#aml ctf rules for lawyers

[namescan]

AML CTF ACT Tranche 2 for Precious Metal Dealers Explained

Australia’s fight against financial crime continues to evolve, and with it, new industries must adapt to stricter obligations. Among those significantly impacted by the AML CTF ACT Tranche 2 reforms are precious metal dealers. Understanding how these changes affect your business is critical for staying compliant, avoiding penalties, and maintaining customer trust.

This comprehensive guide explains AML CTF ACT Tranche 2 for Precious Metal Dealers, outlines what’s changing, why it matters, and how your business can prepare effectively with practical solutions.

Understanding the AML CTF ACT Tranche 2

Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) is the foundation for preventing money laundering and terrorism financing across regulated sectors. Historically, Tranche 1 covered financial institutions like banks, remitters, and gaming providers.

However, criminal activities evolve, and so must the law. To close loopholes, AML CTF ACT Tranche 2 extends these obligations to additional sectors, including precious metal dealers, legal professionals, accountants, and real estate agents.

Under Tranche 2, businesses trading in high-value goods, like gold, silver, diamonds, and other precious metals, are classified as designated non-financial businesses and professions (DNFBPs). This means you’ll soon face the same obligations as traditional financial institutions.

Why Precious Metal Dealers Are in Focus

Precious metals are a prime target for money laundering because they’re high in value, portable, and easily traded across borders. Criminals use precious metals to clean illicit funds, move wealth discreetly, or store assets outside traditional banking systems.

The government’s aim with AML CTF ACT Tranche 2 for Precious Metal Dealers is to tighten oversight and prevent these channels from being exploited.

What Precious Metal Dealers Need to Know

If you buy or sell precious metals, even as part of jewellery, bullion, or scrap, you’ll need to comply with key AML/CTF obligations under Tranche 2. Here’s what you can expect:

1. Customer Due Diligence (CDD)

You must verify the identity of customers before completing significant transactions. This includes robust Know Your Customer (KYC) checks, especially for high-value deals.

2. Transaction Monitoring

Implement systems to detect suspicious patterns or large cash transactions that could indicate money laundering.

3. Record Keeping

Maintain clear, accessible records of all transactions and customer identification documents for at least seven years.

4. Reporting Suspicious Matters

Report suspicious transactions to AUSTRAC, Australia’s financial intelligence unit. Failing to do so can result in hefty fines or prosecution.

5. Develop and Maintain an AML/CTF Program

Create a tailored AML/CTF program outlining your business’s policies, procedures, and controls. This must be reviewed regularly and updated as regulations evolve.

Practical Steps Precious Metal Dealers Should Take Now

Adapting to the AML CTF ACT Tranche 2 for Precious Metal Dealers doesn’t have to be overwhelming if you plan proactively. Here are five practical steps:

1. Assess Your Risk Profile Understand your unique exposure to money laundering risks based on your products, customers, and transaction sizes.

2. Choose Reliable AML Tools Invest in robust AML/CTF software like NameScan’s Screening Solutions. Automated tools streamline ID checks, sanctions screening, and transaction monitoring.

3. Train Your Staff Your employees are your first line of defence. Train them to spot red flags and understand reporting obligations.

4. Consult Compliance Experts Consider seeking advice from AML/CTF compliance specialists to help design and implement your AML program.

5. Stay Updated Regulations evolve, so subscribe to AUSTRAC updates and trusted compliance resources to stay ahead.

Challenges Precious Metal Dealers May Face

While compliance is essential, it comes with challenges, especially for small and medium-sized dealers:

Cost of Implementation: Deploying KYC tools, hiring compliance officers, and updating systems can be costly.

Operational Disruption: New processes may disrupt existing workflows and require retraining staff.

Reputation Risks: Non-compliance or accidental breaches can damage your reputation and customer trust.

This is why partnering with an experienced AML/CTF solutions provider like NameScan is crucial.

How NameScan Supports Precious Metal Dealers

NameScan is your trusted partner for AML CTF ACT Tranche 2 for Precious Metal Dealers. We offer easy-to-integrate tools that help your business meet regulatory requirements with confidence and efficiency.

Key features include:

PEP & Sanctions Screening: Check customers against global watchlists and politically exposed person databases.

ID Verification: Verify identities in real time to satisfy KYC obligations.

Ongoing Monitoring: Automatically detect changes in risk status.

Compliance Reports: Generate detailed reports for audits and AUSTRAC submissions.

By using NameScan, precious metal dealers can safeguard operations while focusing on what they do best — growing their business.

FAQ: AML CTF ACT Tranche 2 for Precious Metal Dealers

1. When will AML CTF ACT Tranche 2 come into effect for precious metal dealers? The Australian government is progressing with Tranche 2 reforms, but implementation timelines are yet to be finalised. Precious metal dealers should prepare now to avoid last-minute compliance gaps.

2. Who is considered a precious metal dealer? Anyone buying, selling, or trading in gold, silver, platinum, palladium, and related high-value products. This includes refiners, jewellers, bullion traders, and scrap dealers.

3. How much is the transaction threshold for CDD? Typically, any transaction over AUD 10,000 will require enhanced due diligence, but thresholds may vary depending on risk factors and future legislative updates.

4. What happens if I don’t comply with AML CTF ACT Tranche 2? Non-compliance can lead to severe civil and criminal penalties, reputational harm, and potential closure of your business operations.

5. How can NameScan help me prepare? NameScan’s AML/CTF solutions help you meet Tranche 2 requirements cost-effectively with automated screening, ID verification, and monitoring — all from an intuitive platform.

Final Thoughts: Get Ready for AML CTF ACT Tranche 2 Today

Precious metal dealers can no longer ignore the rising tide of regulation. Understanding AML CTF ACT Tranche 2 for Precious Metal Dealers is the first step. The next step is taking action to protect your business from compliance risks and criminal exploitation.

