In preparation for the extension of the AML/CTF regime to Tranche 2 entities AUSTRAC has updated its regulator statement of expectations, as well as reporting forms.
AUSTRAC has updated its regulator statement of expectations for businesses in meeting their AML/CTF obligations.
The update sets out AUSTRAC’s expectations on managing risks where there is no settled AUSTRAC position, and meeting AUSTRAC’s regulatory expectations in FY26/27.
AUSTRAC changes transaction reporting forms from 1 July 2026
AUSTRAC has changed the transaction reporting forms, which will apply from 1 July 2026 to new reporting entities.
The changes include new threshold transaction report and suspicious matter report forms.
Existing reporting entities enrolled by 30 March 2026 will be able to transition to the new forms at any time between 1 July 2026 and 30 March 2029.
Austrac AML Transitional Rules update
Part 4 of the Transitional Rules delays the commencement of the International Value Transfer Services (IVTS) reporting framework and retains the existing International funds transfer instructions (IFTI) reporting framework, and its operation, until the commencement of the IVTS framework.
Reporting entities that were subject to IFTI reporting obligations as at 30 March 2026 will continue to submit IFTI reports until they transition to the new IVTS reporting framework.
Under the Transitional rules, the new reporting obligation for international value transfer services are deferred until 31 March 2029, unless the reporting entity elects to transition earlier.
Existing international funds transfer reporting obligations will continue to apply until then.
More transitional rules
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
