AML/CTF Compliance Guide

AML/CTF compliance guide for Australian businesses

From registration to annual reviews, here is every obligation Australian businesses face from 1 July 2026.

12 min readUpdated June 2026Based on AUSTRAC guidance

The compliance journey

Register
Program
KYC
Screening
Reporting
Training
Annual review

Every obligation, step by step

What each obligation involves, why it matters and what happens if you miss it.

1
Register with AUSTRAC
What it involves
Enrol before you provide any designated service, through the AUSTRAC portal.
Why it matters
You must be registered before you start providing services.
If missed
You may be providing designated services while unregistered.
2
Write your AML/CTF Program (Part A & B)
What it involves
A written program tailored to your business covering risk, controls, training and review.
Why it matters
It shows how you manage risk and keep your business compliant.
If missed
You may not be able to demonstrate compliance to AUSTRAC.
3
Customer Identification (KYC / CDD)
What it involves
Verify every client, identify beneficial owners and assess each client risk level.
Why it matters
It reduces the risk of dealing with criminals or high-risk clients.
If missed
You may face penalties for inadequate customer due diligence.
4
Screen against PEP & Sanctions lists
What it involves
Check every client against sanctions and PEP data at onboarding and periodically.
Why it matters
It helps prevent money laundering and terrorist financing.
If missed
You may deal with sanctioned or politically exposed individuals.
5
File reports with AUSTRAC
What it involves
File SMRs within 24 hours of suspicion, and TTRs within 10 business days for cash over $10,000.
Why it matters
Mandatory reporting helps AUSTRAC protect the financial system.
If missed
Late or missed reports can lead to significant civil penalties.
6
Train your staff
What it involves
Make sure anyone handling designated services understands your controls and obligations.
Why it matters
Well-trained staff reduce risk and support a strong compliance culture.
If missed
Human error and gaps in knowledge increase your compliance risk.
7
Annual report & ongoing obligations
What it involves
Submit an annual report, review your program independently and keep records for 7 years.
Why it matters
Ongoing review keeps your program effective and up to date.
If missed
You may fail to identify gaps in your AML/CTF controls.