What newly regulated entities need to do before 1 July 2026

Understand your designated services

Carefully review the services your business provides. If any of them are legally defined as a "designated service", you will be regulated by AUSTRAC. You must stop guessing and map your services directly to the legislation.

Prepare your AML/CTF program

Before the July deadline, you need to conduct an initial risk assessment of your business, your customers, and how you deliver your services. Based on this, you must build written policies and procedures outlining how you will stop criminals from exploiting your services.

Train your team

Having a manual is not enough. You must ensure that every staff member who touches a "designated service" knows how to spot suspicious behavior, how to check customer identities, and what they must report internally.

Be ready to enrol

Enrolment technically opened in March, but must be completed by 29 July 2026 at the latest. During enrolment, you must provide AUSTRAC with accurate details about your business and appoint a designated AML/CTF Compliance Officer.