Tranche 2 Unpacked: How to be Compliant by 1 July

Clearly understand your regulatory burden and how to approach Tranche 2 compliance without overwhelming your practice.

Exclusive to Clarence members and guests, an information session on the upcoming new AUSTRAC regulations.

By the end of this session, attendees will clearly understand their regulatory burden and how to approach Tranche 2 compliance without overwhelming their practice. Key takeaways include:

• The Tranche 2 Landscape: a clear understanding of the new AUSTRAC regulations and exactly which legal services and transactions are captured.
• Demystifying Your Obligations: a breakdown of the core AML/CTF requirements and what AUSTRAC expects from lawyers and legal practices.
• The 7 Pillars of Compliance, unpacking the essential elements you are required to have in place:
• Risk Assessments: the mandatory requirements for your firm's annual ML/TF risk assessment.
• AML Policies: the core components every compliant AML/CTF Program must include.
• Client Onboarding (KYC/KYB): navigating the strict verification rules for individuals, companies and complex structures such as trusts.
• Team Training: what AUSTRAC expects regarding staff AML awareness and ongoing training.
• Monitoring: the triggers and thresholds for ongoing customer due diligence.
• Mandatory Reporting: identifying when you are required to submit Suspicious Matter Reports (SMRs) and other regulatory filings.
• Auditing & Record Keeping: the strict record-keeping standards required to remain audit-ready.
• Streamlining Your Compliance: strategies to approach these new obligations efficiently, minimising administrative overhead and manual paperwork before the 1 July deadline.