25/06/2026
The latest tranche of AUSTRAC changes is expected to impact approximately 83,000 to 90,000 businesses across several industries, including: 58,900 company on
• Accountants, tax agents and bookkeepers: approximately 10,000 to 15,000 firms
• Real estate agents and property developers: 40,000+
• Lawyers, conveyancers and notaries: 30,000+
• Dealers in precious metals and stones: approximately 3,000 to 5,000
AUSTRAC has estimated that around 71% of these businesses were not ready two months ago and are unlikely to be ready by 1 July. lets assume the number drops to 50% b !st July, that leaves 41.300 potential clients for this product.
While the process I have created is currently targeted at accounting firms, it can easily be adapted for any of the other impacted industries.
Using accounting firms as an example, businesses generally have three options:
1. Do it themselves:
This involves AUSTRAC enrolment, completing the required forms, creating and documenting a full AML/CTF program, developing policies and procedures, creating staff training, and managing ongoing compliance. This requires a strong understanding of the regulations and is a significant amount of work.
2. Pay a IT Provider to manage the program:
This could cost between $50,000 and $300,000, depending on the size and complexity of the business, as well as its existing AML/CTF knowledge.
3. Use OUR a self-service system:
For around $5,000 or more, firms can use a structured, easy-to-follow system that does not require deep regulatory knowledge.
This would include:
o AUSTRAC-ready enrolment documents
o Customised AML/CTF policies and procedures
o Staff training materials
o Automated task management, including annual reviews for high-risk clients
o Matter workflow tracking
o customised technical implementation plan that is formulated based off a bunch of questions.
I.e. using online KC provider.
Some companies would have to go down use the IT Provider option due to the size and complexity of their company, but you think how many small accounting firms, real estate agent, legal firms etc there are.....lots
Contact [email protected] for further details.
Suite 2 Level 4, Farrer House,
24-28 Collins Street MELBOURNE VIC 3000
We are D’Omkara Accountants are fully compliant with the recent changes introduced by AUSTRAC.