Australia’s Tranche 2 reforms extend AML/CTF obligations to a range of professional services under regulations overseen by AUSTRAC.
Many businesses that have never dealt with AML compliance before are now required to implement AML programs.
Australia’s Tranche 2 AML reforms
Australia’s AML/CTF framework now applies to additional professional service sectors where certain designated services are provided.
These reforms expand obligations beyond banks and financial institutions to include a range of businesses involved in property transactions, corporate structuring and financial asset management.
Businesses captured under these reforms must establish AML/CTF compliance programs and meet reporting and monitoring obligations.
Sectors affected by Tranche2 reforms
The reforms apply to businesses operating in the following sectors:
Real estate professional
Accountants
Conveyancers
Trust & company service providers
Precious metals dealers
If your business operates in one of these sectors, AML obligations apply when certain designated services are provided.
When AML Compliance obligations apply
Key compliance requirements
AML obligations apply when businesses provide services that can facilitate financial transactions or the movement of assets.
Examples include:
• Assisting with property purchases or sales
• Managing client funds or assets
• Creating or managing companies or trusts
• Providing corporate structuring services
• Acting as nominee directors or shareholders
• Providing registered office or company administration services
What this means for your Business
Businesses captured under the Tranche 2 reforms must implement AML compliance measures including:
• AML/CTF compliance programs
• Customer due diligence procedures
• Risk assessments
• Suspicious matter reporting
• Staff training
• Ongoing monitoring and review
Implementing these requirements can be complex without a structured framework.
Prepare your Business for AML Compliance
If your business operates in one of the affected sectors, it is important to understand and implement the required compliance framework.
Access the GetAML Australia – Tranche 2 Compliance Program and implement a structured AML/CTF framework aligned with regulatory expectations.