From KYC to reporting, this page breaks down everything your business must do under AUSTRAC’s Tranche-2 reforms.
Under Tranche-2, businesses must implement a complete AML/CTF framework including AML Program, KYC/KYB checks, risk assessments, ongoing monitoring, reporting of suspicious matters, staff training, and 7-year record keeping. Tranche-2 AML/CTF
Buyer's agents, seller's agents, and property developers
Law firms and solicitors providing designated legal services
Conveyancing and property transfer services
Accounting practices providing designated services
TCSPs providing structural and nominee services
Dealers in precious metals, stones and products
Every Tranche-2 business must meet these six essential compliance requirements.
Verify all clients before providing services
Assess ML/TF risk for each client
Review customer activity for red flags
Report suspicious behaviour to AUSTRAC
Maintain comprehensive compliance records
Mandatory AML/CTF awareness training
Every Tranche-2 business must have a single integrated AML/CTF Program.
This document must outline governance, risk processes, KYC steps, monitoring, reporting, staff training and quality assurance.
Failing to meet your Tranche-2 obligations can result in serious consequences.
Increased regulatory oversight and audits
Significant financial penanlities for non-compliance
Damage to professional standing and client trust
Possible license revocation or regulatory referral
Our Platform automates the complex requirements of Tranche-2 compliance, so you can focus on running your business.
Get Started today and ensure your business is ready for the new compliance requirements.
