AUSTRAC registration for accountants: A step-by-step guide

If your accounting firm provides “designated services” under the AML/CTF Act, you’re now legally required to register with AUSTRAC.  

But AUSTRAC registration remains a confusing aspect for 54% accountants, as indicated by a survey in our AML Masterclass webinars over the past 3 months. 

This guide explains everything an accounting firm needs to register with AUSTRAC as a reporting entity, including key dates and common mistakes to avoid. 

Key takeaways 

• Who should enrol: All accounting firms providing designated services must register with AUSTRAC. 
• How much to enrol: Enrolment is free and completed online via the AUSTRAC Online portal. 
• When to enrol: Portal enrolment opened on 31 March 2026. Full compliance obligations, which includes AUSTRAC enrolment, started on 1 July 2026. 
• What you need to enrol: You need your ABN, firm structure details, a clear list of your designated services, and a formally nominated Compliance Officer. 

What is AUSTRAC, and why does it now affect accountants? 

AUSTRAC is Australia's financial intelligence agency and Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulator. Under the Tranche 2 reforms, its oversight expands to include accountants who provide "designated services." 

AUSTRAC’s goal is to stop financial crime by monitoring regulated businesses and collecting data that can help law enforcement spot suspicious activity.  

Regulated businesses include banks, casinos, and major financial institutions. In 2026, specific accounting services have been added to the list. 

That’s because certain accounting structures can unintentionally be used to mask illicit funds. Criminals often target services such as corporate restructuring or client bank asset management to hide beneficial ownership or disguise the proceeds of crime. 

For affected accounting firms, this introduces compliance responsibilities, including: 

• Assessing money laundering and terrorism-financing risks within your firm. 
• Identifying and verifying clients (KYC/CDD). 
• Monitoring higher-risk client relationships. 
• Reporting specific transaction thresholds and suspicious matters to AUSTRAC. 
• Maintaining an active, written internal AML/CTF compliance program. 

Do you actually need to register with AUSTRAC? 

If your firm provides one or more designated services under the AML/CTF Act, then yes, you must enrol as a reporting entity. 

Who must enrol depends entirely on whether they provide a “designated service.” These are accounting services that are more vulnerable to financial crime. If you do not provide any designated services, you are exempt. However, as soon as you start to provide one, you have to register with AUSTRAC. 

Which accounting services count as "designated services"? 

Designated services are specific business activities monitored under the law. For accountants, these services include: 

• Establishing companies, partnerships, or other legal entities. 
• Creating, managing, or restructuring trusts. 
• Managing client bank accounts, physical cash, or corporate property. 
• Providing estate planning or structural asset protection advice. 
• Arranging corporate appointments or acting as a nominee shareholder/director. 

Tip: If you’re in doubt, don’t guess. Assess each service line your firm offers against Table 6 of the AML/CTF Act. Or download our designated services checklist, which breaks down AUSTRAC’s definitions into a list of accounting services that fall within scope. 

Key dates: when do accountants need to enrol? 

AUSTRAC enrolment for accountants began on 31 March 2026 and closes on 29 July 2026. Obligations begin 1 July 2026. 

Important: A common confusion here is that firms cannot register with AUSTRAC after 29 July. That's inaccurate. The 29 July deadline is simply the end of the enrolment window for newly regulated entities, such as accounting firms. It is a transition window for firms to get their AML/CTF program setup and operational once Tranche 2 reforms come into effect on 1 July. If you only begin to offer any designated services after 29 July 2026, you can and must register with AUSTRAC as a reporting entity.  

How to register with AUSTRAC, step by step 

You’ll need to enrol through the AUSTRAC Online portal. It’s free. Just create an account, complete the enrolment form, then hit submit. Be sure to have an appointed AML/CTF compliance officer before you enrol. Below is each step with more details. 

1. Get your AML/CTF program in place first 

Before enrolling, make sure you have a documented risk assessment and finalised AML/CTF policy signed off by senior management. Enrolling is your legal declaration that these frameworks are up and running. 

2. Appoint your AML/CTF Compliance Officer 

Before enrolling, appoint someone within your practice to take legal responsibility for your compliance framework. If you are a sole practitioner, you can be the Compliance Officer. 

3. Create your AUSTRAC Online account 

Go to AUSTRAC Online and set up a new user account. You’ll also need to configure mandatory Multi-Factor Authentication (MFA) before the portal unlocks the enrolment forms. 

