In a recent interview with Accountants Daily – Avoid last-minute AML/CTF scramble, warns recruiter (Australia), Momenta’s Simon Rippon highlighted the significant challenges facing accountants as AML Tranche 2 is implemented. With up to 90,000 new entities soon to be captured under AUSTRAC’s AML/CTF rules, the sector should prepare to experience one of the most profound regulatory shifts in its history.
What’s changing?
For the first time, accounting firms will be directly covered under the AML/CTF legislation. This will bring heightened expectations around compliance, monitoring, and risk management responsibilities that many firms are only now starting to prepare for.
The risks of waiting
As Simon explained in the article: “The biggest risk is scrambling at the last minute and ending up with the wrong person in the role.”
Organisations that delay action can face a number of challenges, including:
- Severe competition for expertise as demand rises
- Cost of escalations from reactive compliance fixes
- Operational disruption from rushed system implementation
Preparing for AML Tranche 2: Three steps to take now
Planning today provides firms the opportunity to:
- Build compliance frameworks in a structured, efficient way
- Secure top AML/CTF talent before competition intensifies
- Position compliance as a strength and differentiator, rather than a burden
“With the number of organisations that are going to need the same type of resource, the earlier firms make and implement decisions, the better,” added Simon.
Momenta has the right compliance experience
At Momenta, we specialise in providing compliance expertise, resourcing solutions, and project delivery to support firms navigating complex regulatory change. Whether you need interim specialists, advisory support, or a fully managed solution, we can help you prepare for AML Tranche 2 with confidence.
To read the full article please visit here https://www.accountantsdaily.com.au/regulation/21743-avoid-last-minute-aml-ctf-scramble-warns-recruiter
Get ahead of the regulatory requirement with Momenta – talk to Momenta team today.
