Wednesday 29th October | Australia is on the brink of the long-awaited Tranche 2 AML/CTF reforms, and the impact on lawyers, accountants and other professionals will be significant.
The reforms will bring Australia in line with the UK, EU and other jurisdictions by mandating a risk-based approach to client due diligence, firm-wide risk assessments, and enhanced ongoing monitoring.
VinciWorks’ AML experts Nick Henderson-Mayo and Naomi Grossman broke down what Tranche 2 means in practice, the lessons that can be learned from the UK and Europe, and how you can prepare your firm before the laws take effect.
What we covered:
- What Tranche 2 reforms are expected to require from lawyers and other professions
- Lessons from the UK and Europe on risk-based compliance
- Conducting practice-wide risk assessments that regulators expect to see
- Enhanced due diligence (EDD): triggers, challenges and best practices
- Source of funds and source of wealth: getting the client story right
- Ongoing monitoring, red flags, and how to avoid reputational risk
- The growing challenge of proliferation financing and its link to sanctions