Does easyAML support AFSL license holders / fund managers (Tranche 1)?
Not yet, because the launch product is built for newly regulated Tranche 2 sectors.
easyAML's launch product is built for the newly regulated Tranche 2 sectors - real estate, legal practitioners, accountants, trust and corporate services, and precious metals dealers. Many AFSL holders, banks, remittance providers and other Tranche 1 reporting entities have been captured under the AML/CTF Act since 2006 and have very different obligation profiles, so they aren't the focus of the initial release.
What this means in practice:
- A pure Tranche 1 business (e.g. a fund manager with no Tranche 2 services) should continue with its existing AML provider until easyAML's Tranche 1 product is released. That release is planned for post-July 2026.
- A mixed-practice firm - for example, a law firm that also holds an AFSL - can use easyAML for its Tranche 2 designated services (conveyancing, trust structuring, company incorporation), then maintain a separate or parallel arrangement for its Tranche 1 obligations.
- Tranche 2 trust and corporate services are fully covered today, even where the underlying assets are held in a financial services context.
For background on the boundary, see AUSTRAC's Summary of changes for current reporting entities.
Please let us know if you’d like to be notified when easyAML expands it offering to Tranche 1 sectors.
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