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

Executive Summary Under Australia’s Tranche 2 AML/CTF reforms, professional services firms will be required to undertake and document AML risk assessments . For many partners and principals, this sounds more complex than it needs to be. In reality, an AML risk assessment is not a technical exercise or a regulatory formality. It is a structured, common-sense process  that helps firms understand where they may be exposed to money laundering or terrorism financing risks — and ho