Preparing AUSTRAC Online for the New TTR & SMR Forms: A Practical Checklist
Blog post from Didit
AUSTRAC is set to release redesigned Threshold Transaction Report (TTR) and Suspicious Matter Report (SMR) forms on 1 July 2026, which include expanded reportable details, as part of broader "Tranche 2" reforms that integrate Designated Non-Financial Businesses and Professions (DNFBPs) into the reporting regime. While deadlines for submitting TTRs and SMRs remain unchanged, entities enrolled before 30 March 2026 have a transition period until 30 March 2029 to adopt the new forms, whereas those enrolling after must comply immediately. The focus is on ensuring data readiness through mapping current fields to new requirements, closing data collection gaps, and updating systems to accommodate the expanded information. Effective use of KYC and KYB processes, alongside strong transaction monitoring, is crucial for producing accurate reports. AUSTRAC advises entities to plan their transition carefully, ensuring staff are thoroughly trained and systems are tested before the new forms go live, while the Didit service offers tools to support identity verification and monitoring to enhance report accuracy.
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