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Full glossary

Every term that appears anywhere on the site, defined in one place.

AUSTRAC

Australian Transaction Reports and Analysis Centre. Australia's anti-money-laundering regulator. Runs the national reporting-entity register and enforces the AML/CTF Act.

Tranche 2

The 2026 expansion of AUSTRAC coverage to accountants, lawyers, real-estate agents, conveyancers, corporate advisors, and precious-metals dealers. Live 1 July 2026 under the AML/CTF Amendment Act 2024 (Cth).

Reporting entity

A business legally required to enrol with AUSTRAC, verify every customer, keep records for seven years, and file suspicious-matter reports. Tranche 2 makes around 94,000 AU sole practitioners and small firms into reporting entities for the first time.

AML/CTF Act 2006 (Cth)

Anti-Money Laundering and Counter-Terrorism Financing Act. The primary statute. Tranche 2 amendments came through the AML/CTF Amendment Act 2024 (Cth), passed November 2024.

Designated service

A service that triggers reporting-entity obligations under the Act. For Tranche 2 professions, the designated services list is profession-specific: see the per-profession guides for the relevant list.

Customer due diligence (CDD)

The identification and verification steps a reporting entity runs before and during a business relationship. Establishes who the customer is, the nature of the relationship, and the ongoing risk profile.

Enhanced customer due diligence (ECDD)

Heightened verification applied when risk is elevated: complex trust structures, overseas-incorporated entities, politically-exposed persons, or unusual transaction patterns. Includes beneficial-owner resolution.

Beneficial owner

The natural person who ultimately owns or controls a customer entity. For trusts: the person who ultimately benefits from the trust. For companies: typically the 25%+ shareholder or the person who controls the company by other means.

Politically Exposed Person (PEP)

A current or former holder of prominent public function, or an immediate family member or close associate thereof. Triggers ECDD.

Suspicious Matter Report (SMR)

The formal report lodged with AUSTRAC when a reporting entity forms reasonable grounds to suspect a matter is connected to a serious offence. Filed via AUSTRAC Online; three business days from forming the suspicion (24 hours for terrorism-financing suspicions).

Threshold Transaction Report (TTR)

The formal report lodged with AUSTRAC when cash of AUD 10,000 or more (or the equivalent) is transacted through a reporting entity. Ten business days. Aggregation rules apply to structured transactions.

KYC / KYB

Know Your Customer / Know Your Business. Industry shorthand for the identification and verification steps required under CDD. KYC = individuals; KYB = entities.

ABR (Australian Business Register)

The government register of all AU business entities. Source for ABN, entity-type, GST status, main business activity, and registration history.

ASIC

Australian Securities and Investments Commission. Runs the company register, the banned-and-disqualified persons register, and the external-administrations register. Primary source for directorship, insolvency, and corporate governance signals.

DFAT consolidated list

The Department of Foreign Affairs and Trade's consolidated list of persons and entities subject to Australian sanctions. Covers UN Security Council, autonomous, and thematic sanctions.

AFSL

Australian Financial Services Licence. Separate from AML/CTF. Mentioned only to clarify that AFSL and AUSTRAC enrolment are distinct regimes: holding one does not exempt from the other.

Trust Score

Ironbark's composite 1-to-100 score per ABN, computed from six sub-scores (Registration, Directorship, AUSTRAC flags, Sanctions/PEP, Court & insolvency, Freshness). Every sub-score source-linked. Full methodology at /methodology.