How to organise the work now

Don't wait for the deadline

Becoming compliant takes time. If you wait until just before the deadline, you risk disrupting your ongoing business operations. Start preparing now with a structured approach to ensure everything is operational before the 1 July 2026 start date.

A practical step-by-step approach

• Step 1: Map your services. Clearly identify exactly which of your services qualify as "designated services" under the new rules. This scopes your project.
• Step 2: Assign responsibility. Appoint a capable person in your business to lead the compliance project. This person may eventually become your AML/CTF Compliance Officer.
• Step 3: Conduct a gap analysis. Compare your current business practices (how you currently onboard clients and handle data) against AUSTRAC's new requirements.
• Step 4: Draft your program early. Begin drafting your formal Risk Assessment and AML/CTF Program. Focus on making the procedures realistic for your staff.
• Step 5: Implement tools and training. Consider investing in regulatory technology (RegTech) and SaaS platforms to automate customer due diligence checks. Roll out training to all relevant staff.

Document your preparation

Document every step you take towards readiness. If AUSTRAC reviews your business, being able to demonstrate that you took a proactive, structured approach to preparation is key to satisfying regulatory expectations.