⚠️ TRANCHE 2 DEADLINE APPROACHING
Less than 12 months until AML/CTF obligations commence
(1 July, 2026)
Tranche 2 AML/CTF Compliance Made Simple
Get ready for July 2026 - Customer Due Diligence is an integral part of what you will need to do to meet AUSTRAC requirements.
Stop asking clients for the same identity documents repeatedly.
VerifiMe is an identity and compliance software platform that helps lawyers, accountants, and real estate professionals meet new AML/CTF obligations without compromising client trust.
The Tranche 2 Challenge
From July 2026, 70,000+ Australian businesses face new AML/CTF obligations. Are you ready?
Penalties for not enrolling on time will be significant (>$3700 per day) and accumulate on a daily basis for being late.
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Repeated Document Requests
Clients frustrated by endless KYC processes. Every transaction requires fresh identity verification, damaging client relationships and operational efficiency.
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Privacy Act Breach Risks
Handling more PII increases data breach exposure. Traditional KYC processes require storing sensitive documents, multiplying privacy risks.
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Tight Implementation Timeline
AUSTRAC guidance finalizes January 2026, leaving just 6 months to implement comprehensive AML/CTF programs before July deadline.
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Compliance Costs Skyrocketing
Building AML/CTF programs from scratch. Staff training, systems, and compliance officers - costs are adding up with a tight 6-month implementation window.
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Complex Ongoing Due Diligence
AML/CTF isn't a one-time compliance measure. Ongoing customer monitoring, suspicious matter reporting, and record-keeping for 7+ years required.
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Confidentiality vs Compliance
How do you conduct customer due diligence while maintaining client confidentiality? New AML/CTF requirements create tension with professional obligations.
VerifiMe: Tailored for Your Industry
Specialised solutions for each Tranche 2 profession
Legal Professionals
Your Challenge: Balancing legal professional privilege with AML/CTF reporting obligations.
VerifiMe Solution: Verify client identity without accessing PII documents. Maintain confidentiality while meeting AUSTRAC requirements for conveyancing, trust creation, and financial transactions.
✓ Legal professional privilege protected
✓ Conveyancing identity verification streamlined
✓ Trust and company formation compliance
Accountants & Tax Advisers
Your Challenge: Managing client trust while implementing comprehensive due diligence for financial services.
VerifiMe Solution: Streamline client onboarding for SMSF, trust management, and high-value advisory services. Automated risk assessments for complex entity structures.
✓ SMSF setup verification simplified
✓ Corporate structure compliance automated
✓ Ongoing client monitoring included
Real Estate Professionals
Your Challenge: Extensive background checks on buyers and sellers in high-value transactions prone to money laundering.
VerifiMe Solution: Instant buyer/seller verification with beneficial ownership transparency. Protect against property-based money laundering while accelerating legitimate transactions.
✓ Buyer/seller verification in minutes
✓ Beneficial ownership transparency
✓ High-value transaction monitoring
High-Value Dealers
Your Challenge: Cash transactions and subjective valuations make precious metals/stones vulnerable to money laundering.
VerifiMe Solution: Enhanced due diligence for high-value cash transactions. Source of funds verification and ongoing customer monitoring for luxury goods transactions.
✓ Cash transaction source verification
✓ Enhanced due diligence automated
✓ Luxury goods transaction monitoring
Your Tranche 2 Roadmap
Critical dates and preparation milestones
NOW - Early 2025
Preparation Phase
Assess current processes, identify gaps, begin AML/CTF program development. Early adopters gain competitive advantage.
August to October 2025
Rules Finalisation
AUSTRAC finalises AML/CTF Rules after second consultation. Finalisation of core guidance is made so detailed requirements become clear.
December 2025
Guidance Released
AUSTRAC releases final sector-specific Tranche 2 guidance. Only 6 months left for implementation - preparation critical.
31 March 2026
AUSTRAC Enrolment
Deadline to enrol with AUSTRAC. Late enrolment may delay business operations and risk large penalties which accrue per day.
1 July 2026
Compliance Mandatory
AML/CTF obligations commence. Non-compliance carries criminal penalties. No extensions available.
Want to understand more?
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