Stay ahead of regulation. Protect your practice. Build trust with confidence.
Your partner for Tranche 2 compliance
Stay ahead of regulation
The upcoming Tranche 2 legislation is reshaping how legal professionals manage client onboarding and compliance. For the first time, lawyers, conveyancers, and other legal practitioners will be subject to anti-money laundering and counter-terrorism financial (AML/CTF) obligations. These obligations are known as “Tranche 2” and are an amendment to the legislation first introduced in 2006.
GBG is Australia’s most trusted identity intelligence provider supporting more identity verifications than anyone else in the market. GBG is your trusted partner in navigating the change, helping you stay compliant, protecting your reputation, and maintaining your clients’ trust without compromise.
What is Tranche 2 and what does it mean for legal professionals?
Tranche 2 brings legal practitioners into scope for AML/CTF compliance, including:
Customer due diligence
Verify a customer’s identity before providing a designated service and understand the customer’s risk profile.
Ongoing customer due diligence
Conduct ongoing customer due diligence throughout the course of the business relationship.
Risk-based approach to AML/CTF
Undertake assessment of client and transaction risks, allocating resources accordingly.
Comprehensive record-keeping
Maintain detailed records of AML/CTF activities and customer due diligence efforts.
Clear procedures for reporting suspicious activity
Implement robust procedures for identifying and reporting suspicious activity related to money laundering or terrorism financing.
Developing and maintaining an AML/CTF program
Conduct a risk assessment and implement an AML/CTF program to manage those risks.
GBG been supporting businesses since the beginning of AML/CTF regulation in Australia and New Zealand, with a proven track record helping them to comply with new legislative changes that require effective processes, controls, and tools.
How GBG supports your compliance journey
1. Seamless identity verification and customer due diligence
- Verify clients in seconds using proven data sources and government-issued identity documents.
- Collect and validate customer information through multi-layered verification methods.
- Match your processes to risk levels with flexible verification options.
2. Real-time watchlist screening and ongoing monitoring
- Automatically screen against global sanctions, PEPs and adverse media.
- Monitor clients throughout their lifecycle with real-time alerts.
- Access audit-ready records to demonstrate compliance with AUSTRAC obligations.
3. Designed for legal practices of all sizes
- Scalable solutions for sole practitioners, mid-sized firms, and large practices.
- User-friendly platform with built-in guidance for compliance and support.
- Seamless integration of the identity verification process into your webpage or mobile app to verify your customers in seconds.
4. Confidence, backed by local and global expertise
- A global leader in digital identity verification and fraud prevention, we power 800 million identity checks per year for over 20,000 leading organisations, across the globe.
- Local expertise to support legal professionals through Australia’s evolving regulatory landscape.
- Proven technology, for more than 30 years trusted by over 2,000 organisations, across over 30 industry sectors throughout Australia and New Zealand.
Comply with Tranche 2, without compromising how you work
GBG gives legal professionals the ability to meet complex regulatory requirements in a way that’s fast, cost-effective, and built to scale. Our technology enables you to deliver a secure, seamless client experience while staying ahead of AUSTRAC enforcement.
Don’t delay - start preparing for Tranche 2 now
Get expert guidance, stay compliant and keep your practice moving with a future ready solution backed by experts.
