Which industries does AUSTRAC regulate?
AUSTRAC regulates any business providing a designated service under section 6 of the AML/CTF Act 2006. The designated services are grouped into four tables in the Act:
- Table 1 — Financial services: Banks, credit unions, building societies, payment service providers, remittance dealers (money transfer businesses), stored-value card issuers, securities dealers, derivatives issuers, life insurers, superannuation trustees, and providers of non-cash payment facilities.
- Table 2 — Bullion dealers: Businesses that buy or sell gold, silver, platinum, or palladium bullion.
- Table 3 — Gambling: Casinos, racing and sports bookmakers, totalisator operators, and keno operators. Pubs and clubs with gaming machines are exempt below certain thresholds.
- Table 4 — Digital currency exchange: Providers that exchange fiat currency for digital (crypto) currency or vice versa. Added by the AML/CTF Amendment Act 2017; all DCEs must register with AUSTRAC.
The key trigger is whether you provide a designated service — not your entity type or primary industry description. A law firm that holds client money in a manner that resembles a financial service may already be caught; legal advice alone is not currently a designated service, but that changes with Tranche 2.
Tranche 2 — new sectors from 1 July 2026
The AML/CTF Amendment Act 2024 extends coverage to designated non-financial businesses and professions (DNFBPs):
- Lawyers and barristers (when providing specified legal services involving asset transfers, company formation, or trust administration)
- Accountants and tax agents
- Real estate agents (sales and leases above threshold values)
- Trust and company service providers (TCSP)
- Conveyancers
If your firm falls into any of these categories, you must enrol with AUSTRAC, implement an AML/CTF programme, conduct customer due diligence, and establish reporting processes before the 1 July 2026 deadline. AUSTRAC has published sector-specific guidance for each group at austrac.gov.au.