AUSTRAC Tranche 2 for Trust & Company Service Providers (2026)
Blog post from Didit
From 1 July 2026, Australia's anti-money-laundering and counter-terrorism financing regime will extend to trust and company service providers (TCSPs) as part of the "Tranche 2" reforms, previously applied to banks and similar financial entities. These reforms require TCSPs, which include businesses that form companies, administer trusts, and provide nominee services, to enroll with AUSTRAC, conduct customer due diligence, and report transactions and suspicious activities. The new regulations emphasize verifying the ultimate beneficial owner (UBO) to prevent money laundering, necessitating comprehensive identity verification and ongoing due diligence. AUSTRAC will introduce updated forms for Threshold Transaction Reports (TTRs) and Suspicious Matter Reports (SMRs) with expanded details to enhance data quality. The reforms align with global trends to mitigate risks in sectors facilitating asset movement and ownership concealment. The identity verification platform Didit offers tools to help TCSPs comply by providing services for verifying clients' identities and monitoring transactions, although it does not fulfill reporting obligations itself.
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