By partnering with NameScan, you gain powerful tools, expert guidance, and peace of mind that your AML/CTF obligations are covered.

Ready to Protect Your Business?

Don’t wait until compliance deadlines arrive. Start your journey to stress-free compliance today with NameScan’s tailored solutions for precious metal dealers.

👉 Get Started with NameScan Today

[ferrerbonsoms]

Cryptocurrencies and blockchain regulation in Canada

Introduction to the legal situation of cryptocurrencies in Canada

Canada is a country in North America with a constitutional monarchy form of government. Canada is one of the richest countries in the world as far as the average income per person. We are a legal firm specialized in Blockchain, cryptocurrencies, smart contracts and tokenization.   Canada it is a decent place for the crypto industry Canada maintains a generally Bitcoin-friendly stance while also ensuring the cryptocurrency is not used for money laundering. The attitude of the Canadian government to cryptocurrencies has been twofold. First, caution in terms of protecting investors and the public. Second, encouragement in its support of new technology.   Cryptocurrencies and digital exchanges are legal. In Canada, cryptocurrency trading is absolutely legal and available with a wide range of exchange ATMs.   Canada’s cryptocurrency regulation is not supposed to tighten in terms of control and taxing of transactions made through virtual currencies.     Cryptocurrency is a commodity in Canada The Canada Revenue Agency has characterized cryptocurrency as a commodity. They also stated that the use of cryptocurrency to pay for goods or services should be treated as a barter transaction.   Cryptocurrencies are not considered legal tender in Canada     Canada’s tax laws and rules, including the Income Tax Act, also apply to cryptocurrency transactions The income generated is considered as business income. The taxation also depends on whether the individual has a buying-selling business or is only concerned with investing.   Cryptocurrencies are subject to the Income Tax Act.     Money Laundering and Terrorism Financing regulation and cryptocurrencies in Canada On June 19, 2014, the Governor General of Canada gave his royal assent to Bill C-31, which includes amendments to Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The new law treats virtual currencies as “money service businesses” for purposes of anti-money laundering provisions. The law is not yet in force, pending issuance of subsidiary regulations. Companies dealing in virtual currencies are required to register with the Financial Transactions and Reports Analysis Centre of Canada (Fintrac). They must also implement compliance programs, “keep and retain prescribed records” report suspicious or terrorist-related property transactions, and determine if any of their customers are “politically exposed persons.”   Entities dealing in digital currencies are regulated under AML/CTF laws blockchain lawyer, top blockchain lawyers, blockchain, blockchain and lawyers, blockchain smart contracts and lawyers, lawyer blockchain, best blockchain lawyers, blockchain lawyer Spain, Blockhain lawyer Madrid, Blockchian Lawyer Barcelona, Blockchain Lawyer Sevilla, Blockchain Laywer Pamplona. Blockchain Attorney.   Cryptocurrency regulation in Canada Canada allows the use of cryptocurrencies. The government Canada web page stated that: You can use digital currencies to buy goods and services on the Internet and in stores that accept digital currencies. You may also buy and sell digital currency on open exchanges, called digital currency or cryptocurrency exchanges. An open exchange is similar to a stock market.  To use digital currencies, you need to create a digital currency wallet to store and transfer digital currencies. You can store your wallet yourself or have a wallet provider manage your digital currency for you.     Cryptocurrencies are not a legal tender in Canada Digital currencies, such as Bitcoin or other cryptocurrencies, are not legal tender in Canada. Only the Canadian dollar is considered official currency in Canada.     The Currency Act defines legal tender According to section 8 of the Currency Act, legal tender is: -bank notes issued by the Bank of Canada under the Bank of Canada Act. (Currency Act, RSC 1985 c. C-52). -coins issued under the Royal Canadian Mint Act.   Digital currencies are not supported by any government or central authority, such as the Bank of Canada.     How tax rules apply to digital currency Tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from Canadian tax obligations.  

For taxation purposes

Cryptocurrencies are treated as commodities, not as money. Under securities laws, many cryptocurrencies or “tokens” are classified as securities. In Canada, cryptocurrencies are primarily regulated under securities laws.   This means digital currencies are subject to the Income Tax Act in Canada   A) Buying goods or services using digital currency Digital currencies are subject to the Income Tax Act (ITA). Goods purchased using digital currency must be included in the seller’s income for tax purposes. GST/HST also applies on the fair market value of any goods or services you buy using digital currency.   B) Buying and selling digital currency like a commodity Digital currency is characterized as a commodity under Canadian law. When you file your taxes you must report any gains or losses from selling or buying digital currencies. Digital currencies are considered a commodity and are subject to the barter rules of the Income Tax Act.   Not reporting income from such transactions is illegal.   The CRA has published a bulletin to “provide information that can help in determining whether transactions are income or capital in nature".     C) Mining Cryptocurrencies Low temperatures, and low electricity cost in Canada make this country particularly interesting for miners. In July 2018, following an increasing number of applications for electricity from miners, Hydro-Quebec tripled the price of electricity for new crypto-currency miners. This price increase is temporary, because Hydro-Quebec is currently proposing a new selection process to the Régie de l’énergie for future crypto-mining operations.  

Automated exchangers (Bitcoin ATMs) are legal in Canada

Automated exchangers are commonly referred to as Bitcoin ATMs. They are vending machines that allow you to insert cash in exchange for bitcoins, and in some cases bitcoins for cash. Unlike traditional ATMs, they are not connected to your bank, credit union or the Interac network. You may be charged a transaction fee for using a Bitcoin ATM. Shop around as exchange fees vary and you may be able to get lower rates elsewhere.    

