Leading by Example: How Confidant Partners is Preparing for AML/CTF Tranche 2

When professional advisors help clients navigate regulatory change, their own compliance approach matters. Here's how Confidant Partners is implementing the same rigorous standards they recommend.

A comprehensive FAQ for accountants and anyone in the industry covering everything from the basics to addressing real concerns we hear from accountants all the time regards what the AML/CTF Tranche2 regulations mean.

From 1 July 2026, Australian law firms must comply with AML/CTF Tranche 2 requirements. If your practice handles real estate transactions, manages client funds, or creates trusts and corporate structures, you'll become an AUSTRAC reporting entity.

That means implementing customer due diligence (CDD), conducting beneficial ownership verification, screening for politically exposed persons (PEPs) and sanctions, and submitting suspicious matter reports (SMRs) and threshold transaction reports (TTRs).

16,000 Australian law firms face this compliance challenge. Most are asking: How do we implement AML/CTF requirements without re-verifying clients repeatedly across every matter?

Shareable Digital Identity for Real Estate Compliance

The blog outlines a proposed system for shareable digital identity to transform compliance procedures within the Australian real estate market, particularly for property bidders. This innovation centres on a "Verify Once, Share Many Times" model where a bidder's initial, comprehensive verification (including document checks, biometrics, and sanctions screening) generates a secure, reusable digital credential.

AML/CTF Tranche 2: Customer Due Diligence for Accounting Practices - From 1 July 2026, Australian accounting practices providing "designated services" must comply with new anti-money laundering and counter-terrorism financing (AML/CTF) requirements under Tranche 2 reforms.

The 2025 National Identity Proofing Guidelines and the upcoming AML-CTF reforms demonstrate remarkable strategic alignment, creating a unified approach to identity verification and compliance that will reshape how Australian businesses manage customer due diligence.  

Is the timing coincidental. The 2025 National Identity Proofing Guidelines take effect precisely as new AML-CTF customer due diligence requirements prepare for implementation on March 31, 2026. This strategic synchronisation provides regulated entities with clear, consistent standards for meeting both identity verification and compliance obligations under a single, coherent framework.

In today's rapidly evolving regulatory landscape, financial institutions and businesses face mounting pressure to implement robust compliance measures. Among these, adverse media screening has emerged as an indispensable tool for comprehensive customer due diligence (CDD) and anti-money laundering (AML) programs. But what exactly is adverse media screening, and why has it become so crucial for modern risk management?

In today's rapidly evolving financial landscape, the potential for fraud—both opportunistic and sophisticated—is a rising issue. This is particularly so for securities registry platform operators.From today, Xcend is introducing a new feature to their registry management platform Cuspy. Having recognised that a key vulnerability lies within online services and platform access, they've partnered with VerifiMe to create a comprehensive solution.

When we first launched Passkey support in October 2023, we were pioneers in uncharted territory. The technology was cutting-edge, but the market wasn't quite ready. Users were unfamiliar with the concept, and adoption was slower than we hoped.

Fast forward to today, and the landscape has completely transformed. In this blog, we explain more about what they are, the benefits and what we are doing to support them in our system

PEP and sanctions checks are not just regulatory obligations—they are critical safeguards that protect organisations from reputational damage, financial penalties, and inadvertent involvement in illicit activities. Embracing automation in these processes transforms compliance from a reactive necessity into a proactive strategic advantage.

In today's digital landscape, biometric identity verification has become a cornerstone for ensuring secure and seamless interactions. A crucial component of biometric authentication is liveness checks. In this blog we explore the difference between active and passive liveness checks and why active liveness check are superior more mitigating risk.

The AML/CTF Amendment Bill 2024 amending the AML/CTF Act passed Parliament on 29 November 2024. The new laws are designed to detect money laundering, terrorism financing and proliferation financing. AUSTRAC (https://www.austrac.gov.au/) will now regulate tranche 2 businesses which provide certain designated services and will include professional service providers such as accountants, lawyers, conveyancers, and trust and company service providers. 

This article aims to identify the sentiments pushing forward with the need for digital ID and what the risks are that drive fear around its implementation.

The concept of personhood has evolved through the digitisation of our everyday lives. This has led to a pressing need for robust frameworks that safeguard individual identities.

A Digital ID Wallet is a secure way to store and manage identification credentials electronically, accessible via smartphones or digital devices. It reduces the need for physical documents by consolidating IDs like driver’s licences or passports in one place.

The AML/CTF Amendment Bill 2024 is set to bring significant changes for small to medium-sized businesses, especially those in newly covered sectors like legal, accounting, real estate, and precious metals and stones dealing.

In September 2024, the Attorney-General introduced the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 into Parliament. This Bill represents a significant advancement in protecting the community from financially enabled crime.

Incorporating a cloud-based KYC solution like VerifiMe into your legal practice’s onboarding program not only enhances efficiency but also ensures compliance with upcoming AUSTRAC reporting requirements.

With the Digital ID Act 2024 and its supporting regulatory framework, Australia has taken a significant step forward into a new era of secure, convenient, and private online interactions. Central to this framework is the Digital ID Accreditation Scheme, which sets standards and rules for digital identity providers.

We've previously explored the system mechanics of the new digital ID, its rollout timeline, legal framework, and biodata data handling protocols — now let's take a look into the exciting possibilities it offers.

In the competitive and highly regulated real estate market, verifying the authenticity of seller information is paramount. The NSW Government Department of Fair-Trading mandates strict guidelines for real estate agents, including the use of the “100-point ID system” and documentation to prove legal property ownership.

Australia's Digital ID transformation, particularly through the Australian Government Digital ID System (AGDIS), is set to streamline customer identification across public and private sectors. The rollout will enhance how customers verify their identity by integrating myGovID with state, territory, and eventually private sector digital IDs.

Australia's Digital ID Act 2024 is expected to transform identity verification. With the passage of this ground-breaking law, transactions will be faster and more securely completed online in place of the 100-point ID method. Imagine having a user-friendly app that allows you to link your government-issued IDs to a safe digital credential.

Shareable identity systems are revolutionizing compliance for AUSTRAC-regulated service providers. By enabling the secure exchange of verified customer information, these systems streamline the due diligence process, boost efficiency, and cut down on repetitive tasks.

The handling of customers’ personally identifiable information is undergoing a significant transformation. This is particularly evident in the field of accounting, where traditional methods of sharing and verifying identity information are proving to be increasingly risky and inefficient.

Client onboarding doesn't have to be a headache. Accountants are discovering a new approach to identity verification that streamlines the process, enhances security, and strengthens compliance.

Reusable identity is on the rise, shifting from traditional, repetitive identity verification methods to the emerging concept of reusable identity. This new system allows users to verify their identity once and use it across multiple platforms, enhancing efficiency, reducing costs, and improving privacy.

VerifiMe helps accountants verify client identities, crucial for ethical and compliant practices. The digital identity wallet integrates into existing workflows, ensuring secure, efficient identity verification and reducing risks associated with data breaches.

Discover how VerifiMe can transform compliance management for Chief Risk Officers in Australia. This article explores the benefits of VerifiMe’s real-time monitoring, automated alerts, and comprehensive reporting, providing CROs with the tools to enhance operational efficiency, ensure regulatory compliance, and drive strategic growth.