PRESS RELEASE: Up to 100,000 Australian businesses urgently need to address new compliance laws from July 1

Up to 100,000 Australian businesses urgently need to address new compliance laws from July 1
Sydney, Australia: Wednesday, 1 July 2026

Australia’s biggest expansion of anti-money laundering regulation in nearly two decades is set to create an unprecedented compliance challenge for up to 100,000 small and medium-sized businesses when new laws take effect today, Wednesday, July 1, 2026.

The reforms, known as Tranche 2, will extend Australia’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regime beyond banks and financial institutions for the first time, capturing real estate agencies, accounting firms, law practices, conveyancers, and other professional service providers.

While much of the public discussion has focused on customer identity verification and reporting obligations, compliance specialists warn the most immediate challenge for many businesses will be finding someone capable of taking responsibility for compliance.

Under the new regime, every regulated business must appoint a compliance officer responsible for overseeing its AML/CTF program, monitoring compliance obligations and ensuring the organisation meets regulatory requirements.

For many businesses, particularly smaller firms, that responsibility is likely to fall to principals, partners, directors, office managers or practice managers who already have full-time operational responsibilities.

AML compliance specialist Visibl estimates that up to 100,000 Australian businesses could require a designated compliance officer under the reforms, creating one of the largest compliance capability challenges ever faced by the professional services sector.

Visibl Managing Director Kaan Yuksel said many businesses remained unaware of the scale of the changes despite the laws taking effect in less than two weeks.

“Many business owners still don’t realise these laws will apply to them,” Mr Yuksel said. “They assume anti-money laundering obligations are something only banks need to worry about. From July, that changes.

“We are effectively creating tens of thousands of new compliance officers across Australia almost overnight. The challenge is that Australia doesn’t have tens of thousands of experienced AML professionals waiting on the sidelines.”

The reforms are designed to strengthen Australia’s ability to detect and prevent money laundering and terrorism financing by bringing sectors traditionally used to facilitate high-value transactions under regulatory oversight.

Money laundering is the process of disguising the proceeds of criminal activity to make funds appear legitimate, while counter-terrorism financing laws seek to prevent money, assets, and financial systems from being used to support terrorist activity.

Businesses captured by the reforms will be required to undertake customer due diligence, verify client identities, identify beneficial ownership structures, monitor ongoing business relationships, and report suspicious matters to the Australian Transaction Reports and Analysis Centre (AUSTRAC).

However, customer verification represents only one part of the compliance framework.

Many businesses are only now discovering they must also undertake formal risk assessments, develop written AML/CTF policies, establish governance frameworks, implement staff training programs, and maintain records demonstrating ongoing compliance.

Mr Yuksel said there remained a significant gap between awareness of the reforms and understanding what businesses must actually do to comply.

“Many firms believe compliance is simply about collecting identification documents,” he said. “In reality, these reforms fundamentally change how businesses assess risk, document decision-making, train staff and demonstrate accountability.

“For many principals and partners, this will be the first time they have been required to oversee a formal compliance program similar to those operated by banks and financial institutions.”

The reforms are expected to affect more than 45,000 real estate agencies, approximately 37,000 accounting firms and up to 16,000 legal practices across Australia.

Industry observers warn that many small and medium-sized businesses are particularly vulnerable because they lack the in-house compliance teams and specialist resources available to larger organisations.

Mr Yuksel said responsibility for compliance could not simply be delegated and forgotten.

“Directors, partners and principals need to understand that compliance accountability ultimately sits with leadership,” he said. “This is not a box-ticking exercise.

“The cost of getting this wrong extends beyond financial penalties. Regulatory action, reputational damage and loss of client confidence can have long-term consequences for a business.”

Australia has faced increasing international pressure in recent years to strengthen its anti-money laundering framework and close regulatory gaps that have allowed criminals to exploit sectors outside the traditional banking system.

The reforms bring Australia closer into line with anti-money laundering standards already adopted across comparable jurisdictions including the United Kingdom, Canada, and New Zealand.

Mr Yuksel said businesses that approached compliance strategically would be better positioned to succeed in the long term.

“These reforms are not about creating unnecessary bureaucracy,” he said. “They are about making it harder for organised crime to exploit legitimate businesses and strengthening trust in Australia’s professional services sectors.

“The businesses that invest in practical compliance systems, staff training and governance today will be the businesses that build trust with clients, regulators and partners tomorrow. Increasingly, strong compliance is becoming a competitive advantage, not just a legal obligation.”

Visibl was founded by AML and regulatory specialists to help professional services firms prepare for Australia’s Tranche 2 reforms through a combination of technology, automation, and specialist compliance expertise. The company’s software platform helps businesses manage risk assessments, compliance programs, training, customer due diligence and audit-ready reporting in a way designed specifically for small and medium-sized enterprises.

Mr Yuksel is available for interview and expert commentary on Australia’s new AML/CTF reforms, including their impact on the real estate, legal, accounting, and professional services sectors.

ENDS
Media contact
Louis White
0423 410 388
[email protected]

ABOUT VISIBL
Visibl is an Australian AML compliance platform helping real estate agencies, law firms, accountants and other regulated businesses prepare for Australia’s Tranche 2 Anti-Money Laundering and Counter-Terrorism Financing reforms. Combining technology with certified AML specialists, Visibl provides compliance programs, customer verification, risk assessment, training and audit-ready reporting designed specifically for small and medium-sized businesses.
www.visibl.com.au