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Tranche 2 Guide
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Quiz: Your Obligations Under Tranche 2
Answer all 10 questions. You need at least 80% to pass.
1
When does Tranche 2 compliance become mandatory?
1 January 2025
1 July 2026
1 January 2027
It's already mandatory
2
Which of these is NOT a Tranche 2 designated service?
Real estate transactions
Retail banking
Legal conveyancing
Trust & company services
3
How often must your AML/CTF Program be independently reviewed?
Annually
Every two years
Every five years
Only when AUSTRAC requests
4
What is a risk-based approach?
Treating all customers the same
Applying stricter measures to higher-risk situations
Only checking high-value transactions
Avoiding high-risk customers entirely
5
What are the four main sources of ML/TF risk?
Customer, transaction, location, timing
Customer, geographic, product/service, delivery channel
Identity, payment, property, purpose
Buyer, seller, agent, bank
6
Why was Tranche 2 introduced?
To increase tax revenue
To bring Australia in line with international FATF standards
To reduce property prices
To create jobs in compliance
7
How long must you keep AML/CTF records?
3 years
5 years
7 years
10 years
8
What must be included in your AML/CTF Program?
Only CDD procedures
Risk assessment, CDD, SMR procedures, training, independent review
Just a policy document
Only reporting procedures
9
Who can conduct the independent review of your AML/CTF Program?
Only AUSTRAC
The compliance officer themselves
An external auditor or independent qualified person
Any staff member
10
What is the first step to prepare for Tranche 2?
Wait for AUSTRAC to contact you
Enrol with AUSTRAC and appoint a compliance officer
Hire a full-time lawyer
Do nothing until July 2026
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