Insolvency practitioners are now in scope for AML/CTF. Here’s what that means for you
Insolvency practitioners occupy an unusual position in Australia’s financial ecosystem. They are appointed precisely because something has gone wrong, because a company cannot pay its debts, because assets need to be realised, because creditors need to be satisfied. That environment, characterised by distressed assets, complex ownership structures, and money moving under circumstances that are rarely […]
Tranche 2 AML/CTF compliance for accountants: What you need to know and how to prepare
From 1 July 2026, accountants providing certain designated services will come under Australia’s expanded anti-money laundering and counter-terrorism financing (AML/CTF) regime. Often referred to as Tranche 2, these reforms introduce new obligations around risk assessment, client due diligence, ongoing monitoring and reporting. A recent practical session featuring Alan Connor, Director at Grant Thornton Australia, together […]
What are PEPs, sanctions and adverse media checks in AML compliance?
What are PEP checks? PEP stands for Politically Exposed Person. These are individuals who hold prominent public positions and may present a higher risk of corruption or misuse of funds. What are sanctions checks? Sanctions checks identify individuals or entities that are subject to government restrictions, meaning firms may be prohibited from engaging with them. […]
What is Verification of Identity (VOI) and why do accountants need it?
What is Verification of Identity? Verification of Identity (VOI) is the process of confirming that a client is who they claim to be using reliable documentation and data sources. Why VOI matters for accountants Under AML/CTF obligations, firms must: Identify clients before providing services Ensure information is accurate and up to date Reduce the risk […]
AML/CTF compliance checklist for accountants
8AML/CTF compliance requires accounting firms to implement systems and processes that identify, assess, and manage the risk of financial crime.
What is AML/CTF Tranche 2 and what does it mean for accountants?
AML/CTF Tranche 2 refers to the expansion of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws to include professions such as accountants, lawyers, and real estate agents.
What is InfoTrack Accounting and how does it work?
Accounting firms are under increasing pressure to understand their clients, manage risk appropriately, and demonstrate compliance across every engagement. At the same time, the information needed to do this is often spread across multiple systems, manual processes and disconnected tools.