Question 1

What is Tranche 2 AML/CTF reform in Australia?

Accepted Answer

Tranche 2 expands Australia's AML/CTF regulations to gatekeeper professions — real estate agents, lawyers, accountants, conveyancers, and TCSPs — with compliance obligations starting 1 July 2026. These businesses must enrol with AUSTRAC, implement AML/CTF programs, conduct customer due diligence, and submit suspicious matter reports.

Question 2

Who needs AML compliance software in Australia?

Accepted Answer

Under Tranche 2, AML compliance software is needed by real estate agencies, law firms, conveyancing practices, accounting firms, trust and company service providers (TCSPs), and other gatekeeper professions that must comply with AUSTRAC regulations from July 2026.

Question 3

What KYC checks are required for AML compliance?

Accepted Answer

Required KYC checks include: identity document verification (passport, driver's licence), biometric face matching, PEP and sanctions screening, proof of address verification (council rates, water bill, strata bill), source of wealth documentation, and ongoing monitoring of business relationships.

Question 4

What is an SMR (Suspicious Matter Report)?

Accepted Answer

A Suspicious Matter Report (SMR) is a mandatory report to AUSTRAC when a reporting entity suspects a person may be involved in money laundering, terrorism financing, or other criminal activity. SMRs must be submitted within 24 hours under the AML/CTF Act 2006.

Question 5

How does AML Workflow use AI?

Accepted Answer

AML Workflow uses Anthropic's Claude AI models for four key functions: PEP disambiguation (Haiku 4.5), risk assessment generation (Sonnet 4.6), enhanced due diligence analysis (Opus 4.6), and SMR drafting assistance. All AI outputs are marked as drafts requiring human review — the platform never auto-decides compliance outcomes.

Forgot password