The New AUSTRAC SMR Form (2026): Expanded Reportable Details
Blog post from Didit
AUSTRAC is set to introduce new Suspicious Matter Report (SMR) and Threshold Transaction Report (TTR) forms from 1 July 2026, requiring expanded reportable details to enhance data quality and streamline the AUSTRAC Online experience. The updated SMR form, integral for detecting money laundering and terrorism financing, mandates lodging within three business days of forming a suspicion or within 24 hours if related to terrorism. The reforms, part of the broader "Tranche 2" initiative, extend reporting obligations to a wider range of Designated Non-Financial Businesses and Professions, including lawyers and accountants. Entities enrolled with AUSTRAC before 30 March 2026 have until 30 March 2029 to transition to the new form, while those enrolling after must comply immediately from July 2026. The changes emphasize the importance of verified identity data and prompt internal escalation to meet tight reporting deadlines, with precise field requirements to be confirmed directly via AUSTRAC's official website.
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