The 3 Core Rules
Keeping Compliance Simple for Tranche 2 Professionals
Navigating the 2026 AUSTRAC laws doesn't have to require a law degree. While the legislation is complex, your daily obligations as a reporting entity boil down to three core rules. AML Partners 360 builds these three pillars directly into your tailored compliance package, ensuring you meet your legal duties without overwhelming your staff.
1. Have a Documented AML/CTF Program
Your Custom Blueprint for Managing Risk
You are legally required to have a written, custom-tailored framework that outlines how your specific business identifies and manages the risk of money laundering. This cannot just be a generic template sitting on a shelf; it must include a mandatory, documented Risk Assessment based on your actual clients and operations.
The Requirement: This cannot just be a generic template sitting on a shelf. It must include a mandatory, documented Risk Assessment based on your actual clients, services, and operations.
How We Help: We do the heavy lifting by conducting your risk assessment and tailoring the baseline AUSTRAC frameworks directly to your firm’s unique structure.
2. Identify Your Clients (KYC)
Verifying Identities Before the Transaction Begins
Before you provide a designated service—such as facilitating a property sale, managing client funds, or establishing a trust—you must verify exactly who you are dealing with. This is known as Customer Due Diligence (CDD) or "Know Your Customer" (KYC), and it includes checking identification and screening for Politically Exposed Persons (PEPs).
The Requirement: You must collect and verify identification documents and screen for Politically Exposed Persons (PEPs) before the business relationship begins.
How We Help: Our implementation packages include plain-English KYC checklists and client onboarding forms that your staff can use immediately to capture the right information every time.
3. Report Suspicious Activity
Recognising and Escalating Red Flags to AUSTRAC
If a transaction or client interaction seems highly suspicious, or if a client attempts to use large amounts of physical cash, you are legally obligated to report it to AUSTRAC. You must also maintain strict, secure records of these reports and your daily compliance activities.
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The Requirement: You must maintain strict, secure records of these reports and your daily compliance activities for seven years.
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How We Help: We set up your internal reporting registers and provide clear workflows so your nominated Compliance Officer knows exactly when and how to lodge a Suspicious Matter Report (SMR) with AUSTRAC.