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 prepares to extend...

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 how to manage those...

Executive Overview Australia is on the cusp of one of the most significant regulatory shifts in financial crime prevention in decades. The long-anticipated Tranche 2 AML/CTF reforms  will soon extend anti-money laundering and counter-terrorism financing obligations to a new group of regulated professions — including accountants, lawyers, conveyancers, real estate agents, trust and company service providers, and other professional advisers . For many firms, this represents unfamiliar...