Securities law and cryptocurrencies in Canada

In Canada, securities laws are enacted on a provincial and territorial basis rather than federally. The securities rules throughout the provinces and territories have largely been harmonised.   “Security” is broadly defined in Canadian securities legislation and covers various categories of transactions, including “an investment contract”.   The test for determining whether a transaction constitutes an investment contract, and therefore a security, for the purposes of Canadian securities laws was established by the Supreme Court of Canada, referring to the case Pacific Coast Coin Exchange v. Ontario (Securities Commission).   The Supreme Court of Canada identified the four central attributes of an investment contract: there must be an investment of money; with an intention or expectation of profit; in a common enterprise (being an enterprise “in which the fortunes of the investor are interwoven with and dependent upon the efforts and success of those seeking the investment, or of third parties”); and the success or failure of which is significantly affected by the efforts of those other than the investor.   This is what is know as the “Pacific Coin test”.   The Canadian Security Administrators (CSA) has published two staff notices: -On August 24, 2017, the Canadian Securities Administrators (CSA) published CSA Staff Notice 46-307 Cryptocurrency Offerings. -Staff Notice 46-308 Securities Law implications for Offerings of Tokens. We can also mention the Joint CSA/IIROC Consultation Paper 21-402 Proposed Framework for CryptoAsset Trading Platforms.   They stated that in the Staff Notice 46-307 that: “Many of these cryptocurrency offerings involve sales of securities. Securities laws in Canada will apply if the person or company selling the securities is conducting business from within Canada or if there are Canadian investors. Given the significant growth in this area and requests for guidance, we are publishing this Staff Notice to help financial technology (fintech) businesses understand what obligations may apply under securities laws.”   Specifically and as described in more detail in the Staff Notice: Securities may only be sold after a receipt has been received from a securities regulatory authority for a comprehensive disclosure document called a "prospectus", or pursuant to a private placement in reliance on a prospectus exemption; Businesses and individuals in the business of trading in or advising on securities must be properly registered or rely on an exemption from registration; and A platform that facilitates trades in coins/tokens that are securities may be a marketplace and need to comply with marketplace requirements or obtain an exemption from such requirements.   This Staff Notice will: Respond to requests from fintech businesses for guidance on the applicability of securities laws to cryptocurrency offerings and what staff will consider in assessing if an ICO/ITO is a distribution of securities; Discuss what steps fintech businesses can take if they are raising capital through ICOs/ITOs, so that they comply with securities laws; Highlight issues that fintech businesses looking to establish cryptocurrency investment funds should be prepared to discuss with staff; Discuss how the use of cryptocurrency exchanges may impact staff's review of ICOs/ITOs and cryptocurrency investment funds; and Explain how the CSA Regulatory Sandbox can help fintech businesses with cryptocurrency offerings comply with securities laws through a flexible process.    According to the Staff 46-307 every ICO/ITO is unique and must be assessed on its own characteristics. “For example, if an individual purchases coins/tokens that allow him/her to play video games on a platform, it is possible that securities may not be involved. However, if an individual purchases coins/tokens whose value is tied to the future profits or success of a business, these will likely be considered securities”.   The CSA have in many instances found that the coins/tokens in question constitute securities for the purposes of securities laws, including because they are investment contracts.   In arriving at this conclusion, the CSA have considered the relevant case law, “which requires an assessment of the economic realities of a transaction and a purposive interpretation with the objective of investor protection in mind”.   The Staff Notice 46-307 Cryptocurrency Offerings “which outlines how securities law requirements may apply to initial coin offerings (ICOs), initial token offerings (ITOs), cryptocurrency investment funds and the cryptocurrency exchanges trading these products.”   According to the Staff Notice 46-308 When an offering of tokens may or may not involve an offering of securities As it is indicated in SN 46-307, every offering is unique and must be assessed on its own characteristics. An offering of tokens may involve the distribution of securities, including because: the offering involves the distribution of an investment contract; and/or the offering and/or the tokens issued are securities under one or more of the other enumerated branches of the definition of security or may be a security that is not covered by the non-exclusive list of enumerated categories of securities. Advisors should consider and apply the case law interpreting the term “investment contract”, including considering whether the offering involves: An investment of money In a common enterprise With the expectation of profit To come significantly from the efforts of others The SCA in this Staff 46-308 stated that: “However, we have found that most of the offerings of tokens purporting to be utility tokens that we have reviewed to date have involved the distribution of a security, namely an investment contract. The fact that a token has a utility is not, on its own, determinative as to whether an offering involves the distribution of a security”.   In this Staff 46-308 the CSA has stated that the existence of some of the following cirumstances may cause a virtual currency to be considered an investment contract: 1.- the underlying blockchain technology or platform has not been fully developed. 2.- the token is immediately delivered to each purchaser. 3.- the purpose of the offering is to raise capital, which will be used to perform key actions that will support the value of the token or the issuer´s business. 4.- the issuer´s is offering benefits (like airdrops or bounties) to persons who promote the offering. 5-. the issuer´s management retains a significant number of unsold tokens. 6.- the issuer suggest that the token will be used as a currency or have a utility beyond its own platform. 7.- the token may reasonably expected to trade on a trading platform or in the secondary market, etc. 8.- the token are distributed for a monetary price. 9.- the token is fungible. 10.- number of tokens issuable are finite; or there is reasonable expectation that access to new token will be limited in the future. 11.- there are statements that the token will increase in value.     Prospectus requirement or exemption to complete an ICO/ITO in Canada As a general rule a prospectus must be filed and approved with the relevant regulator before a person or entity can legally distribute securities. A prospectus is a comprehensive disclosure document which seeks to satisfy the public protection aim of securities laws by disclosing information about the securities and the issuer to prospective investors.   Businesses looking to sell coins/tokens may do so under prospectus exemptions. Sales may be made to investors who qualify as "accredited investors" as defined under securities laws, in reliance on the accredited investor prospectus exemption.   For retail investors who do not qualify as accredited investors, sales will typically need to be made in reliance on the offering memorandum (OM) prospectus exemption (Section 2.9 of NI 45-106.b).   