MEDIA RELEASE
1 October 2026 — For immediate release
A month after the compliance deadline, one in five newly regulated businesses still haven't done the single most foundational AML (anti-money laundering) task
New research finds the AML/CTF (anti-money laundering and counter terrorism financing) risk assessment; the mandatory first step of Australia's AML/CTF regime, is also the task businesses fear most, and the one most often left undone.
SYDNEY, 1 OCTOBER 2026, New research in field July 31-Aug 10 2026 commissioned by Australian AML compliance platform Visibl has found that a formal risk assessment, the foundational task that every other AML/CTF obligation is built on, is both the task Australian businesses find most concerning, and the one a significant share still haven't completed, a month after the country's new anti-money laundering laws took effect on July 1 2026.
Australia's AML Readiness Report 2026, based on a survey over 60 real estate, legal and accounting businesses and in-depth interviews with three industry practitioners, found that 18% of businesses had still not completed a risk assessment (which now also includes proliferation financing) a full month after the 1 July 2026 commencement date despite it being the mandatory starting point for every other part of the compliance program, from customer due diligence to ongoing monitoring.
The same task topped respondents' own list of concerns. Asked to rank how concerning they found each core AML/CTF task area, businesses placed risk assessment first more often than any other; ahead of customer due diligence, record keeping, reporting, ongoing monitoring and training.
"It's the most complex part of the whole framework. Outside the four categories, there's very little guidance on what constitutes an adequate procedure. It's not about reducing risk to nothing — it's about managing it to an acceptable standard."
Kaan Yuksel · Founder & MD, Visibl, AML compliance specialist
Jesselyn Dang, Business Transformation Manager at Accounting Firm HK Partners, who was interviewed for the report, said the difficulty isn't understanding the requirement, it's applying it consistently under pressure.
"I can understand why businesses fear this step, once you commit to certain risk levels and processes, you must follow through, that's the accountability aspect. Making risk-based decisions every day isn't how a lot of people's brains naturally operate; it's a cultural shift."
Jesselyn Dang · Business Transformation Manager, HK Partners
The finding sits inside a broader confidence gap the report identified: while 65.6% of businesses are confident they'd pass an AUSTRAC compliance review, only 34.4% are genuinely ready once governance and day-to-day practice are assessed together - a 31-point gap between feeling ready and being ready. A risk assessment that hasn't been done, or was completed as a one-off document rather than an ongoing practice, is often the first thing missing underneath that confidence.
Visibl argues the fix isn't more paperwork, it's making the risk assessment itself easier to produce, and something a business actually uses. Businesses shouldn't need to be compliance experts, or pay a consultant thousands of dollars, to get one done. What's needed is software that turns information about a business, its customers and its services into a clear, tailored risk assessment; a living document that guides everyday decisions and helps staff spot red flags, not a form filed away once and forgotten. That's ultimately what AUSTRAC wants to see: businesses actively surfacing suspicious activity, not just paperwork that says the risk was assessed once.
The full Australia's AML Readiness Report 2026 is available at visibl.com.au/Australia-AML-Readiness-Report.
ENDS
Notes to editors
Methodology: Australia's AML Readiness Report 2026 is based on a survey of 61 accounting, real estate and legal businesses across Australia, fielded 31 July – 10 August 2026, plus in-depth interviews with three industry practitioners.
Interviews with Kaan Yuksel and, by arrangement, the practitioners quoted in this report are available on request.
Please cite as: Australia's AML Readiness Report 2026, commissioned by Visibl. The full report is available at visibl.com.au/Australia-AML-Readiness-Report.
About us:
ABOUT VISIBL
Visibl is an Australian AML compliance platform helping real estate agencies, law firms, accountants and other regulated businesses prepare for Australia's Tranche 2 Anti-Money Laundering and Counter-Terrorism Financing reforms. Combining technology with certified AML specialists, Visibl provides compliance programs, customer verification, risk assessment, training and audit-ready reporting designed specifically for small and medium-sized businesses.
Contact details:
Lucy Allen
0435758509
[email protected]
