Self-managed compliance
Seven obligations. Time estimates and cost comparisons for every approach. Under 2 weeks, $0 setup, $0 subscriptions — using free official AUSTRAC tools.
The first hard deadline — register your business in AUSTRAC Online. Have your ABN, business structure, services you provide, and key personnel details ready.
Document the money laundering and terrorism financing risks your practice faces. A few pages is sufficient for most sole practitioners — AUSTRAC provides templates so you're not writing from scratch.
A written policy document covering how your practice meets each obligation. Adapt the official starter pack — most small firms complete this in under a day.
Designate a management-level person responsible for your AML/CTF program. For small practices this is typically the principal or business owner — no external hire needed.
All relevant staff must understand your AML/CTF obligations. AUSTRAC's free e-learning satisfies this requirement — for sole practitioners, self-study counts.
Set up your day-to-day processes: sanctions screening before onboarding clients, suspicious matter reporting if needed, and transaction monitoring.
Before providing a designated service to any client you must verify their identity and understand who you're dealing with. Records must be retained for at least seven years — this is the biggest ongoing admin burden of Tranche 2 compliance.