Dates to Keep in Mind
What Is Tranche 2?
Tranche 2 refers to proposed changes to Australia’s AML/CTF Act that will expand reporting obligations to additional sectors, including accountants, lawyers and real estate agents. These industries will be required to implement customer due diligence, transaction monitoring and reporting processes similar to those already used by financial institutions.
Who will be affected?
- Lawyers
- Accountants
- Real Estate Agents
- Precious Metals and Stone Dealers
- Trust and Company Service Providers (TCSPs)
What you need to do?
- Enrol with AUSTRAC
- Develop an AML/CTF program
- Conduct Customer Due Diligence (CDD)
- Perform ongoing CDD
- Report suspicious activity
- Maintain record-keeping
What Are the Risks of Non-Compliance?
Severe financial penalties and legal action:
Failing to meet AML/CTF obligations under Tranche 2 may result in fines, legal enforcement action and loss of licence.
Heightened regulatory oversight:
Businesses face increased audit, monitoring and remediation requirements if they are found to be non-compliant.
Damage to customer trust and reputation:
Non-compliance can result in negative publicity, loss of clients and inability to partner with regulated financial institutions.
How NameScan Helps You Comply with Tranche 2
We offer automated PAYG Risk Management compliance solutions to help businesses effortlessly meet Tranche 2 obligations.
PEP & Sanctions Screening
Instantly screen customers against global watchlists to meet mandatory due-diligence requirements.
Adverse Media Checks
Identify individuals or businesses linked to financial crime, fraud, corruption or negative press.
Pay-As-You-Go Model
No ongoing fees or lock-in contracts — only pay for the checks you run.
Automated Verification
Reduce manual effort with automated checks, audit trails and report exports.
Book a free consultation with our experts to discuss your Tranche 2 compliance strategy.
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