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Australia has commenced its implementation of Tranche 2 Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) reforms, presenting an opportunity to shape the scope and nature of obligations for your industry.
The reforms are part of the Government’s plan to bring Australia’s Anti-Money Laundering Regime in line with international standards.
This could have far-reaching implications for law firms, accountancy firms, as well as real estate professionals, who will be required to take a more active role in deterring money laundering and terrorist financing.
Lawyers, Accountants, Real Estate Agents and other professionals in the property industry who provide one or more designated services will be required to implement risk management programs, conduct client due diligence, and monitor client behaviour and transactions for suspicious activity.
Please contact us to discuss the reform further.
Proactive stress testing to manage macroeconomic risk, strengthen financial stability and banking
Grant Thornton worked with AUSTRAC (the federal Anti-Money Laundering regulator) to support the development of their new AML/CTF Starter Kits released this week, designed specifically for Tranche 2 sectors including lawyers, real estate professionals, accountants, and conveyancers.
The Federal Court’s $5.8M ACL decision signals a new era for privacy, cybersecurity, and governance in Australia. It reinforces that privacy and cyber obligations start Day 1 of any acquisition, governance failures will be scrutinised, and accountability cannot be outsourced. Boards must ensure robust oversight, deep cyber due diligence, and forensic incident response. With OAIC escalating regulatory enforcement, organisations face heightened legal, financial, and reputational risks.