Accredited investor in Canada According to the 45-106 nº 1.1 an “accredited investor” means (a) except in Ontario, a Canadian financial institution, or a Schedule III bank, (b) except in Ontario, the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada), (c) except in Ontario, a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary, (d) except in Ontario, a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, (e) an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d), (e.1) an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador), (f) except in Ontario, the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada, (g) except in Ontario, a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec, (h) except in Ontario, any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government, (i) except in Ontario, a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada, (j) an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $1 000 000, (j.1) an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5 000 000, (k) an individual whose net income before taxes exceeded $200 000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300 000 in each of the 2 most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year, (l) an individual who, either alone or with a spouse, has net assets of at least $5 000 000, (m) a person, other than an individual or investment fund, that has net assets of at least $5 000 000 as shown on its most recently prepared financial statements, (n) an investment fund that distributes or has distributed its securities only to (i) a person that is or was an accredited investor at the time of the distribution, (ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 , or 2.19 , or (iii) a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 , (o) an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt, (p) a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be, (q) a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, (r) a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded, (s) an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function, (t) a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors, (u) an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, (v) a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor; or (w) a trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor’s spouse or of that accredited investor’s former spouse;     For retail investors who do not qualify as accredited investors in Canada   Sales will typically need to be made in reliance on the offering memorandum (OM) prospectus exemption (Section 2.9 of NI 45-106.b): (1) In British Columbia and Newfoundland and Labrador, the prospectus requirement does not apply to a distribution by an issuer of a security of its own issue to a purchaser if (a) the purchaser purchases the security as principal, and (b) at the same time or before the purchaser signs the agreement to purchase the security, the issuer (i) delivers an offering memorandum to the purchaser in compliance with subsections (5) to (13), and (ii) obtains a signed risk acknowledgement from the purchaser in compliance with subsection (15).   (2) In Manitoba, Northwest Territories, Nunavut, Prince Edward Island and Yukon, the prospectus requirement does not apply to a distribution by an issuer of a security of its own issue to a purchaser if (a) the purchaser purchases the security as principal, (b) the purchaser is an eligible investor or the acquisition cost to the purchaser does not exceed $10 000, (c) at the same time or before the purchaser signs the agreement to purchase the security, the issuer (i) delivers an offering memorandum to the purchaser in compliance with subsections (5) to (13), and (ii) obtains a signed risk acknowledgement from the purchaser in compliance with subsection (15), and (d) if the issuer is an investment fund, the investment fund is (i) a non-redeemable investment fund, or (ii) a mutual fund that is a reporting issuer.   (2.1) In Alberta, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan, the prospectus requirement does not apply to a distribution by an issuer of a security of its own issue to a purchaser if (a) the purchaser purchases the security as principal, (b) the acquisition cost of all securities acquired by a purchaser who is an individual under this section in the preceding 12 months does not exceed the following amounts: (i) in the case of a purchaser that is not an eligible investor, $10 000; (ii) in the case of a purchaser that is an eligible investor, $30 000; (iii) in the case of a purchaser that is an eligible investor and that received advice from a portfolio manager, investment dealer or exempt market dealer that the investment is suitable, $100 000, (c) at the same time or before the purchaser signs the agreement to purchase the security, the issuer (i) delivers an offering memorandum to the purchaser in compliance with subsections (5) to (13), and (ii) obtains a signed risk acknowledgement from the purchaser in compliance with subsection (15), and (d) the security distributed by the issuer is not either of the following: (i) a specified derivative; (ii) a structured finance product.   (2.2) The prospectus exemption described in subsection (2.1) is not available (a) in Alberta, Nova Scotia and Saskatchewan, to an issuer that is an investment fund, unless the issuer is a non-redeemable investment fund or a mutual fund that is a reporting issuer, or (b) in New Brunswick, Ontario and Québec, to an issuer that is an investment fund. (2.3) The investment limits described in subparagraphs (2.1)(b)(ii) and (iii) do not apply if the purchaser is (a) an accredited investor, or (b) a person described in subsection 2.5(1) . blockchain lawyer, top blockchain lawyers, blockchain, blockchain and lawyers, blockchain smart contracts and lawyers, lawyer blockchain, best blockchain lawyers, blockchain lawyer Spain, Blockhain lawyer Madrid, Blockchian Lawyer Barcelona, Blockchain Lawyer Sevilla, Blockchain Laywer Pamplona. Blockchain attorney. CSA Regulatory Sandbox The CSA Regulatory Sandbox is an initiative of the Canadian Securities Administrators (CSA) to support fintech businesses seeking to offer innovative products, services and applications in Canada. The CSA Regulatory Sandbox allows firms to register and/or obtain exemptive relief from securities laws requirements, under a faster and more flexible process than through a standard application, in order to test their products, services and applications throughout the Canadian market on a time limited basis. The CSA Regulatory Sandbox is open to business models that are innovative from a Canadian market perspective. Applicants can range from start-ups to well established companies. Firms that want to apply should be ready to provide live environment testing, a business plan and a discussion of potential investor benefits (including how it will minimize investor risks). Firms that do not meet these criteria can still apply to register or obtain relief through the standard application process.   Some of the firms that have been authorized in the CSA Regulatory Sandbox ZED Network Inc. May 21, 2019. Distribution of tokens TokenGX Inc. April 17, 2019. Exempt market dealer providing services in connection with crypto-asset offerings. Majestic Asset Management LLC. January 26, 2018. Investment fund manager for a cryptocurrency investment fund. Rivemont Investments Inc. January 26, 2018. Manager of the investment portfolio for a cryptocurrency investment fund. 3iQ Corp. January 19, 2018. Investment fund manager for a cryptocurrency investment fund. Token Funder Inc. October 17, 2017. Initial coin offering. They created a smart token asset management platform in order to facilitate capital rising. The Ontario Securities Commission (OSC) granted an exemption from the dealer registration requirement for a period of 12 months from the date of the decision (October 17, 2017). Ross Smith Asset Management ULC. September 22, 2017. Investment fund manager for a cryptocurrency investment fund. First Block Capital Inc. September 5, 2017. Investment fund manager for a cryptocurrency investment fund. Impak finance Inc. August 15, 2017. Initial coin offering Is the first Canadian company to complete a virtual currency offering with the approval of Canadian securities regulator. The new virtual currency is based on the waves blockchain platform. The “initial coin offering” of MPK was offered by way of a private placement in reliance on the prospectus exemption contained in section 2.9 (the “Offering Memorandum Exemption”) of Regulation 45-106 respecting Prospectus Exemptions (“Regulation 45-106”). Angel List, LLC and AngelList Advisors LLC. October 24, 2016. Online platform facilitating venture capital and angel investing in startups.   National Instrument (NI) 45-102 Generally, securities sold pursuant to a prospectus exemption are subject to resale restrictions. The purpose and substance of the National Instrument (NI) 45-102 is to harmonize certain provincial and territorial resale restrictions imposed on subsequent trades of securities initially acquired under an exemption from the prospectus requirement. NI 45-102 also takes a harmonized approach to distributions from a control block and to trades in securities of a non-reporting issuer over a foreign exchange or issuer.   Requirements for the registration and exemptions In addition to the prospectus requirement, an individual or entity engaged in the business of distribution of securities, or advising others with respect to securities, is required to register with Canadian securities regulators. The requirements for registration, and exemptions from registration, are set out in National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”). Once registered, the person or entity is subject to various reporting and compliance obligations. NI 31-103 covers various other categories of registration in addition to dealers and advisers, such as investment fund managers. blockchain lawyer, top blockchain lawyers, blockchain, blockchain and lawyers, blockchain smart contracts and lawyers, lawyer blockchain, best blockchain lawyers, blockchain lawyer Spain, Blockhain lawyer Madrid, Blockchian Lawyer Barcelona, Blockchain Lawyer Sevilla, Blockchain Laywer Pamplona. Blockchain attorney.  

