Introduction (Problem-Led, Partner-Centric) As Tranche 2 AML/CTF reforms approach, many professional services firms are asking the same question: “If we’re doing KYC, does that mean we’ve already done our AML risk assessment?” The short answer is no  — but the distinction is often misunderstood. This guide explains the difference between KYC and AML risk assessments under Tranche 2, how they interact, and why confusing the two can create compliance gaps even where firms bel

Introduction (Partner-Oriented, Obligation-Led) With the extension of Australia’s AML/CTF regime to Tranche 2 entities, accounting firms are expected to formalise aspects of client due diligence that were previously handled informally or inconsistently. For many partners, the uncertainty is not whether KYC is required — but how far existing practices already go , and what additional structure Tranche 2 introduces . This guide explains how KYC requirements apply specifically

Who this guide is for This guide is written for Australian professional services firms — including accountants, lawyers, real estate agencies, and trust or company service providers — assessing how Tranche 2 AML/CTF reforms affect their client onboarding obligations. If your firm already performs informal identity checks, this guide explains what changes under Tranche 2 — and what does not. Understanding the Importance of KYC and ID Verification for Businesses As Australia pr