⚠️ 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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