Do I Need to Register
with AUSTRAC?
A Guide for Australian Accountants

If you're an accountant, bookkeeper, or tax agent in Australia, you've probably heard about the AML/CTF Tranche 2 reforms by now. But one question keeps coming up above all others: do I actually need to register with AUSTRAC?

The answer depends on exactly what services your firm provides. This guide cuts through the complexity and gives you a plain-English answer — plus a clear timeline of what you need to do and when.

What is AUSTRAC Enrolment?

AUSTRAC is Australia's financial intelligence regulator — the body responsible for detecting and preventing money laundering and terrorism financing. Until now, AUSTRAC primarily regulated banks, financial institutions, and remittance providers.

From 1 July 2026, the AML/CTF Act expands to cover accountants, bookkeepers, tax agents, lawyers, real estate agents, and other so-called "gatekeeper professions" — bringing Australia in line with the UK, EU, and most other developed countries where these professions have been regulated for years.

Enrolment is simply the process of notifying AUSTRAC that your firm provides designated services, and providing basic information about your business. It does not mean you need to do anything differently day-to-day — it's the starting point for compliance.

Do You Provide a Designated Service?

This is the key question. You are required to enrol if your firm provides any of the following designated accounting services to clients:

• Receiving, holding, or managing money, securities, or other assets on behalf of a client
• Managing bank, savings, or securities accounts
• Organising contributions for the creation, operation, or management of companies
• Creating, operating, or managing legal arrangements such as trusts
• Buying or selling business entities or legal arrangements
• Acting as or arranging for someone to act as a director, trustee, partner, or nominee shareholder
• Providing a registered office, business address, or correspondence address for a company
• Arranging corporate appointments or nominee services
• Conveyancing or settlement services related to real property transactions

In practice, most accounting firms will be caught by at least one of these — particularly those who manage trust accounts, set up companies or trusts for clients, or act as nominee directors or trustees. Even if you think you only do basic bookkeeping or tax returns, it's worth carefully checking this list.

AUSTRAC has an online tool on their website that lets you check whether your specific services are in scope. It takes about five minutes and is worth doing before anything else.

What's the Difference Between Enrolment and Registration?

These two terms are often confused. Here's the difference:

Enrolment is required for all accounting firms that provide designated services. It involves submitting basic business information through the AUSTRAC Business Profile Form (ABPF) — your ABN, business structure, key personnel, and which designated services you provide. This is what most accountants need to do.

Registration is an additional step required only for remittance service providers and virtual asset service providers. If your firm is a standard accounting practice, you need to enrol but you do not need to separately register.

Key Deadlines

What Information Do You Need to Enrol?

When you complete the AUSTRAC Business Profile Form, you will need to provide:

• Your business's legal name and trading name
• ABN, ACN, or other registration number
• Business structure (sole trader, company, partnership, trust)
• Principal place of business and contact details
• Details of key personnel — particularly your AML/CTF Compliance Officer
• Which designated services your firm provides

AUSTRAC allows you to save your progress and return to the form within 14 days, so you don't need to complete it in a single sitting.

What Happens After Enrolment?

Enrolment is just the first step. Once enrolled, your firm has a set of ongoing obligations:

• Develop and implement an AML/CTF program before providing designated services
• Conduct customer due diligence (CDD) on all clients receiving designated services
• Keep records of all CDD and compliance activity for a minimum of seven years
• Report suspicious matters to AUSTRAC
• Train all relevant staff on AML/CTF obligations
• Notify AUSTRAC within 14 days of any changes to your enrolment details

AUSTRAC has released an Accounting Program Starter Kit for small practices, and SimpleAML provides free templates specifically designed for Australian accounting practices — both give you a framework to customise rather than starting from scratch. Download the free SimpleAML templates →

What If I Don't Enrol?

Failure to enrol — or providing designated services without an AML/CTF program in place — is a breach of the AML/CTF Act. Penalties for non-compliance can be severe, with fines reaching into the millions for serious or repeated breaches. AUSTRAC has also significantly increased its enforcement activity in recent years, so this is not an obligation to ignore.

Even if your firm is small, the obligation is the same. AUSTRAC has been explicit: if you provide designated services, the legal obligation is yours regardless of business size.

Getting Started

The good news is that for most small accounting practices, compliance is manageable. SimpleAML's free templates and step-by-step app make it straightforward to build your AML/CTF program, organise your client due diligence, and stay audit-ready — without the cost or complexity of enterprise compliance software.

The key steps are simple: check whether your services are in scope, prepare your information ready for enrolment on 31 March, and make sure your AML/CTF program is in place before 1 July.