Starter kits simplify the journey towards AML nirvana

AML Shield

21 Mar 2026 — 1 min read

AUSTRAC has released its groundbreaking AML/CTF program starter kits, designed to support gatekeeper professions as they prepare for Tranche 2 of Australia’s financial crime compliance regime. This is the first time any regulator worldwide has provided such detailed, practical guidance to designated non-financial businesses and professions (DNFBPs), including lawyers, accountants, real estate agents, conveyancers and jewellers.The Australian regulator is striking a balance between a principles-based regime and the need for clear, practical guidance, particularly for smaller businesses.

"We worked a lot on simplifying working out how simple it could be and then going back and stripping it down again and making it more simple and then stripping it down again and making it even more simple."

The kits were released ahead of the FATF’s fifth-round mutual evaluation of Australia, scheduled for the second half of 2026, where the global standard-setter will assess the effectiveness of the expanded regime.

Financial crime writer Nathan Lynch spoke with Daniel Mossop, National Manager for Policy Rules and Guidance at AUSTRAC, about the impact of these starter kits as Australia expands its fight against serious and organised financial crime.

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Open source intelligence and the fight against financial crime

AUSTRAC’s starter kits have given a regulatory 'stamp of approval' to open-source Customer Due Diligence (CDD), including adverse media and PEP screening. This is a boon for small gatekeepers who are being brought into the AML/CTF regime under Tranche 2, including lawyers, accountants, conveyancers and real

No, you don't need to monitor transactions like a bank

One of the questions we often get from AML Shield users is: “What should my transaction monitoring system look like? Does it need to be perpetually scanning for suspicious transactions, like a bank?” This is one of the most confusing areas for smaller businesses — and understandably so. When most people

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Open source intelligence and the fight against financial crime

No, you don't need to monitor transactions like a bank