The Commonwealth Attorney-General’s Department has opened a consultation process for proposed Tranche 2 reforms, expanding industries and organisations regulated under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Under the proposed extension of AML/CTF rules, property agents, lawyers, and tax professionals would be required to report any suspicious transactions to AUSTRAC.
The reforms also aim to:
- Modernise and clarify the regime in line with international standards and best practice
- Reduce complexity and regulatory burden on industry
- Ensure the regime remains fit for purpose, and
- Harden Australian businesses and sectors against exploitation by serious organised criminals.
AML/CFT obligations are likely to apply to a broader range of organisations soon, so businesses will need to adjust their processes and put systems in place to ensure compliance. This can help to prevent financial crime, protect the reputation of your business, and avoid potential legal and financial penalties that may result from non-compliance.
As experts in regulated market solutions, we know it takes time for change. Whether you’re at an early stage understanding technology solutions and best fit for your requirements, or moving to further automate your AML/CTF program, we’re here to help. Speak to our team today to learn how to prepare your business for the upcoming Tranche 2 challenges.