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ARTICLE · 30 JUNE 2022

AML and CTF gatekeeper reform: What could Tranche 2 reforms look like in Australia?

Corrs Chambers Westgarth
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All relevant professions and businesses should continue to carefully consider their AML/CTF policies and procedures.

AustraliaGovernment, Public Sector
Anna Ross
Anna Ross
David Yates
David Yates
Tegan Harrington
Tegan Harrington
Author LinkedIn connections

One of the key messages following the recent Federal Senate Committee inquiry into Australia's anti-money laundering and counter terrorism financing legislation (Federal Senate Committee Inquiry), is that it should no longer be a matter of 'if', but 'how' the current regime should be reformed to introduce obligations for 'gatekeeper professions or businesses', also known as designated non-financial businesses and professions (DNFBP), or 'Tranche 2', reforms.

In this Insight, we consider the lessons learnt from the application of local anti-money laundering and counter terrorism financing (AML/CTF) regimes, to gatekeeper professions or businesses in countries such as Canada, New Zealand and the United Kingdom, and what we could expect to see in Australia if Tranche 2 reforms are implemented.

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