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The AML/CFT Act 2009 requires all reporting entities to have their Risk Assessment and AML/CFT Compliance Programme audited every two years, or at any other time at the request of the supervisor. One AML is qualified to independently audit all reporting entities in New Zealand.
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The AML/CFT Act 2009 requires all reporting entities to have their Risk Assessment and AML/CFT Compliance Programme audited every two years, or at any other time at the request of the supervisor. One AML is qualified to independently audit all reporting entities in New Zealand.
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Impact of Tranche 2 AML/CTF laws on Australia’s high-value dealers
After the legislation was passed, numerous weaknesses were discovered. A key omission was that the laws failed to include various professions that operated outside the traditional financial system. This list included real estate professionals, lawyers, accountants, dealers in high-value items like precious metals and stones, and trust and company service providers.
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Tranche 2 anti-money laundering regime will shake up Australian accounting industry
Alongside CPA Australia and the Institute of Public Accountants, they reiterated the willingness of the accountancy profession to join efforts to prevent, detect, and report money laundering and the financing of terrorism. However, the accounting professional bodies stressed that the implementation of tranche 2 should “harness, not duplicate, existing obligations on professional accountants.”
Impact of Tranche 2 on real estate
Tranche 2 will have a major impact on Australia’s real estate industry. Real estate transactions involving high-value properties have been attractive to money launderers for a long time as they try to legitimise their illicit funds. Under new laws, real estate agents must perform extensive background checks on buyers and sellers, which will lead to an increased administrative burden, longer transaction times, and potential financial costs for compliance.