Enrolment vs Registration: Do not tick the wrong box
People use these terms interchangeably. They are different legal concepts with very different consequences.
Enrolment (Section 51B)
- Mandatory for ALL reporting entities
- Real Estate, Accountants, Lawyers, etc.
- Standard compliance obligations
- No special registration fees
Registration (Part 6A)
- Only for Remitters and DCEs
- Fit and proper person tests
- Enhanced AUSTRAC supervision
- Additional fees and audits
The warning
If a real estate agent accidentally applies for Part 6A Registration instead of Section 51B Enrolment, they invite enhanced regulatory scrutiny, additional fees and ongoing audit requirements that do not apply to their business.
Key Takeaway
Enrolment (Section 51B) is mandatory for everyone in Tranche 2. Registration (Part 6A) is only for remitters and digital currency exchanges. Most real estate, accounting and legal professionals only need to enrol - not register.
Read our complete Tranche 2 Guide
Key dates, affected sectors, obligations and how to prepare
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