Have you checked your agency’s compliance status lately? As of July 1, 2026, the AML/CTF Amendment Act 2024 has permanently changed the compliance landscape for Australian real estate. AUSTRAC Tranche 2 now designates real estate agents, conveyancers, buyer’s agents, and property developers as reporting entities with mandatory obligations. This guide breaks down what you need to know and how NorthLark‘s purpose-built Tranche 2 compliance technology can help.
What is AUSTRAC Tranche 2?
Tranche 2 extends Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework, previously limited to banks and casinos to real estate and other high-risk professions. If your business provides real estate services in Australia, you must enrol with AUSTRAC and comply with all designated reporting entity obligations.
Key Compliance Requirements
Customer Due Diligence (CDD): You must verify the identity of every client before a transaction begins including individuals, companies, and beneficial owners. All records must be kept for seven years.
Transaction Monitoring and Reporting: You must monitor for red flags and file a Suspicious Matter Report (SMR) or Threshold Transaction Report (TTR) when required. Both have strict AUSTRAC deadlines.
AML/CTF Program: Every agency must have a written compliance program with internal controls, a designated compliance officer, and regular audits.
How NorthLark Helps
NorthLark is Australia’s purpose-built Tranche 2 compliance technology for real estate agents, law firms, conveyancers, accountants, and bookkeepers. The platform covers your full compliance lifecycle:
- Identity verification and CDD — fast, accurate client onboarding
- Watchlist screening — automatic sanctions and PEP checks
- Transaction monitoring — real-time suspicious pattern detection
- Regulatory reporting — structured SMR and TTR filing
- Audit-ready recordkeeping — seven-year secure storage
Stay compliant, protected, and audit ready from day one. Visit northlark.com
Consequences of Non-Compliance
AUSTRAC can issue fines reaching millions of dollars for serious breaches, alongside licence suspension, regulatory action, and reputational damage. AUSTRAC Tranche 2 compliance is not optional.
Conclusion
The AML/CTF Amendment Act 2024 requires every designated real estate business to know its clients, monitor transactions, and maintain detailed records. Enrol with AUSTRAC, build your AML/CTF program, and use the right technology to stay ahead.
See how NorthLark can help → northlark.com
