Introduction (Partner-Oriented, Obligation-Led) With the extension of Australia’s AML/CTF regime to Tranche 2 entities, accounting firms are expected to formalise aspects of client due diligence that were previously handled informally or inconsistently. For many partners, the uncertainty is not whether KYC is required — but how far existing practices already go , and what additional structure Tranche 2 introduces . This guide explains how KYC requirements apply specifically

Who this guide is for This guide is written for Australian professional services firms — including accountants, lawyers, real estate agencies, and trust or company service providers — assessing how Tranche 2 AML/CTF reforms affect their client onboarding obligations. If your firm already performs informal identity checks, this guide explains what changes under Tranche 2 — and what does not. Understanding the Importance of KYC and ID Verification for Businesses As Australia pr