The Australian market is prone to criminal opportunities as the current AML/CTF regime is unaware of the market complexity. Lawmakers are voicing concerns and calling for the government to implement Tranche 2. A toothless governing body, overreliance on reporting, lack of transparency, and FATF non-compliance are the main weaknesses.

Financial institutions and non-financial organizations like lawyers, notaries, and other relevant legal professionals, accountants/accountancy firms, real estate agents, precious metals/stones dealers, and trust and company service providers must also comply with FATF rules.

Download this report to get a better understanding of what anti-money laundering Tranche 2 means for businesses based in Australia.

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