AML/CTF Tranche 2: Advice from other countries

With Tranche 2 due to be rolled out in the next few years, here are some sage advice from other countries that have experienced this on what affected industries can do now to be ahead of their competitors.


From all the countries that have implemented Tranche 2, it's about creating a culture of compliance.

"So from day one, if you can permeate a culture of compliance within the organisation, so that everyone knows, number one, why we're doing it, and number two, how we're doing it."

What they can do right now is have a look at how they're gonna start implementing this process.

The key thing here is, there's one hundred thousand reporting entities for Australia that will go live at about the same time across law,  accounting, and real estate. So the key will be if you can jump on it early, figure out how you're going to do it.

"Look at the right technologies that you want to implement to action. Thus, the earlier, the better you want to get set up for it."

Because when the wave hits, everyone will be looking for solutions. Everyone will be looking for consultants, and everyone will be looking to hire AML specialists which there won't be that many of if there are one hundred thousand new reporting entities all at once.

Technological advances in the anti-money laundering space have created a vast amount of efficiency over the last few years, especially since COVID.

Back in the old days, you had to meet everyone in person and verify their identity in person or via certified copies. In today's day and age, there's so much technology around remote verification, confirming someone's identity: biometric checking, anti-theft detection tampering technology for identity documents.

So the people who get this right can move really really quickly into a digital onboarding first process that will allow them to continue to scale their business really quickly, while their competitors, sort of flounder around trying to figure out how to do this.

"Get on an early, do it properly, and create a scalable process because like with any process if this breaks down, or it's not done properly from day one, is create a nightmare experience for your customer."


Keen to learn more about Tranche 2?

Watch AML/CTF Tranche 2: what it's all about

Watch AML/CTF Tranche 2: challenges and opportunities


Join the Tranche 2 webinar.

  • What the legislation means from a compliance and commercial perspective.
  • Key learnings from Legal, Accounting and Real Estate compliance leaders
  • Practical insights and 'gotcha's' experienced when equivalent legislation was introduced

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