A step-by-step guide to enrolling and registering with AUSTRAC

Disclaimer: The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.

AUSTRAC has outlined the key obligations for soon-to-be-regulated businesses. These are:

• Enrol and register with AUSTRAC
• Develop and maintain an AML/CTF program tailored to your business
• Conduct initial and ongoing customer due diligence
• Report certain transactions and suspicious activities
• Make and keep records

Navigating AUSTRAC’s enrolment and registration process can be overwhelming, especially for businesses newly captured under the expanded regulatory framework. In part 1 of this month’s series, we’ll provide a clear, step-by-step breakdown to help ensure compliance and understanding. Note this is not legal advice, but rather general guidance intended to assist with understanding the process.

Why you need to enrol and register

AUSTRAC requires businesses to provide designated services to enrol and, in some cases, register. This is essential for:

• Fostering a collaborative approach to global crime prevention
  Enrolling with AUSTRAC makes businesses a critical part of a network that helps identify and disrupt illicit financial activities. These businesses act as the eyes and ears for law enforcement agencies, providing vital information that supports investigations into money laundering, terrorism financing and other serious criminal activities.
• Supporting national and international crime-fighting efforts
  AUSTRAC is not just an Australian entity. It connects local businesses with a broader global network of financial intelligence units, helping coordinate cross-border efforts to combat financial crime. By enrolling, companies contribute to this global exchange of information, strengthening the fight against organised crime, terrorism, and corruption worldwide.
• Ensuring regulatory compliance and operational resilience
  Enrolment with AUSTRAC safeguards a company’s operations by ensuring full compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations. This enables robust financial crime prevention measures and helps build marketplace trust.
• Mitigating reputational and financial risks
  Beyond avoiding penalties, enrolling with AUSTRAC protects businesses from the risks associated with financial crime. By proactively engaging in AML/CTF compliance, companies demonstrate their commitment to ethical practices, reducing the likelihood of financial crime exposure and potential reputational damage.
• Building a stronger and safer financial ecosystem
  Companies enrolled with AUSTRAC contribute to the creation of a secure and transparent financial environment. Their participation helps ensure that illicit funds are identified and stopped before they can enter the Australian financial system, protecting the integrity of both local and international markets.

Step 1: Do you need to enrol?

According to AUSTRAC’s guidance, businesses that provide designated services must enrol with AUSTRAC within 28 days of the law coming into effect (see timeline at the end of the document). The included industries and services are:

Real estate and conveyancing services

• Brokering the sale, purchase or transfer of real estate on behalf of a customer.
  • Such as typical seller’s and buyer’s agent services.
• Selling or transferring real estate without an independent real estate agent.
  • A practice commonly adopted by property developers and auctioneers, for example, those who sell house and land packages, apartments off the plan and blocks of vacant land in new subdivisions.
• Assisting a person with planning or executing a transaction to buy, sell or transfer real estate, including acting on their behalf.
  • Where a lawyer or conveyancer undertakes work to plan, execute, or give effect to the transfer of real estate from one person to another.
  • Transfers of real estate that result from a court or tribunal order are not covered.

Legal arrangements, trust and company services

• Assisting in the planning or execution of a transaction to buy, sell or transfer a body corporate or legal arrangement.
  • This includes activities such as helping secure equity or debt financing for a legal arrangement or body corporate or assisting in the sale or transfer of a shelf company.
• Receiving, holding, controlling or managing a person’s money, accounts, securities, virtual assets, or other property as part of assisting in a transaction. Examples include:
  • Holding sale proceeds or purchase funds for a customer on escrow, or prior to being settled as trust property on the creation of an express trust.
  • Having authority over a customer’s bank account to make payments on behalf of the customer, such as loan repayments to a financial institution. 
  • Businesses operating trust accounts in the absence of any other designated services are not covered. This could include, for instance, a legal practice that operates a trust account and exclusively offers criminal law advice but undertakes no transactional work that would trigger a designated service. 
• Assisting in organising, planning or executing a transaction for equity or debt financing.
  • Covers capital-raising activities, such as IPOs, venture capital, share purchase plans and loans, and securing financing for a legal arrangement or body corporate.
  • Services could include structuring, negotiating or documenting relevant transactions.
• Selling or transferring a shelf company.
  • Transferring or selling a company, including your own company, that has had no business activity.
• Assisting in planning or executing the creation or restructuring of a body corporate or legal arrangement.
  • Drafting, reviewing and negotiating preparatory documents, such as company constitutions, partnership agreements, trust deeds or documents to support a merger or acquisition.
  • Filing forms with ASIC for registering a company or business name or obtaining Foreign Investment Review Board approvals, ASX and ASIC waivers for clients.
  • Corporations under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 are not covered.
• Acting as a director, secretary, power of attorney, partner, trustee, or any other functionally equivalent position on behalf of a person.
  • Drafting documents, identifying or introducing people, or otherwise performing tasks to make the relevant appointments or authorisations on behalf of a customer.
  • Persons acting in a fiduciary capacity as a result of an order of a court or tribunal or acting as a trustee of a regulated debtor’s estate due to bankruptcy are not covered.
• Acting as a nominee shareholder of a body corporate or legal arrangement.
  • Drafting or amending documents to authorise a ‘nominee shareholder’. Identifying or introducing a person to act as a ‘nominee shareholder’ on behalf of a nominator.
• Providing a registered office or principal place of business address for a body corporate or legal arrangement.
  • When a business provides a body corporate with a registered office address or principal place of business address in place of a genuine office address in which the person operates their business.

