HN Hub - AML/CTF reforms

1. Which new businesses are likely to be regulated for AML/CTF?

Lawyers, AFS licensees

Accountants, Lawyers, AFS licensees and Conveyancers

Lawyers, Conveyancers and real estate professionals

Accountants, Lawyers, Conveyancers and Real Estate Professionals

2. Which of the following will be a new designated service?

Brokering the sale, purchase or transfer of real estate on behalf of a customer

Assisting in organising, planning or executing a transaction for equity or debt financing relating to a body corporate or legal arrangement

Assisting in planning or executing in the creation or restructuring of a body corporate or legal arrangement

All of the above

3. A business who enrols with AUSTRAC as a reporting entity must appoint a person to which of the following roles:

AML/CTF Manager

AML/CTF Compliance Officer

AML/CTF Supervisor

AML/CTF Compliance Administrator

4. What is caught as a legal arrangement under the AML/CTF Act?

SMSF

Partnership

Joint Venture

All of the above

5. When do these new obligations commence for individuals and businesses that will be regulated under the Tranche 2 reforms?

31st March 2026

1st January 2026

1st July 2026

1st January 2027

6. Who must approve a reporting entity’s AML/CTF Program?

Governing Body

AML/CTF Compliance Officer

Senior Manager

CEO or Principal of the reporting entity

7. Who from the following list would be considered a domestically politically exposed person (PEP) under the AML/CTF regime?

The Prime Minister

Mayor of a local council

Father of a member of parliament

All of the above

8. As part of your customer identification and verification checks, your customer provides their passport, and, as part of verifying their identity, you should:

Request they provide a certified copy of their passport for your records

Sight their passport and make a file note of the expiry date, to follow up when the current passport expires

Make a record of the details of the passport you used to verify their identity

Only rely on Australian passports to verify a customer’s identity

9. You must lodge a suspicious matter report when you have reasonable grounds to form a suspicion that:

Your customer is not who they claim to be

Your customer is a victim of a crime

Your customer intends to commit money laundering

All of the above

10. A reporting entity’s ML/TF risk assessment must be updated:

Only if you offer a new designated service

At least every two years

After every independent evaluation is completed

At least every three years