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.#
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.
Clear procedures for reporting suspicious activities:
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 .
Together, we can ensure a safer, compliant, and more successful future for your practice.