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Tranche 2 AML and CTF compliance is coming – and most Australian businesses aren’t ready | APLYiD
APLYiD has done some digging to discover where Australian real estate professionals, lawyers and financial service professionals sit with the upcoming Tranche 2 AML and CTF law changes - and what’s holding them back from getting compliant.
Our research showed that of the people we talked to 80% haven’t yet taken steps towards becoming AML compliant, while 65% have little or no knowledge of Tranche 2 and what’s expected of them.
That said, we know you care - 70% of those surveyed would invest their time and money into attending events to learn more about Tranche 2.
This tells us you clearly want to be informed and do the right thing - but you don’t know what you need to do, when you need to do it, who to turn to for support, and how to put the solution into practice.
Understandably, it’s small and medium-sized enterprises (SMEs) who are finding it hardest to carve out time and headspace for the upcoming changes. For many of you it’s a struggle to find the right resources to get ready.
To put it bluntly: you’ve got limited time and bandwidth, especially if you’re a solo agent. You need your AML software provider to keep things no-nonsense and jargon-free. And you want the switch to be as smooth and easy as possible - with minimal disruption.
Some of you are waiting to become compliant – but delaying comes at a cost
Tranche 2 compliance is on the radar for most. But many smaller organisations, and solo agents, are plonking preparation in the too-hard basket for now. Many are thinking, “We’ve got months… no need to rush.”
While the big players with their lengthy approval processes are getting sorted early, smaller outfits tend to delay.
But delay adds needless risk and stress.
Not to make you feel bad, but here’s the risk trio you’re up against if you’re not ready in time:
- Operational: Your team becomes overwhelmed by manual processes
- Regulatory: Expensive fines or legal consequences
- Reputatational: Damage to client trust
Getting ahead of Tranche 2 doesn’t mean inevitable disruption and downtime. With the right platform, it’s incredibly easy to get ready for Tranche 2 now.
Recap of what you need to do to comply with the Tranche 2 changes:
- Enrol and register with AUSTRAC
- Use and maintain an AML/CTF program to suit your business
- Perform initial and ongoing customer due diligence
- Flag and report certain transactions and suspicious activities
- Make and keep records
The good news is once you’ve registered with AUSTRAC, APLYiD can help you manage the rest.
What it takes to choose the right AML and CTF platform now
We spoke to legal, real estate and financial services professionals: three industries facing the upcoming Tranche 2 AML changes.
We wanted to find out what matters most to you - and which roadblocks are keeping you stuck.
Crucially, what you’ll read below are not guesswork or assumptions. This is what we heard repeatedly from our research. And it’s these insights which shape our platform.
- Confidence in your AML system is a must. It needs to be easy to spot high-risk clients, perform due diligence, and flag suspicious activities. You need trust that things won’t slip through the cracks.
That’s why APLYiD gives you a full audit trail and ongoing monitoring without the need to sift through spreadsheets and piles of paperwork.
- Simplicity: You’re too busy to add more complexity to your day. You’re after set-and-forget tech, so there’s minimal disruption. A simple experience for your clients is a must-have, too.
So we’ve created a self-serve platform with zero hassle (it’s so easy you don’t need a demo) that gives you guided compliance workflows for every client. - All in one: Effective onboarding, biometric identity verification, AML, CTF and KYC in one platform.
Another reason why APLYiD gives you the world’s best biometrics, PEP checks and more.
- Speed: The less training needed, the better. The faster you’re on board the sooner you’ll get value.
With APLYiD you gain instant client onboarding with a staggering 94% pass rate.
Get ready for Tranche 2 now with APLYiD and our no-nonsense, no hassle approach to AML and CTF compliance
The thing is you don’t need to – and we strongly urge you not to – wait until next year to become compliant with the Tranche 2 law changes.
Once you’re registered with AUSTRAC, you can be fully Tranche 2-ready in minutes with APLYiD.
In minutes, APLYiD gives you:
- A self-serve platform with the world’s best biometrics
- No contracts, no demos, no setup costs
- Guided compliance workflows for every client
- Full audit trail and ongoing monitoring
- Free support when you need it
Get ahead of Tranche 2 now
Avoid the rush - and the risks. Let's get you ready now.