Some initiatives of the Government of Canada

The government of Canada is testing blockchain technology and public information As “Globalnews” states the Canadian government has launched a trial to explore the use of blockchain technology in making government research grant and funding information more transparent to the public. For the trial, the National Research Council (NRC) is using the Catena blockchain Suite. It is a Canadian-made product built on the Ethereum blockchain. It can publish funding and grant information in real time. The pertinent information is stored on the Ethereum blockchain. And posted on an online database that Canadians can peruse.   The Bank of Canada tested Digital Depository Receipts (DDR) As a digital representation of Canadian currency in 2016 and 2017. DDR is a way to transfer central bank money on to a distributed ledger technology platform (DLT, or “blockchain”). This was tested in Project Jasper in the form of “CADcoin” where the Bank of Canada issued DDR, just like it would Canadian currency. blockchain lawyer, top blockchain lawyers, blockchain, blockchain and lawyers, blockchain smart contracts and lawyers, lawyer blockchain, best blockchain lawyers, blockchain lawyer Spain, Blockhain lawyer Madrid, Blockchian Lawyer Barcelona, Blockchain Lawyer Sevilla, Blockchain Laywer Pamplona. Blockchain attorney.     Read the full article

[phgq]

Anti-Terrorism Act to keep PH out of gray list

#PHnews: Anti-Terrorism Act to keep PH out of gray list

MANILA – An effective implementation of the Anti-Terrorism Act (ATA), not just simply instituting it, would keep the Philippines off the gray list of Paris-based anti-money laundering watchdog Financial Action Task Force (FATF).

In a reply to e-mailed queries from the Philippine News Agency (PNA), the Anti-Money Laundering Council (AMLC) Secretariat said the country should “demonstrate effective implementation of the Anti-Terror Act before the observation period ends in February 2021.”

During the virtual briefing on “Understanding the Human Rights Perspective of the Anti-Terrorism Act of 2020” last Sept. 3, AMLC executive director Mel Georgie Racela said 44 percent of all substantive sections in the ATA ensure human rights.

He said the law also addresses gaps in the country’s anti-money laundering and counter-terrorism financing (AML/CTF) system.

With the law's passage in July, the country could now implement tougher measures to combat terrorism even before the end of observation period on the effectiveness of the country’s AML/CTF.

The observation period was initially scheduled from October 2019 until October 2020, but it was extended until February 2021 because of the global pandemic.

According to the AMLC, among the ways to show the efficient implementation of the anti-terror law include having detailed timelines on identifying milestones on the convening of the Anti-Terrorism Council; the issuance of the Implementing Rules and Regulations (IRR); and the information dissemination to various stakeholders such as the law enforcement agencies and covered persons, including banks, insurance companies, entities supervised by the Securities and Exchange Commission (SEC) and the casinos.

Another way is the full and actual execution of Section 25, which discusses the designation of individuals, groups of persons, organizations, or association as terrorist based on the obligations under the United Nations Security Council Resolution (UNSCR) No. 1373, the AMLC Secretariat said.

Also needed is the “corresponding directive to file suspicious transaction reports and eventual freezing of their assets, if any, located in the Philippines", it said.

Being included in FATF’s gray list means a country has deficiencies on its financial system that makes it prone to risks on money laundering and terrorist financing.

The Philippines had been included in the gray list, and was even blacklisted, due to these deficiencies.

In 2000, the FATF blacklisted the Philippines based on its assessment that the country lacked the power to thwart money laundering and to pin down individuals involved in terrorist financing.

However, with the enactment of Republic Act 9160 or the Anti-Money Laundering Act of 2001 in September 2001, FATF elevated the Philippines to the gray list in June 2012.

The FATF then removed the Philippines from its watchlist in 2017 following the enactment of Republic Act 10927, which included casinos as among the covered institutions of the AMLC.

