Following its recent submission (regarding proposed designated services), the Institute met with the Attorney General's department and AUSTRAC regarding the designated services which will bring members into the second tranche of AML/CTF reform.  
 
The Attorney General's Department clarified that the first tranche obligations for reporting entities will apply to second tranche designated services, subject to issues raised through the ongoing consultation process.  
 
The Institute will review the first tranche to identify any significant implementation issues for members affected by the second tranche. These will be communicated to the Attorney General's Department and AUSTRAC when the consultation process resumes after the Federal election.  
 
Relevant links:

• The Institute: Submission regarding proposed designated services
• The Institute: Submission appendix (detailed comments in relation to designated services)