Changes to Australia’s AML/CTF laws – what Tyro customers need to know

From 31 March 2026, Australia’s anti‑money laundering and counter‑terrorism financing (AML/CTF) laws are changing. Tyro is already regulated by AUSTRAC under the AML/CTF Act, and these updates will change how we collect information about customers and how we monitor certain products and services.

What is changing?

The Australian Government has updated the AML/CTF Act and Rules. Among other things, the changes:

• modernise how reporting entities (including Tyro) must assess customer risk, verify customer details and monitor transactions; and

• clarify and expand how AML/CTF obligations apply to payment and settlement services as well as traditional banking products.

For Tyro, this means:

• our banking products (such as the Tyro Bank Account, Transaction Account, Term Deposits and Business Loans) will continue to be provided under the AML/CTF regime, but with updated, more explicitly risk‑based requirements; and

• certain payments and health settlement services we provide, including merchant acquiring (EFTPOS and online card payments) and some Tyro Health settlements, will be subject to more detailed AML/CTF obligations under the new value‑transfer framework.

Why are these changes happening?

The AML/CTF reforms are intended to:

• strengthen Australia’s ability to deter, detect and disrupt money laundering, terrorism financing and other serious financial crime;

• align Australia with international standards set by the Financial Action Task Force (FATF); and

• place more emphasis on a risk‑based approach, so that higher‑risk customers, sectors and transactions receive more scrutiny than lower‑risk ones.

These changes apply across the industry to banks, payment providers and other AUSTRAC‑regulated entities, not just Tyro.

Who is affected?

The reforms apply to:

• Existing reporting entities (including Tyro), which must update their AML/CTF programs, customer due diligence (CDD) procedures and monitoring to align with the new rules from 31 March 2026; and

• Certain other sectors that will be brought into the AML/CTF regime over time (for example, some professional and high‑value goods businesses). Those businesses will have separate obligations in addition to any relationship they have with Tyro.

What does this mean for Tyro merchants and health providers?

For most customers, the overall relationship with Tyro will not change, but you may notice some additional checks or information requests. In particular:

1. More detailed information when you start or change services

When you:

• open or change a Tyro Bank or Transaction Account;

• sign up for or change Tyro EFTPOS or online payments;

• receive certain Tyro Health settlements; or

• apply for or vary a Tyro Business Loan,

we may ask for extra information so we can meet the updated AML/CTF requirements. This may include:

• details about your business structure (for example, company, partnership or trust);

• information about the individuals who own or control your business (such as beneficial owners, directors or trustees); and

• details of people who are authorised to act on behalf of the business.

These checks are standard regulatory requirements and do not mean Tyro suspects any wrongdoing.

2. Occasional refresh of existing customer information

The new rules expect reporting entities to keep customer information current and risk‑appropriate. Over time, Tyro may contact you to:

• confirm that the information we hold is still correct (for example, directors, owners, trading names, addresses); or

• ask for updated documents where something has changed (for example, new beneficial owners or a new trust deed extract).

Responding promptly helps us meet our legal obligations and reduces the risk of delays to onboarding, payments or settlements.

3. Ongoing monitoring of transactions

Tyro must monitor transactions on regulated products and services to identify unusual or suspicious activity and, where required, report it to AUSTRAC.

For customers, this may mean:

• we occasionally review your transaction patterns to confirm they are consistent with the information you have given us about your business; and

• in some cases, we may ask for more detail about particular payments or about the source of funds for higher‑risk activity.

Again, this monitoring is a legal requirement that applies across all AUSTRAC‑regulated entities.

What do Tyro customers need to do?

There is no immediate action required for most customers.

To help make the transition to the new rules as smooth as possible:

1. Keep your details up to date

   • Make sure your ASIC and ABN details (where applicable) are current.

   • Tell us when there are changes to owners, directors, trustees, key controllers or authorised signatories.

2. Respond to Tyro information requests

   • If we contact you to confirm or update information, it is to comply with our obligations under the AML/CTF laws.

   • Providing the requested information promptly helps us continue to provide services without interruption.

3. Be aware of any obligations your own business may have

   • If your business operates in a sector that is itself becoming subject to AML/CTF regulation, you may also need to engage separately with AUSTRAC or your own advisers about your direct obligations.

Where can I find more information?

For broader information about the AML/CTF reforms and who they apply to, you can visit:

• AUSTRAC – information for reporting entities and newly regulated sectors;

• Australian Government updates on AML/CTF reform and the relevant legislation.

Tyro will continue to update our website and communications as we implement these changes ahead of 31 March 2026.