The AMLC has also proposed some amendments on the AMLA and it said that “failure to pass these amendments to the Anti-Money Laundering Act of 2001 (AMLA), as amended, and demonstrated it effective implementation will have similar effects, that is, inclusion in the Financial Action Task Force (FATF) International Co-operation Review Group (ICRG) gray list.”

“The AMLC has been very clear on this, during the Committee on Banks and Financial Intermediaries hearings chaired by Cong. Junie E. Cua. Thus, the AMLC remains optimistic that our competent authorities will deliver for the country and give the AMLC an opportunity to implement and to demonstrate positive and tangible progress,” it added.

The ATA was signed by President Rodrigo Duterte on July 3, 2020, giving the country more teeth to curb terror threats and acts. Government lawyers are still drafting the law's IRR which is expected to be out in a few months. (PNA) 

***

References:

* Philippine News Agency. "Anti-Terrorism Act to keep PH out of gray list." Philippine News Agency. https://www.pna.gov.ph/articles/1114988 (accessed September 10, 2020 at 10:39PM UTC+14).

* Philippine News Agency. "Anti-Terrorism Act to keep PH out of gray list." Archive Today. https://archive.ph/?run=1&url=https://www.pna.gov.ph/articles/1114988 (archived).

[legit-scam-review]

Why Experts Consider the Bill a Failure

Russia has been trying to pass cryptocurrency legislation since the beginning of January 2018, with no success as of yet. The government’s main bill, “On Digital Technologies,” which was expected to be passed by July 1 — according to the wishes of President Vladimir Putin — will instead most likely be pushed back until an October Duma session.

According to Artem Tolkachev, the self-proclaimed “first” lawyer in the Commonwealth of Independent States (CIS) to begin working with Bitcoin (BTC) and blockchain startups, the reason the crypto bills didn’t make it on the July agenda was “because of the complexity of the subject and lack of consensus over the state authorities about how and what they should regulate.”

The problems arising within Russia over how to regulate cryptocurrencies have taken the form of conflicts between the Russian Central Bank’s more conservative stance and the Ministry of Economic Development’s willingness to embrace a new technology with the hope of attracting more business to the country.

Tolkachev, who has been chairman of the Russian Blockchain.community since 2016 and founded the Blockchain Lab at Deloitte CIS, said that the current version of the crypto and blockchain legislation — which takes its form in three draft bills — has not lived up to his expectations.

Speaking to Cointelegraph, Tolkachev said that “of course” he is “disappointed by the current version of the regulation,” noting that the three bills — “On Digital Technologies,” regulation of the central bank on crowdfunding (including Initial Coin Offerings (ICO) and amendments to the Russian Civil Code — were prepared independently, which makes their legislation “rather ineffective.”

Tolkachev added,

“I spent around two years discussing with the central bank, the Ministry of Finance, the Ministry of Economic Development, the general security service and all [the] other guys [about] how we can regulate this stuff. And I was trying to sell the idea […] that we can be the country who attracts that kind of business and have the crypto-friendly environment here. Unfortunately, we have what we have. What can I say? That’s it.”

Yuri Igorevich Pripachkin, the president of the Russian Association of Cryptocurrency and Blockchain (RACIB), told Cointelegraph that the group was also consulted during the formation of the cryptocurrency bill, but that the bill still contains some unfavorable terms. According to Pripachkin, the Russian cryptocurrency bill in its current form is “far behind the ones which were accepted in Belarus, Kazakhstan and many other countries like Singapore, Switzerland.”

So what exactly is Russia’s digital economy legislation?

At the end of January 2018, the first variant of a Russian crypto bill was presented by Russia’s Ministry of Finance (MinFin). The bill on the digital economy included a framework for the regulations surrounding crypto and blockchain-related technology — like smart contracts, mining and ICOs. Russia’s central bank was also preparing a draft law on crowdfunding.

Tolkachev clarified that the draft laws are “not creating regulation for existing cryptocurrencies and tokens,” but are specifically aimed at newly created ICOs:

“According to these draft laws, none of the existing cryptocurrencies, especially cryptocurrencies with nothing behind [them], for example, Bitcoin […] will be allowed in Russia. It wouldn’t be under the scope of this legislation at all. According to the three bills, we can talk only about some kind of asset-based tokens, not about cryptocurrency.”

This first variation of the bill was originally opposed by the Bank of Russia, according to local news outlet TASS, which reported at the time that the central bank disagreed with the way transactions between crypto, rubles and foreign currencies were laid out. However, MinFin noted that any sort of legislative ban on crypto transactions will “lead to the creation of conditions for the use of such currency for illegal purposes.”

Pripachkin told Cointelegraph that “MinFin and [the] central bank, they can’t find the golden middle, because they’ve got different opinions in terms of cryptocurrency legislation, so it affects [the] legislative process.”

At the end of February, Russian President Vladimir Putin announced that crypto regulation should become law no later than July 1, 2018. At this time, Russia’s central bank still wanted to criminalize ICO token investments, while MinFin was insisting on just regulation, according to local news outlet Parlamentskaya Gazeta. The outlet quoted Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, who commented on the central bank’s position:

“The central bank has come out against the legalization of this kind of digital currency inasmuch as citizens could then actively invest in instruments without considering possible risks.”

Tolkachev noted that the state authorities like the Ministry of Economic Development are “much more about creating a good environment for business, for attracting new business,” and thus think the regulation should be changed from the current draft bills. On the other hand, Tolkachev notes that the central bank and the Minister of Finance are the “really conservative guys who don’t really want to see cryptocurrencies.”

In March of this year, a group of Russian deputies headed by the Chairman Aksakov submitted the first draft of legislation on cryptocurrencies and ICOs to the State Duma, as well as a draft of the bill “On Alternative Methods of Fundraising (Crowdfunding).”

