The AML/CTF regime will be extended to a variety of Tranche 2
services from July 2026 onwards. For professionals such as
accountants, lawyers, estate agents and dealers in precious stones,
this will be a major change to their compliance framework. But what
about existing reporting entities?
The AML/CTF regime currently regulates a wide range of financial
services business, including financial service providers, banks,
remittance service providers and digital currency exchange
providers. These entities may also provide Tranche 2 services as
part of their broader business.
What should existing reporting entities do?
In their preparation for the reforms, existing reporting
entities should already be considering their AML/CTF policies and
procedures. In addition to this, existing reporting entities should
review section 6 of the amended AML/CTF Act, specifically Table 6
which lists the professional services which will be captured by the
regime from 1 July 2026
