Your Partner for Tranche 2 Compliance

Empowering accounting & tax professionals

Protect your reputation & avoid penalties

In today’s dynamic business landscape, Australian accounting and tax professionals face evolving compliance requirements. Tranche 2, set to be implemented by AUSTRAC, introduces significant regulatory changes presenting new challenges and obligations for many financial professionals who were not previously subject to AML/CTF reporting requirements.

Adapting to a technology-driven, remote work environment, financial professionals must rely on digital tools and evolving client engagement methods. Specifically, the Tax Practitioners Board requires registered tax practitioners to follow minimum Proof of Identity (POI) procedures before providing tax agent and BAS services. To mitigate the risk of fraudulent activities targeting their practices, they must take steps to verify identities rigorously, including clients, taxpayers, and government authorities.#

Tranche 2 introduces several significant changes for accounting & tax professionals

Risk-based approach to AML/CTF:

undertake assessment of client and transaction risks, allocating resources accordingly.

Enhanced Customer Due Diligence (ECDD):

gather more detailed client information, including identity verification and risk assessment.

Comprehensive record-keeping:

maintain detailed records of AML/CTF activities and customer due diligence efforts.

Clear procedures for reporting suspicious activities:

implement robust procedures for identifying and reporting suspicious activities.
HOW WE CAN HELP

GBG’s greenID helps accounting & tax professionals navigate Tranche 2 changes:

  • Streamlined customer due diligence and identity verification.
  • Supports the different levels of identity verification and due diligence based on perceived risk.
  • Tailored solutions to match a practice’s scale, suitable for sole traders and small businesses to large enterprises.
  • Cutting-edge technology for seamless compliance to support KYC requirements.
  • Provides thorough and auditable records of AML/CTF activities.
  • Real-time risk assessments and alerts.
  • Global organisation with unparalleled local expertise developing and delivering innovative identity verification solutions.

GBG’s greenID empowers accounting and tax professionals to comply with Tranche 2 changes cost-effectively and time-efficiently. This minimises the impact of regulatory shifts on their operations, allowing them to focus on providing valuable services to their clients.

Non-compliance with Tranche 2 regulations can result in various enforcement actions by AUSTRAC. GBG’s GreenID helps protect your business from potential penalties and reputational damage, whilst meeting regulatory obligations .

Join forward-thinking accounting & tax professionals who rely on GBG’s GreenID to navigate Tranche 2.

Together, we can ensure a safer, compliant, and more successful future for your practice.

# https://www.tpb.gov.au/tpb-practice-note-tpbpn-52022-proof-identity-requirements-client-verification