Show Notes
This publication provides general information only and is not legal or professional advice. CPA Australia gives no warranties as to its accuracy, completeness or suitability and disclaims all liability for reliance on it. Listeners should seek their own independent advice for their circumstances.
What does Australia's biggest AML (anti-money laundering) reform in years mean for accountants, lawyers, advisers and business owners?
This episode breaks down the tranche 2 anti-money laundering reforms, the growing role of AUSTRAC, and why professional service firms are becoming critical gatekeepers in the fight against financial crime.
The discussion explores how money laundering really works, why criminals target trusted advisers, and the practical steps businesses need to take to prepare for new compliance obligations.
Main learnings:
Why Australia is expanding AML reporting obligations
How accountants and lawyers help identify suspicious activity
What suspicious matter reporting involves in practice
Why knowing your customer is central to AML compliance
The role of AUSTRAC as regulator and intelligence agency
Common red flags linked to financial crime and tax evasion
How smaller businesses can approach AML compliance practically
This episode offers practical guidance for accounting, finance and advisory professionals navigating Australia's evolving AML landscape.
Listen now.
Host: Jacqueline Blondell, editor, CPA Australia
Experts:
Brendan Thomas, AUSTRAC CEO
Geoff Peck, a former fraud squad detective with Victoria Police's major Fraud Group, and managing director Forensic & Integrity Solutions
Amanda Wood, managing director, Kroll's Investigations, Diligence and Compliance Practice
For more, head to the Australian Institute of Criminology website. Need help with your AML/CTF obligations? AUSTRAC and CPA Australia have a host of resources.
AUSTRAC's guidance for small business is another useful resource.
And head to the Crime By Numbers homepage to catch up on earlier eps in this second series as well as series 1.
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Listen to more INTHEBLACK episodes and other CPA Australia podcasts on YouTube. https://www.youtube.com/@CPAaustralia/podcasts
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CPA Australia publishes four podcasts, providing commentary and thought leadership across business, finance and accounting:
With Interest https://www.cpaaustralia.com.au/tools-and-resources/podcasts/with-interest
INTHEBLACK https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack
INTHEBLACK Out Loud https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack-outloud
Excel Tips https://www.cpaaustralia.com.au/tools-and-resources/podcasts/excel-tips
Search for them in your podcast platform. Email the podcast team at [email protected] Chapters: 00:00 Disclaimer 00:21 The social purpose of anti-money laundering 00:45 Introduction to Crime By Numbers Episode 3 01:28 AUSTRAC's role in Australia's AML/CTF regime 02:44 History of money laundering laws and Tranche 2 reforms 03:22 Why Australia is catching up with global AML standards 04:20 Why accountants and lawyers see risks banks can't 05:23 Core obligations for new AML gatekeepers: KYC and reporting 07:05 Comparing Tranche 1 and Tranche 2 compliance challenges 08:15 Embedding AML compliance into professional practices 09:37 Knowing your customer and hidden criminal risk 11:03 Business benefits of stronger AML processes 11:37 Common misconceptions about money laundering and cash 12:39 AUSTRAC guidance, starter kits, and industry support 14:29 Enforcement approach, penalties, and expectations 15:13 The real victims behind money laundering crimes 16:32 Resources for new gatekeepers and closing remarks
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