The AML/CTF Amendment Act 2024 came into effect on 1 July 2026.
90,000+ Australian businesses are now legally required to verify customer identity, report suspicious matters, and maintain AML/CTF programs.
If you provide designated services in these sectors, you're now a reporting entity under the AML/CTF Act
Agents, property managers, and development sales
Lawyers and conveyancers handling transactions
Accountants providing designated services
Providers of corporate services
Dealers above regulated thresholds
Additional designated service providers
Answer a few questions to get a personalised compliance report and cost estimate
Step 1 of 5
Select the primary industry your business operates in
Tranche 2 reporting entities must comply with the full AML/CTF regime
Register as a reporting entity by 29 July 2026
Document your risk assessment and compliance procedures
Designate someone responsible for AML/CTF compliance
Implement KYC/CDD processes before providing designated services
Submit suspicious matter reports (SMRs) to AUSTRAC when required
Maintain transaction and identity verification records for 7 years
The AML/CTF Act carries serious penalties for reporting entities that fail to comply
Up to $33 million for corporate entities that breach the AML/CTF Act
Up to $6.6 million for individuals who breach the AML/CTF Act
Penalties apply for failing to enrol, not verifying identity, failing to report suspicious matters, and other breaches
Affordable identity verification for Tranche 2 businesses, with a web dashboard so you can verify IDs without building software.
VeroID uses the Document Verification Service (DVS) to verify a person's government-held identity documents.
The DVS allows for instant, online identity verification. A person's name, address, date of birth and identity documents may be confirmed against government-held records. The DVS supports businesses to meet 'know your customer' requirements and to combat fraud and identity crime.
The Document Verification Service (DVS) is the only national capability offered by the Australian Government for businesses and government agencies to instantly and securely verify their customers' identity, without compromising their privacy.
Government agencies and businesses can use the DVS to verify identity documents. This will involve checking certain biographic information on an identity document, like someone's name, address, or date of birth.
Once a person provides express consent and their government-issued identity document, the DVS verifies the document against the government-held record.
As an approved gateway service provider, VeroID has a direct connection to the Document Verification Service, which is operated by the Australian Government. Businesses or government agencies can use this connection to verify a person's identity, with their express consent, against government-held records.
Join VeroID Early Access for $500 (save $250) and lock in $1.50/verification for 12 months
Sign up, log in to the dashboard, and run identity checks from your browser with no API integration required.
Questions about Tranche 2 compliance?