AUSTRAC Registration for Accountants: Step-by-Step Process

If you provide designated services as an accountant, you must enrol with AUSTRAC as a reporting entity before July 1, 2026. This guide walks you through the enrolment process step by step, including what information to prepare and what to expect.

Do I need to register?

You must enrol with AUSTRAC if you provide any designated services as defined in the AML/CTF Act. For accountants, designated services include:

• Managing client money, securities, or other assets
• Managing bank, savings, or securities accounts on behalf of clients
• Organising contributions for company creation, operation, or management
• Creating, operating, or managing legal persons or arrangements
• Buying or selling business entities

If you only provide standard tax return preparation, bookkeeping, or financial statement compilation, you are not required to enrol. However, if you provide even one designated service alongside your other work, you must enrol.

What information you need to prepare

Before starting the AUSTRAC Online enrolment, gather the following:

Business details

• ABN — your Australian Business Number
• ACN (if applicable) — for companies
• Business name and trading name(s)
• Registered address and principal place of business
• Business structure — sole trader, partnership, company, or trust
• Contact details — phone, email, website

Designated services

• List of all designated services you provide
• Description of how each service is delivered
• Approximate number of clients who receive designated services
• Geographic locations where services are provided

Compliance officer

• Full name of the nominated compliance officer
• Position and role within the practice
• Contact details (direct phone and email)
• Date of appointment

AML/CTF program

• Confirmation that you have a written AML/CTF program
• Date the program was adopted
• Date of last review

Step-by-step registration process

Step 1: Create an AUSTRAC Online account

If you don't already have an AUSTRAC Online account, you'll need to create one. This requires:

• A valid email address
• Your ABN
• Identification verification for the account holder

AUSTRAC uses myGovID for identity verification. Ensure your myGovID is set up and linked to your business before the portal opens.

Step 2: Log in and start the enrolment form

Once the Tranche 2 enrolment portal opens (March 31, 2026), log in to AUSTRAC Online and navigate to the enrolment section. Select "Enrol as a Tranche 2 reporting entity."

Step 3: Enter your business details

Complete the business information section with the details you prepared. AUSTRAC will cross-check your ABN against the Australian Business Register (ABR).

Step 4: Declare your designated services

Select which designated services you provide from the list. For each service, provide:

• A brief description of how the service is delivered
• Whether the service is provided to domestic clients, international clients, or both
• Approximate volume (number of clients or transactions)

Step 5: Nominate your compliance officer

Enter the details of your nominated compliance officer. For sole practitioners, this is typically you. The compliance officer must be at management level and have authority to oversee AML/CTF compliance.

Step 6: Confirm your AML/CTF program

Confirm that you have an AML/CTF program in place. You don't need to upload the full program at enrolment, but you must have it ready for AUSTRAC to request at any time.

Step 7: Review and submit

Review all information for accuracy. Once submitted, AUSTRAC will process your enrolment and provide confirmation. Keep your confirmation reference number for your records.

After enrolment

Once enrolled, you are a reporting entity and must:

• Maintain your AML/CTF program and keep it current
• Conduct CDD on all clients before providing designated services
• File SMRs and TTRs as required
• Keep records for 7 years
• Respond to AUSTRAC requests and comply with any supervisory actions
• Update your enrolment details if anything changes (business name, address, compliance officer, services offered)

Common questions

What if I'm not sure if my services are designated?

If you're unsure, err on the side of caution and seek professional advice. AUSTRAC has indicated they will publish guidance specific to accountants. You can also refer to the AML/CTF Act 2006 (Schedule 1) for the full list of designated services, or check the accountant compliance guide for a plain-English breakdown.

Is there a fee to register?

AUSTRAC has not announced a registration fee for Tranche 2 entities at this time. Tranche 1 enrolment is free.

Can I enrol before March 31, 2026?

No. The Tranche 2 enrolment portal opens on March 31, 2026. You cannot enrol as a Tranche 2 reporting entity before this date.

What happens if I don't enrol?

Providing designated services without being enrolled is a contravention of the AML/CTF Act. Civil penalties of up to $28.2 million per contravention apply. AUSTRAC also has the power to issue infringement notices, enforceable undertakings, and seek court orders.

Preparation checklist