fabricated identities, forged documents, structured small transactions designed to look routine. The 80,000 lawyers, accountants, real estate agents and dealers coming into the regime on 1 July will be the first sector that has never seen pre-AI fraud as a baseline. Here is what AUSTRAC said, what it means in a professional services context, and how to update your CDD process before July.

General21 May 202611 min read

AUSTRAC Just Reopened Tabcorp. The Three Things It's Investigating Are What Every Tranche 2 Firm Has 40 Days to Get Right.

On 8 May 2026 AUSTRAC told Tabcorp it had commenced a fresh enforcement investigation into its AML/CTF compliance. The stock fell 35 percent. Nine years after Tabcorp's last AUSTRAC penalty, the regulator is back, focused on three areas: program design, program execution, and customer monitoring. Those are the same three areas the 80,000 entities entering the regime on 1 July 2026 need to have working.

General12 May 20267 min read

Tranche 2 Enrolment Has Been Open Six Weeks. The 29 July Deadline Is Now 11 Weeks Away.

AUSTRAC's Tranche 2 enrolment portal opened on 31 March 2026. Around 90,000 lawyers, accountants, real estate agents, conveyancers and dealers in precious metals need to enrol by 29 July. Here's what enrolment actually involves, who needs to do it, and why the firms that wait until July will regret it.

General11 May 20268 min read

AUSTRAC's MHITS Audit Notice: The Transaction Monitoring Test Every Tranche 2 Firm Will Face

On 2 April 2026 AUSTRAC ordered payment platform MHITS Limited to appoint an external auditor at its own expense after finding its transaction monitoring program was 'not attuned to the full range of risks it faces'. It's the third such audit order in a year — and the playbook AUSTRAC is bringing to Tranche 2.

General11 May 20267 min read

AUSTRAC's New VASP Public Register: What the 2 April 2026 Crypto Reforms Mean for Every Australian Business

On 2 April 2026 AUSTRAC switched on a public, searchable register of every Virtual Asset Service Provider operating in Australia — and expanded the regime to cover crypto-to-crypto exchanges and digital asset transferors for the first time. Here's what changed, who's now in scope, and why even non-crypto businesses should care.

General6 May 20269 min read

AUSTRAC v Mounties: Why 'Our External Provider Handles AML' Won't Save Tranche 2 Firms

AUSTRAC has taken the Mounties club group to the Federal Court. Its allegations include an AML/CTF program partly run by an outside provider, 10 high-risk customers without enhanced due diligence and $4.17 billion in pokies deposits. Here's what every Tranche 2 firm needs to take from it.

General5 May 20268 min read

Straw Directors and the $150M Sydney Bust: What Tranche 2 Gatekeepers Should Have Caught

A Sydney money laundering syndicate allegedly washed $150M using 'straw directors' — fake company directors hiding the real controllers. Here's what this case means for accountants, lawyers and real estate agents under Tranche 2.

General27 Apr 20268 min read

AUSTRAC Just Sued Two Firms for Missing One Form. Tranche 2, Don't Be Next.

In December 2025, AUSTRAC launched civil penalty proceedings against Castra and Princeton for failing to lodge their annual compliance report. Here's exactly what the report is, when it's due, and how Tranche 2 entities can avoid the same fate.

General27 Apr 20269 min read

AUSTRAC's Free Starter Kits: What They Cover, What They Don't, and What You Still Need

AUSTRAC released sector-specific starter kits for Tranche 2 entities. They're useful — but they're a starting point, not a finished compliance program. Here's a gap analysis of what's missing and how to close it.

General27 Apr 20269 min read

Tipping Off: What Accountants and Lawyers Can (and Can't) Say to Clients in 2026

The AML/CTF tipping-off offence carries criminal penalties — including imprisonment. With Tranche 2 reforms, the rules now apply to accountants, lawyers, real estate agents, and jewellers. Here's a plain-English guide with do's, don'ts, and client conversation templates.

General23 Apr 20267 min read

AML Compliance Officer Responsibilities in Australia: Role, Duties, and Template

A practical guide to appointing and operating an AML/CTF compliance officer under Australia's reformed AML/CTF Act. Includes a role description template, seniority requirements, and core duties checklist.