This draft defines cryptocurrencies and tokens as digital assets, with trading only allowed through authorized cryptocurrency exchanges, and establishes KYC regulations for ICOs. Digital assets are also defined as property, not as a legitimate means of payment in the Russian Federation. This March version differs from the initial January variant in that it now echos crypto exchange requirements in United States — i.e., the verification of accounts for anti-money laundering (AML) and counter terrorist financing (CTF) purposes.

Tolkachev noted the problem with the bills were their references to “basic Russian AML/KYC rules,” as they “may not be effective for tracing and monitoring transactions with crypto assets.”

The March bill also suggests the maximum limit of an individual investment in ICOs be defined by Russia’s central bank rather than the January-suggested 50,000 rubles (about $800).

January’s disagreement between the central bank and MinFin had been solved in March, according to local news outlet Ria Novosti, with the Bank of Russia noting that it will be considered permissible to exchange rubles, foreign currencies or property for tokens issued by Russian ICOs, while it will not be allowed to use cryptocurrencies due to the possibility of “questionable transactions.”

Also in March, Igor Sudets, a member of the Duma’s expert panel on the digital economy and blockchain, said that due to the proposed bill’s limit on domestic investment in Russia ICOs, investors may not want to conduct Russian ICOs, according to Forklog:

“I very much hope that [ICO investment specifications] will be substantially finalized for the second reading. Because otherwise, nobody will want to conduct ICOs in Russian jurisdiction, since the main goal — to raise money — will be unattainable.”

In April, a review of the draft crypto bill added that the exchange of crypto for fiat of more than 600,000 rubles (about $9,500) or its foreign equivalent would fall under mandatory currency exchange regulation.

Pripachkin said that RACIB is currently working to create additions to the bill that can be proposed to the Duma, and hopes that the Russian officials will take the changes into consideration:

“For now, we’re working on preparation of some kind of tips, we really hope that they are going to hear us, according to these remarks we are preparing […] legal bodies should really understand that if they are going to accept the law which is not in the interested of such industry, then this industry is not going to survive.”

He noted that he does believe that the drafts “are going to be accepted and implemented later on.” Otherwise, in Pripachkins’ opinion:

“None of the foreign investors will come, and what is more — the local industries could leave the country.”

The problems that Pripachkin sees in the bill are that there is not a lot of clarity “in terms of the mechanism of ICOs, nor about crypto exchanging licensing,” but he does note that mining is noted as being classified as an entrepreneurial venture for taxation and VAT purposes.

Where the crypto bill is now

The most recent version of the bill was approved by the State Duma in its first reading on May 22 in an almost unanimous vote — 410 for and one against.

However, on Sept. 19, Russian news outlet Vedomosti reported on an updated version of the bill, which no longer contains a definition for “cryptocurrency,” and where mining is defined as the “release of tokens to attract investment in capital.” In the previous version of the bill, mining was the extraction of cryptocurrencies.

The bill does not make digital currencies a legitimate means of payment. Instead, the central bank, the Ministry of Finance and the Ministry of Economic Development will create separate guidelines for these currencies to be used as payment in “controlled quantities.” The bill also makes a digital confirmation by a user in a smart contract legally equivalent to their written consent.

And, while crypto exchanges don’t fall under the scope of the bills’ legislation, Tolkachev noted that Russians can still trade in crypto through peer-to-peer (p2p) transactions in a “so-called ‘grey zone.’” In a separate comment with Vedomosti, Tolkachev underlines that the draft law does not regulate transactions with cryptocurrencies. Russia’s Federal Financial Monitoring Service notes that crypto exchange operators are subject to Article 5 of Federal Law 115-FZ (AML and CTF) or they will lose their license.

Pripachkin told Cointelegraph that the “Russian crypto industry and crypto economy is headed [down] the best path […] It’s not a problem for us that we are restricted by legislation in Russia. But, of course we would love to have the first [legislative norms] in the world.”

At the beginning of September, Dmitry Peskov, a special representative of the Russian president, said that Russia was not ready for the circulation and issuance of cryptocurrencies, as it “contradicts the basic functions of government.” Peskov notes that the best way forward to develop the cryptocurrency sphere legally in the country is to create a regulatory sandbox to analyze the different aspects of the crypto industry.

To this end, the Central Bank of Russia also announced on Sept. 11 the successful test of an ICO trial conducted with Sberbank and the National Settlement Depository.

More recently, on Sept. 15, a lobby group of the Russian Union of Industrialists and Entrepreneurs (RSPP) announced that they were also working on an alternative crypto regulation bill in order to clarify the supposed contradictions in the existing bill “On Digital Financial Assets.” This new bill is set to be developed by Russian businessmen, including two of the richest businessmen in the country: Vladimir Potanin, of the nickel and palladium mining and smelting company Nornickel, and Viktor Vekselberg, head of the Russian innovation fund Skolkovo.

Elina Sidorenko, the vice president of RSPP, explained that the new version of the alternative bill will divide digital assets into three groups: tokens, which will be equivalent to securities, cryptocurrencies, and digital ‘signs.’ Sidorenko, who didn’t clarify what “digital ‘signs’” entailed, noted:

“Cryptocurrencies will have a special status, which has never appeared in Russian legislation before, and will be regulated on the basis of laws and regulations that will be issued by the Russian Central Bank. The central bank will issue licenses for exchange operations. In this regard, the status of crypto owners will be notably facilitated in comparison to securities owners.”

If approved by members of the RSPP, the bill can then be then discussed with Russian officials in October.

In mid-September, cryptocurrency exchange Huobi joined Russia’s VEB Innovation Fund to share notes on crypto regulation and help create “a legal basis that could compete with current promising jurisdictions.”

Putin and crypto

Although President Putin himself instigated the now-passed deadline for cryptocurrency regulation, the country’s leader has still not made any clear, definitive statements about the future of cryptocurrency in Russia.

