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Documentation Index

Fetch the complete documentation index at: https://docs.clearaml.com.au/llms.txt

Use this file to discover all available pages before exploring further.

From 1 July 2026, Australian accounting firms that provide “designated services” are reporting entities under the AML/CTF Act. This guide explains which services trigger your obligations, what you need to do, and how ClearAML supports your firm through every step of the compliance workflow.

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Are accountants caught by Tranche 2?

Yes. From 1 July 2026, accounting firms providing any of the following designated services must comply with the AML/CTF Act:
  • Managing client money or assets — holding, investing, or transferring funds on behalf of a client
  • Company formation and management — forming companies, acting as a director or providing a registered office address
  • Trust management — acting as a trustee or managing an existing trust structure
  • Business advisory services — advising on the purchase or sale of a business
Not every accountant is captured. If your firm only prepares tax returns and does not manage money, form entities, or manage trusts, you may not be a reporting entity. Use ClearAML’s eligibility checker to confirm your obligations.

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What AUSTRAC expects from your firm

Before providing any designated service, you must complete four key steps:
  1. Enrol with AUSTRAC as a reporting entity (enrolment opened 31 March 2026; deadline 29 July 2026)
  2. Appoint a Compliance Officer responsible for your AML/CTF Program
  3. Implement a written AML/CTF Program tailored to your firm’s risk profile
  4. Verify the identity of every client receiving a designated service (KYC/CDD)
Obligations are live from 1 July 2026. Penalties for corporations reach $22.2 million per contravention. Starting KYC on existing clients before the deadline is strongly recommended.

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How to use ClearAML as an accountant

1

Import or create your client profiles

Sync with your practice manager, upload a CSV of existing clients, or add clients manually. ClearAML auto-populates data you already hold so you don’t have to re-enter information. See the bulk import guide for details.
2

Verify identity and structure

Send a secure identity verification link to your client’s phone with one click. For individual clients, ClearAML performs a biometric liveness check and DVS document verification. For companies and trusts, the system automatically looks up ASIC registers and unwraps the ownership structure.
3

Run an automated risk assessment

Once identity is confirmed, ClearAML screens the client against global PEP and sanctions watchlists and generates a Risk Assessment PDF. The risk score is calculated dynamically based on client type, industry, geography, and the services you provide.
4

Review and store the audit trail

Every check, status change, and risk decision is time-stamped in a forensic audit log. Your records are stored securely in Australian data centres and retained in compliance with the 7-year record-keeping requirement.

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Accounting-specific workflows

Trust structure verification

ClearAML treats trusts as a dedicated entity type. You can verify the trustee (individual or corporate), trace beneficiaries, and document the structure — all within a single client profile.

SMSF compliance

Self-Managed Super Funds are supported as a specific entity type. Verify the trustees (individual or corporate) and beneficiaries according to AUSTRAC rules, with a clear audit trail attached to each fund.

KYB for companies

For company clients, ClearAML performs full Know Your Business (KYB) verification. The UBO & Entity Mapping feature visualises exactly which individuals ultimately own or control the company.

Risk assessment for financial advisory

Customize the risk matrix to your firm’s specific designated services and risk appetite. High-risk clients are flagged automatically based on the rules you define.

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Key features for accounting firms

Every click, status change, and risk decision is recorded in a tamper-evident forensic ledger. This gives you an always-ready audit trail for AUSTRAC reviews and independent audits.
Visualise complex ownership relationships. See clearly which individuals own which companies, trusts, or partnerships in an interactive ownership graph — essential for beneficial owner tracing under Tranche 2.
Configure your firm’s risk parameters to match your AML/CTF Program. Set thresholds for client types, industries, and geographies so that high-risk clients are flagged the moment they are created.
Generate the reports you need for your annual compliance report, independent reviews, Suspicious Matter Reports (SMRs), and Threshold Transaction Reports (TTRs).
ClearAML’s built-in learning management system trains and certifies your staff on AML obligations at no extra cost — so you don’t need to pay for external CPD courses to cover your team.

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Frequently asked questions

Yes. ClearAML is built specifically for accountants, lawyers, and real estate professionals (DNFBPs). The workflows, risk assessments, and audit trails are designed to meet AUSTRAC’s Tranche 2 requirements.
Yes. ClearAML treats SMSFs as a specific entity type, allowing you to verify the trustees (individual or corporate) and beneficiaries according to AUSTRAC rules.
Yes. You can tailor the risk matrix to fit your firm’s specific AML Program and risk appetite, allowing you to match the assessment to your documented designated services.
Yes. Bulk-import clients via CSV or sync with Xero Practice Manager. See the importing clients guide for step-by-step instructions.
Yes. All data is encrypted at rest and in transit using bank-grade 256-bit encryption and hosted exclusively in Australian data centres (Melbourne region).