What AUSTRAC expects to be in place

A functional, tailored program

By the compliance deadline (1 July 2026), AUSTRAC expects your business to have more than just a template document. You must have a fully documented AML/CTF program tailored to the specific risks of your business model, customer base, and the services you offer.

Core pillars of compliance

To satisfy AUSTRAC, your business must establish and operationalise the following core pillars:

• Governance & Leadership: Appoint a formally designated AML/CTF Compliance Officer at the management level.
• Risk Assessment: A documented assessment of the money laundering and terrorism financing risks your business faces.
• Customer Verification: Established procedures for identifying and verifying your customers (Customer Due Diligence) before providing services.
• Staff Training: Ongoing AML/CTF training programs to ensure your employees know how to spot and handle risks.
• Record and Reporting Systems: Reliable operational systems for keeping transaction records and reporting suspicious matters to AUSTRAC.

It is crucial that these governance structures are not just written down in a binder, but are actively integrated into your daily business practices.