 4. Complete the enrolment form 

Select "Enrol a New Business" and input the needed information. You’ll also have to enter your new Compliance Officer’s contact details. 

5. Review and submit 

Double-check your selected designated services and business identifiers. Mistakes mean you’ll have to lodge formal amendments later on to correct your legal profile. Everything good? Hit submit. 

6. Save your confirmation and reference details 

Once submitted, save the confirmation page and record your official AUSTRAC Account Number (AAN) for your firm's permanent compliance records. 

What to have ready before you start (checklist) 

During enrolment, make sure you have this information ready: 

• Firm credentials: Your full legal entity name, trading name, and active ABN or ACN. 
• Designated services list: The clear list of in-scope services your firm offers (e.g., trust formation, managing client bank accounts). 
• Compliance Officer details: Full legal name, direct contact info, and internal management position of your nominee. 
• Active AML/CTF program: A documented, senior-management-approved risk framework tailored directly to your practice. 
• Ownership structure: Details of ultimate beneficial owners, parent entities, or key personnel if your practice uses a complex corporate structure. 

What happens after you enrol? Your ongoing obligations 

Enrolment with AUSTRAC officially kicks off your long-term AML/CTF obligations. From now on, your firm must actively maintain your risk management program, conduct customer due diligence (CDD), and report suspicious matters directly to AUSTRAC within the required timeframes. 

Maintain your AML/CTF program 

Your AML/CTF program is your firm’s internal policy document. To keep your firm compliant, make sure to update your program whenever your services or risk profile changes.  

Customer due diligence  

Before providing a service, you must verify your client's identity and find out who ultimately controls their business. This is the Know Your Business (KYB) and Know Your Client (KYC) step that is part of the client due diligence process. You must also update their records whenever their business structure or risk profile changes. For a more detailed overview of the different processes involved, read our guide to 3 AML/CTF workflows for accountants.  

Reporting: suspicious matters, threshold transactions, and annual reports 

You must report certain transactions to AUSTRAC. Some mandatory reports include: 

• Suspicious Matter Reports (SMRs): Submit when you suspect a client or transaction is linked to criminal activity, tax evasion, or terrorism financing. 
• Threshold Transaction Reports (TTRs): Needed if your firm handles physical currency transactions of $10,000 or more (where applicable). 
• International Funds Transfer Instruction (IFTI) Reports: Required if you send or receive electronic transfer instructions across borders (where applicable). 
• Annual Compliance Reports: A yearly self-assessment submitted to AUSTRAC regarding your firm's compliance data. 

To protect your firm, establish a clear process for spotting and escalating reportable matters. Also, train your team to identify and escalate suspicious activity. See our guide on AML Training for Accountants for tips. 

Common AUSTRAC registration mistakes to avoid 

Here are common AUSTRAC enrolment slip-ups to watch out for to avoid regulatory penalties: 

• Assuming you’re out of scope: Don’t just look at your practice as a "standard accounting firm”. Instead, review your service lines one by one to confirm is they are designated services. 
• Selecting incorrect designated services: Misclassifying the specific financial or corporate services your firm provides can result in a non-compliant registration. Always double-check. 
• Leaving enrolment until the absolute deadline: Waiting until late July leaves you zero buffer to fix portal technical errors or gather missing documentation. Enlist the help of AML/CTF compliance software built for accountants to get sorted properly and quickly. 
• Enrolling before your program is written: Submitting your form tells AUSTRAC your compliance systems are active. Enrolling without a documented framework puts you in immediate legal breach. Get your program written and approved before registering. 
• Inputting the wrong compliance officer: Make sure you add the correct person and correct details. The Compliance Officer is responsible for the firm's AML/CTF program. Non-compliance risks fall on their shoulders. 

How ChangeGPS EngageAML helps you enrol and stay compliant 

Given the complexities of setting up an AML/CTF program and the risks of getting it wrong when done manually, we’ve built EngageAML to help carry that burden.   

EngageAML automates AUSTRAC Tranche 2 compliance requirements within a single, central dashboard integrated with your engagement letter process.  

Here are your new compliance tasks and how EngageAML helps: 

Instead of wrangling compliance tasks through spreadsheets, Word templates, and disconnected, manual processes, your team can follow a guided workflow with built-in guardrails to ensure strict AML/CTF compliance, from the start of the engagement through the entire client relationship.