Precious metals, stones and products services

• Accepting cash and/or virtual assets valued at $10,000 or more when purchasing or selling precious metals, precious stones and/or precious products. For example,  jewellery, watches or any wares from gold and silversmiths.

Virtual asset services

• Exchanging virtual assets for money. e.g. Bitcoin for Australian dollars
• Exchanging virtual assets for other virtual assets. e.g. Bitcoin for Ethereum, or Bitcoin for Bitcoin
• Transfers of value involving virtual assets
• Providing a virtual asset safekeeping service. e.g. through safekeeping or administration of a digital wallet
• Financial services related to the offer or sale of virtual assets. e.g. services supporting an initial coin offering

Step 2: Do you need to register?

If you provide virtual asset services, the answer is yes. If not, go to Step 3.

For businesses providing virtual asset services (see above), additional registration with AUSTRAC is mandatory before 31 March 2026. Operating without registration after this date carries criminal penalties.

How to register

1. Identify if you provide a designated service
a. Review your service offerings against AUSTRAC’s designated services list.
b. Seek legal advice if unsure whether your business falls within scope.

2. Enrol with AUSTRAC (see below) – Complete the AUSTRAC enrolment process for virtual asset services.

3. Apply for registration before 31 March 2026
a. Submit a separate registration form via the AUSTRAC portal.
b. Provide requested information such as:

- the services your business provides
- the structure of your business (including associated entities)
- contact details for your business
- the names and contact details of key personnel in your business, such as directors and officeholders
- registration numbers such as ABNs or ACNs, if you have them
- registration details if your business is registered in a foreign country
- any criminal, civil or enforcement action relating to your business.

4. Wait for AUSTRAC approval
a. You cannot provide virtual asset-related services until AUSTRAC confirms registration.

Step 3: Enrolling with AUSTRAC

Enrolment involves providing basic information about your business, such as its structure, services, key personnel and contact details. You must also update your details when they change.

Although AUSTRAC has not released the process for the 90,000 soon-to-be-regulated Tranche 2 entities to register, it will likely include:

1. Complete the AUSTRAC Enrolment Form online.

• This will likely be through the AUSTRAC Business Portal. You may need to create an account if you don’t have one already.
• Provide details on the business structure and legal entity details.
• Specify key personnel. These could include:
  i. Compliance Officer / AMLCO: Typically responsible for AML/CTF compliance, reporting obligations and ensuring policies meet regulatory requirements.
  ii. Directors and Senior Management: Accountable for compliance oversight and risk management.
• Provide contact details and principal place of business.
• Specify the nature of the services provided.
• Submit.

2. Update details as required.

• Notify AUSTRAC of changes in key personnel or business activities.

Tips and tricks for enrolling successfully

1. Don't leave it to the last minute: Procrastination can lead to unnecessary stress, especially since AUSTRAC's systems may experience high traffic during peak times. Submitting your enrollment early gives you time to resolve any issues that may arise.
   
   
2. Familiarise yourself with the process: Before you start, take the time to read through AUSTRAC's guidelines and resources - they are sending out information very frequently. Understanding the requirements and steps involved can save you from confusion during the process.
   
   
3. Have all required documentation ready: Before starting the enrolment process, ensure you have all the necessary documents and information, such as your business details, the nature of your services, and responsible persons. This will make the process smoother and faster.
   
   
4. Verify your details carefully: Mistakes in your business information can delay the registration process. Double-check everything, especially your ABN (Australian Business Number), business structure, and the responsible persons associated with the company.
   
   
5. Utilise AUSTRAC's support resources: If you encounter any problems, don’t hesitate to contact AUSTRAC’s support team or consult their FAQs. They can provide guidance on common issues and offer advice on navigating the site.
6. Consider seeking professional advice: If you're unsure about the details of your enrolment, consider working with a compliance consultant or legal professional who has experience with AUSTRAC registration. This can save you time and ensure accuracy.
   
   
7. Stay informed about updates: AUSTRAC has committed to supporting Australian companies to get on board with AML/CTF requirements as easily as possible.
   
   a. Subscribe to their newsletter
   b. Check their website regularly for any changes that may affect your business.
   c. Speak to your industry association as they are also working closely with AUSTRAC.
   
   
8. Test the site before peak periods: When it’s available, access AUSTRAC's enrolment site outside of high-volume periods, such as during weekends or early mornings, to familiarise yourself and ensure the site functions smoothly and avoids any potential delays.

By being proactive and organised, this first step to AML compliance will be simple.

AUSTRAC Compliance Timeline