AusTrac Tranche 2 starts 1 July 2026

What Tranche 2 actually requires

The AML/CTF Amendment Act 2024 extends obligations that have applied to banks and financial institutions for over a decade to a broad range of professional services previously unregulated under AusTrac. The obligation is not simply to perform checks — it is to operate a documented compliance programme that AusTrac can examine at any time and find operating effectively.

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  Documented AML/CTF programme. A formal written programme describing your methodology, risk assessment approach, customer identification procedures, and how the programme is reviewed and updated.
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  Customer identification and KYC. Verifying the identity of customers before and during the business relationship, using risk-appropriate methods, with documented evidence of every verification step.
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  Risk-based Customer Due Diligence. Understanding the nature and purpose of each customer relationship, applying enhanced scrutiny to higher-risk customers, and reviewing that assessment on an ongoing basis — with the reasoning documented for every customer.
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  PEP and sanctions screening. Screening customers against Politically Exposed Person registers and sanctions lists, with documented results and a process for handling matches.
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  Beneficial ownership. Identifying and verifying the ultimate beneficial owners of corporate customers, trusts, and complex structures.
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  Ongoing monitoring. Continuously monitoring customer relationships and transactions for unusual activity, keeping customer information current, reviewing CDD on a risk-based frequency.
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  AusTrac reporting. Suspicious Matter Reports (SMRs) and Threshold Transaction Reports (TTRs) submitted to AusTrac, along with annual compliance reporting and enrolment.
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  Staff training. Documented training programme covering AML/CTF obligations, red flags, and escalation procedures.

Who is captured under Tranche 2

How Synalogic Vero delivers the programme — and the proof

Most KYC tools handle identity verification. That is one part of the obligation. Synalogic Vero covers the complete AML/CTF programme — from onboarding to ongoing monitoring to AusTrac reporting — with a documented compliance trail at every step.

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  AI-assisted KYC and identity verification. Structured workflows with AI-assisted document review. Every step recorded with evidence, reviewer attribution, and timestamp. New customers onboarded in minutes; returning customers through in seconds.
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  Risk-based CDD classification. Automatic CDD level assignment — Standard, Enhanced, Simplified — based on your risk methodology, with reasoning documented for every customer.
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  PEP and sanctions screening. Automated screening against PEP registers and global sanctions lists at onboarding and daily monitoring against your active customer database. Results documented with human review sign-off.
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  Beneficial ownership mapping. Complex structures — trusts, companies, partnerships — visually mapped and verified at each ownership layer.
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  Ongoing review scheduling. Risk-based CDD review frequency automated. Overdue reviews escalated to the appropriate officer. Nothing falls through.
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  AusTrac-ready reporting. TTRs, SMRs, and enrolment formatted to AusTrac requirements. Compliance reports for internal governance and board reporting. FATF-aligned.