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.