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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.
Businesses
AML/CTF Tranche 2: Appoint an AML/CTF Compliance Officer Now to Meet Deadlines
Australia's Tranche 2 AML/CTF laws take effect from March 31, 2026. They extend anti-money laundering and counter-terrorism financing obligations to new professions. To meet this deadline, businesses must appoint a 'fit and proper' AML/CTF Compliance Officer (AMLCO) who has the necessary integrity, competence, and authority. This key role is responsible for developing compliance programs, managing risks, and acting as the primary liaison with regulators like AUSTRAC.
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Impact of Australia’s AML Tranche 2 laws on Professional Services
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is continuing to hone in on businesses that aren’t complying with Australia's existing anti-money laundering (AML) and counter-terrorism financing (CTF) rules.
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Impact of Tranche 2 to Australian conveyancers
Tranche 2 builds on the foundation laid by the initial AML/CTF regime that came into force in 2016 and which focused primarily on financial institutions and casinos. The latest reforms are designed to address the growing threat of money laundering and terrorist financing through the real estate sector and associated professions. Because of the position of trust they hold, money launderers may target law firms, for instance. They often handle large amounts of money confidentially for their clients, including escrow on sale transactions. As a result, using a solicitor's client account can give criminals a way to enhance the credibility of transactions.
How accountants will need to comply with Australia’sTranche 2 AML/CTF laws
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.”
How real estate professionals will need to comply with Australia’s Tranche 2 AML/CTF laws
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.