YOUR PARTNER FOR TRANCHE 2 COMPLIANCE

Get ahead. Protect your reputation. Avoid penalties.

Tranche 2, set to be implemented by AUSTRAC, introduces significant regulatory changes presenting new challenges and obligations for lawyers and legal professionals who were not previously subject to AML/CTF reporting requirements.
Protecting your organisation & customers from scams & identity theft

What is Tranche 2?

For lawyers and legal practitioners Tranche 2 introduces several significant changes:
  • Risk-Based Approach to AML/CTF: undertake assessment of client and transaction risks, allocating resources accordingly.
  • 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.
  • 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, cash transactions of AUD10,000 or more.
  • Developing and maintaining an AML/CTF Program: conduct a risk assessment and implement an AML/CTF program to manage those risks.

How can we help?

To address these challenges, GBG’s leading identity verification solution, greenID, helps lawyers and legal practitioners navigate Tranche 2 changes:

Ensure AML/KYC Compliance

• Automatically screen new customers against global risk data sources and monitor customers throughout their lifecycle.
• Provides thorough and auditable records of AML/CTF activities.
• Real-time risk assessments and alerts.

Streamlined Customer Due Diligence & Identity Verification

• Capture and auto-populate data from government-issued ID documents into online forms to speed up the application process.
• Supports the different levels of identity verification and due diligence based on perceived risk.
• Detailed client information through various verification methods.

User-friendly Platform & Seamless Integration

• Easy to use platform with built-in guidance and support.
• Seamlessly integrate identity verification into your webpage or mobile app to verify your customer’s identity in seconds.

Tailored Solutions

• Solutions to match a practice’s scale – suitable for small, medium or large practices.
• Global organisation with unparalleled local expertise developing and delivering innovative identity verification solutions.

greenID empowers lawyers and legal practitioners 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.

Why GBG?

GBG is a global specialist in digital identity, helping businesses of all sizes around the world build customer relationships based on trust while keeping fraudsters at bay.

As part of the GBG family, greenID is powered by the best data, the best technology, and the best people to balance the growing need for a frictionless digital customer experience with the business need for security and compliance in a world of increasing fraud and financial crime.

“Since implementing greenID just six months ago, we’ve seen significant progress. We are able to spend the time to refine our customer conversation scripts, improve our end-to-end process, update customer request and authority forms, enhance internal reporting, and gather valuable customer feedback – which has been very positive. “

David O’Dwyer, Catholic Development Fund, Catholic Archdiocese of Adelaide

CDF logo

Stay Compliant with GBG’s greenID: Your Defense Against Tranche 2 Enforcement Actions

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. As legal professionals adapting to a tech-driven, remote work environment, reliance on digital tools and evolving client engagement methods is crucial.
Get ahead of Tranche 2 with GBG’s greenID, together we can ensure a safer, compliant, and more successful future for your practice.

Navigate Tranche 2 with an Expert

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