How to Select the Right AML Tools for Tranche 2 Compliance
#Tranche 2, #AML Compliance, #Australia
Feb 15, 2025
3 Minutes
As Australia moves forward with the implementation of Tranche 2 reforms, professionals in the legal, accounting, and real estate sectors must adapt swiftly. One of the most important steps in ensuring compliance is selecting the right AML tool to manage risk and fulfil regulatory obligations efficiently.
To align with Tranche 2 obligations, organisations should seek a tool that supports a complete and auditable AML/CTF framework. The right solution should offer:
A compliant AML/CTF program under Tranche 2 should include the following key elements:
Before committing to any solution, consider the following factors:
In the context of Tranche 2, the ability to implement an efficient and adaptable AML tool is critical to avoiding non-compliance, regulatory fines, or reputational risk. By investing early in smart RegTech solutions, you can ensure your business is ready for the next chapter of AML reforms.
MemberCheck offers advanced, comprehensive screening and monitoring tools tailored for Tranche 2 compliance. From PEP and sanctions screening to full customer due diligence automation, our platform helps reduce false positives, simplify workflows, and enhance transparency - giving you the confidence to meet your compliance obligations head-on.
Start your compliance journey with the right tool - because in today’s regulatory environment, the cost of delays is far greater than the investment in preparation.
Tranche 2 refers to the proposed expansion of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime to include ‘designated non-financial businesses and professions’ (DNFBPs) such as lawyers, accountants, and real estate agents. It aims to close regulatory gaps and align Australia with global FATF standards.
Legal practitioners, accountants, real estate agents, precious metals and stones dealers, Trust and Company Service Providers, and other DNFBPs will fall under the scope of AML/CTF regulations once Tranche 2 is implemented.
Businesses must implement enhanced KYC procedures to verify customer identity, assess risk, and ensure ongoing monitoring, especially for high-risk clients.
Yes. RegTech solutions can automate customer due diligence, screening, and reporting, helping businesses comply efficiently and reduce human error.
Yes. Businesses will need to ensure employees are trained in AML/CTF obligations, internal procedures, and in identification and reporting of suspicious activity.
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