Navigating AMLCTF reforms
Australia's Anti-Money Laundering and Counter-Terrorism Financing (AMLCTF) reforms mark a major regulatory shift to protect our financial system and fight serious crimes like drug and human trafficking. Pushed by global pressure, especially from the Financial Action Task Force (FATF), these reforms aim to prevent Australia from being grey-listed.
Let's talk about the AMLCTF reforms
Building on the 2006 Tranche 1 measures, they focus on safeguarding professions like lawyers and accountants from inadvertently engaging in AMLCTF offenses. The reforms demand a transformation in how these professionals identify, classify, and monitor AMLCTF risks, requiring an upgrade in onboarding processes.
Tranche 2 reporting entities must dive deep into their operations, adopting a risk-based approach for their AMLCTF programs. This includes Client Due Diligence (CDD), Know Your Client/Customer (KYC) processes, and reporting to AUSTRAC both annually and for suspicious transactions.
How can iManage help?
At iManage, we're here to guide you through these changes with thought-leadership on key trends and obligations. Our webinars and podcasts will provide the insights and tools you need to be compliant and ready for any AMLCTF challenges by 1 July 2026.
Our tailor-made intake solution provides further assistance in helping firms maintain compliance with these policies. Offering a holistic view of critical risk areas from the acceptance and onboarding of new clients and business, the solution offers vital transparency that professionals need to connect siloed data and proactively identify potential compliance issues. The integrated solution streamlines compliance assessments, allowing professionals to perform robust reviews throughout the onboarding process without causing a strain on their firm’s resources.
Through both thought leadership and solutions purpose-built to help professionals manage their compliance obligations without adding additional burdens to their workflows, iManage is committed to helping you navigate the changing landscape.
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