Review & Audit
The AML/CTF Act & Rules requires all reporting entities to have their risk assessment and AML/CTF Programme reviewed regularly, or at any other time at the request by AUSTRAC. One AML is fully qualified to independently review/ audit all reporting entities in Australia.
Get a full, independent review/ audit in accordance with SAE 3100 assurance engagements of your AML/CTF risk assessment and program(s).
Ensure your AML documentation and processes are aligned and operating effectively.
We’ll highlight areas of non-compliance and provide recommendations for remediation.
We provide independent AML/CTF review & audit, consulting and advisory services to all sectors providing designated services in Australia.
Accounting
Virtual Assets / Crypto
Financial Services
Law
Real Estate
Other Captured Sectors
FAQs
To better understand and fulfil your obligations under Tranche 2, you can refer to official guidance from AUSTRAC, engage in industry-specific training, and seek advice from legal or financial professionals with expertise in AML/CTF compliance.
One AML can also help you understand and meet your AML/CFT obligations. We provide robust, cost-effective, and seamless solutions. Get in touch with us today.
There are opportunities for your business to showcase its commitment to compliance and ethical practices. By diligently following the regulations, you can enhance your reputation as a trustworthy partner for your clients, reducing the risks associated with money laundering and terrorist financing activities.
Complying with Tranche 2 may involve an increased administrative workload, longer transaction times, and the need for additional resources, such as training and software. However, failure to comply with the new regulations could result in legal or reputational risks for your business.
Tranche 2 will require accountants to be more vigilant in their dealings with clients engaged in financial transactions susceptible to money laundering. You will need to perform detailed assessments of your client's activities and keep a close eye on any unusual or large transactions. Additional training and software tools may be necessary to meet compliance requirements.
Lawyers and conveyancers will need to play a more active role in identifying and preventing money laundering and terrorist financing. You will have to conduct comprehensive client due diligence, particularly for high-value transactions, and report any suspicious activities to AUSTRAC.
Real estate professionals will face increased scrutiny in their transactions. You will need to conduct thorough checks on buyers and sellers, verify their identities, and assess the nature of the transactions more diligently. This may lead to longer transaction times and additional administrative burdens.
As a reporting entity, your business will be required to implement risk management programmes to identify and mitigate potential money laundering and terrorist financing risks. This includes conducting customer due diligence (CDD) on clients, monitoring transactions and client behaviour for suspicious activities, and reporting any suspicious matters to AUSTRAC.
The AML/CTF regime is central to Australia's efforts to prevent criminals from profiting from their unlawful activity and to prevent funds from reaching terrorist organisations.
The Attorney-General has announced a public consultation regarding proposed anti-money laundering and counter-terrorism financing (AML/CTF) regime reforms in Australia. The objective of the proposed reforms is to ensure that the regime conforms to international standards. industry can enhance their understanding of their obligations and compliance.
Since 2007, Tranche 2 of the legislation has been under consideration, which would expand the entities required to comply with AML/CTF obligations to include real estate agents, lawyers, book-keepers, accountants, and trust/company service providers (also known as gatekeepers).
Tranche 2 refers to the second phase of Australia’s anti-money laundering (AML) and counter-terrorism financing (CTF) laws. It extends the scope of regulated entities to include businesses such as lawyers, conveyancers, real estate agents, and accountants. This means affected professional service providers will now be considered ‘reporting entities and must comply with AML/CTF obligations to deter money laundering and terrorist financing.
The AML/CTF Act requires Reporting Entities to have an independent review of their Risk Assessment, AML/CTF Programs and processes. This must be conducted by an appropriately qualified and independent person. If you need assistance with an independent AML/CTF Review please contact us.
You must decide how often reviews are done. How you decide depends on:
• The size of your business or organisation.
• What kind of business or organisation you have.
• How complex your business or organisation is.
• Your level of money laundering/terrorism financing risk.
High-risk organisations should have independent reviews done at least every two to three years.
We recently used One AML for an independent review of our AML Program across Australia and New Zealand. I found the team extremely professional and knowledgeable and they carried out a thorough and efficient review, providing many helpful and practical recommendations.
Justine Nangle, General Counsel
Blackbird
