What is happening with Australia's Tranche 2 reforms?
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 extended Australia's AML/CTF regime to "tranche 2" entities — lawyers, accountants, real-estate professionals, and trust and company service providers — who had been excluded since the original 2006 Act. Obligations for tranche 2 entities phase in from 1 July 2026. Tranche 2 brings Australia substantively into line with FATF Recommendations 22 and 23 and ends nearly two decades of partial non-compliance.