With Tranche 2 due to be rolled out in the next few years, here are some of the challenges that affected industries may face and what they can do now to be ahead of their competitors.
Transcript
Some of the challenges are going to be that some of these sectors who traditionally have not had to do anti-money laundering checks before will have a steep learning curve as the legislation rolls out.
However, there's a lot of things that can help with that, like technology, and a lot of consultants in the space.
And I think the really good thing about legislation is that it affects everyone in your industry. So if you can do it faster and better than your competitors, you'll actually have a competitive edge when onboarding clients and putting them through a smooth process.
"I think it's going to be a big challenge for a lot of players, but the people who can do it right and do it quickly, they're going to benefit the most."
Some of the positive outcomes will really show the world that Australia is not open for money laundering business, which I think it's a big source of it right now.
I think some of the other positive changes are going to be around how we can help the less fortunate, and avoid a lot of these scams. A lot of scams involve stealing people's identity and using that those identities to open up fake companies and things like that.
With anti money laundering laws and identity checking becoming a requirement, we can reduce some of that fraud.
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Keen to learn more about Tranche 2?
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- What the legislation means from a compliance and commercial perspective.
- Key learnings from Legal, Accounting and Real Estate compliance leaders
- Practical insights and 'gotcha's' experienced when equivalent legislation was introduced
About First AML
This article is not only written from the perspective of a technology provider, but also from the lens of compliance professionals. Prior to releasing Source, First AML’s orchestration platform, we processed over 2,000,000 AML cases ourselves. Understanding the acute problem that faces firms these days as they try to scale their own AML, is in our DNA.
That's why Source now powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Source stands out as a leading solution for organisations with complex or international onboarding needs. It provides streamlined collaboration and ensures uniformity in all AML practices.
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