Accounting practices providing certain designated services are part of the Tranche 2 expansion of Australia’s AML/CTF obligations.
You may be in scope where you provide designated professional services — for example managing client money, assets or accounts, or assisting with the creation or restructuring of companies or trusts.
Whether your business is a reporting entity depends on the designated services you provide — not on having an ABN or being based in Australia. Check AUSTRAC’s sector guidance, and seek professional advice for your situation.
For authoritative sector guidance, see AUSTRAC’s accountants guidance.
An accounting practice may be in scope where it provides designated services — for example managing client money, assets or accounts, or assisting with creating or restructuring companies or trusts. Scope depends on the services you provide; check AUSTRAC’s accountant guidance and seek professional advice.
Lex-AML is being built to help you structure an AML/CTF program around the services you offer, onboard clients with a consistent, evidence-backed due diligence flow, and keep review-ready records.
No. The Customer Portal collects information and your workspace structures it for review. Your team makes every customer due diligence decision and records it.
Lex-AML supports compliance workflows and record keeping. It does not provide legal advice, does not guarantee compliance, and does not replace professional judgement or advice from a qualified AML/CTF adviser or legal professional.
Book a demo to see the current Lex-AML preview, discuss your sector workflow and understand how the product is being developed.