Manual checklists, CDD records scattered across engagement letters, no defensible rationale if AUSTRAC asks.
The scenario
Who: A 30-partner accounting firm onboarding new SMSF and trust clients.
The problem: Tranche 2 obligations commence 1 July 2026. The firm has no AML history, onboarding runs through practice management and email, and nobody can show why a client was or was not flagged.
Each onboarding carries the CDD record, the beneficial ownership verification, the rule version behind any flag, and the compliance officer who signed off.
What it produces
AML/CTF requires a defensible basis for each suspicious matter report. Tranche 2 extends the regime to accountants, advisers and other professional service providers from 1 July 2026, bringing customer due diligence, beneficial ownership verification and AUSTRAC reporting to firms that have never run an AML program. Fydis screens onboarding and engagement records against the firm’s AML/CTF program, attaches the reviewable rationale to every flag, captures compliance officer sign-off, and produces the AUSTRAC submission with full retention metadata.
“Why was the Harborview Trust onboarding flagged?”
3 indicators
Retrieve3 indicators · onboarding records matched
VerifyCDD record · trust deed · beneficial owners
EvidenceCompliance officer · sign-off recorded
EvidenceAUSTRAC SMR draft · 7-year retention
The analysis, step by step
- 01RetrieveOnboarding and engagement records screened against the firm’s AML/CTF program
- 02VerifyCandidates flagged with rule ID and the records that matched
- 03RetrieveClient CDD record and beneficial ownership verification attached for context
- 04EvidenceCompliance officer review · approve or dismiss
- 05EvidenceAUSTRAC SMR draft produced · retention timer attached
Frequently asked
Does Fydis submit the SMR?
No. The compliance officer reviews and submits via AUSTRAC’s portal. Fydis produces the draft with full rationale.
What systems does this read from?
Practice management and CRM rather than a core banking ledger: APS, Xero Practice Manager, FYI Docs and similar. The connectors adapt to how an accounting or advisory firm actually stores client records.
We are a small practice. Is a full AML program overkill?
Tranche 2 scales obligations to risk. Fydis starts from AUSTRAC’s guidance for professional services firms and sizes the program to your client base, not to a bank’s.
Run this on your data.
The live demo runs this exact analysis on sandboxed data. Book a 30-minute briefing and we’ll show you the same chain on your data, your approval policy, and your regulator clause map.