However, cryptocurrency was mentioned during President Putin’s most recent live Q&A “Direct Line” with the public, where he spoke relatively negatively — albeit vaguely — about cryptocurrencies and their use cases, noting that they work partially in Japan but not in any other countries.

Tolkchev believes that the reason Putin chose to speak about crypto in “Direct Line” is the lack of consensus between the regulator and the state authorities,

“That’s why if he answers something, in some way, it would be something like a direct order to the regulators and the state authorities. I think he just doesn’t want to do it right now because a lot of discussions are taking place over this topic.”

Pripachkin added that Putin was just repeating the position of the central bank, and that RACIB in their proposed amendments to the crypto bill is “working on explanations [on] why they’re thinking somehow in the wrong way […] [and] trying to clarify the fears of the central bank.”

The future of crypto in Russia

Cryptocurrency use to avoid sanctions has become a topic worldwide after Venezuela, a country under international sanctions, created its oil-backed government cryptocurrency, the Petro, earlier this year.

In January, Sergei Glazyev, economic adviser to President Putin, said that a Russian government-created “CryptoRuble” would be able to alleviate some economic pressure caused by Western sanctions.

However, Tolkachev doesn’t think that Russia will be looking to cryptocurrencies to avoid sanctions anytime soon, especially as the CryptoRuble is “still nothing but a rumor that’s been denied a number of times by various state authorities”:

“I think from the [state’s] perspective, it’s not a very safe way to use some kind of cryptocurrencies which [the] state doesn’t control, to rely on it as a main source of dealing with the sanctions […] As far as I understand the current agenda, it’s not on the list, we can’t use crypto to beat the sanctions.”

On the other hand, Pripachkin was confident that the CryptoRuble project will eventually be implemented:

“This project will be created. Sergey Glazyev is highly advanced in economics, and he understands what he is talking about.”

But Tolkachev does think that Russia will continue to see cryptocurrencies as something to have control over, as that has been the Russian mentality for the past “10 years”:

“Russia and the Russian mentality of the last 10 years was about competing with the [rest of the] world and building something of our own. And of course the Russian government would like to have a control over the internet, over […] cryptocurrencies […] For such kind of situation where a lot of people are involved, a lot of new technology involved, the government would like to have a little bit more pressure than other countries because of the paradigm in which we are living.”

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AML/CTF Tranche 2 for Real Estate: What You Must Know

The Australian real estate sector is facing increased scrutiny as it moves closer to being included in AML/CTF Tranche 2 reforms. This potential expansion of anti-money laundering and counter-terrorism financing (AML/CTF) laws to cover real estate agents is a game-changer, and understanding the implications is vital for compliance, risk mitigation, and professional integrity.

In this blog post, we break down everything real estate professionals need to know about AML/CTF Tranche 2: what it is, why it's happening, what changes are coming, and how to prepare.

What Is AML/CTF Tranche 2?

Australia's AML/CTF Act 2006 currently applies to businesses in sectors such as banking, remittance, and gambling. However, the second tranche (Tranche 2) proposes to expand these obligations to high-risk sectors including real estate agents, lawyers, and accountants.

Tranche 2 has been discussed for over a decade, and in 2024, momentum has increased due to pressure from global bodies like the Financial Action Task Force (FATF) and a growing need to protect the property market from illicit funds.

Why Real Estate Is Targeted

AML/CTF Tranche 2 for Real Estate is a prime target for money launderers due to the high value of transactions and the ability to obscure ownership. Criminals often use property purchases to clean dirty money or store wealth, making the industry vulnerable without proper oversight.

Key Obligations Under AML/CTF Tranche 2 for Real Estate

Once implemented, real estate professionals will be subject to obligations similar to those in the financial sector. These may include:

Customer Due Diligence (CDD): Agents will need to verify the identity of clients before establishing a business relationship.

Ongoing Monitoring: Professionals must track transactions and relationships over time to identify suspicious activities.

Suspicious Matter Reporting (SMR): Real estate agents will be required to report any suspicious transactions to AUSTRAC.

AML/CTF Program Development: Agencies will need to develop internal compliance programs, risk assessments, and staff training modules.

Record Keeping: Real estate businesses must retain relevant records for up to seven years to comply with regulatory audits.

Practical Steps to Prepare for AML/CTF Tranche 2

1. Conduct a Risk Assessment

Start by understanding the specific risks your agency faces. Evaluate client types, transaction values, geographic areas, and business models.

2. Implement Identity Verification Procedures

Use reliable identity verification solutions that meet government standards. Digital onboarding and biometric checks can streamline the process.

3. Develop Internal AML/CTF Programs

Create a structured AML/CTF compliance plan that includes written policies, roles and responsibilities, employee training, and escalation protocols.

4. Invest in Screening and Monitoring Tools

Using tools like NameScan, real estate agencies can screen clients against global sanctions, politically exposed person (PEP) lists, and adverse media databases.

5. Train Your Staff

Educate your team on AML/CTF risks, regulatory expectations, red flags, and reporting procedures. Ongoing training ensures awareness and reduces compliance risks.

Benefits of AML/CTF Tranche 2 Compliance

Although it brings additional responsibilities, AML/CTF Tranche 2 compliance can be a competitive advantage. Benefits include:

Improved Reputation: Show clients and partners that you prioritize transparency.

Risk Reduction: Reduce the chance of unknowingly facilitating criminal activity.

Global Alignment: Comply with FATF expectations and enhance Australia’s international reputation.

Operational Efficiency: Leveraging AML tools automates many compliance tasks, improving workflow.

Challenges in Adopting AML/CTF Tranche 2

Cost of Implementation: Smaller agencies may struggle with the financial burden.

Complexity of Regulations: Understanding legal requirements can be daunting without expert help.

Resistance to Change: Staff may resist new processes, especially if poorly communicated.

These challenges can be overcome through proactive planning, consultation, and leveraging user-friendly compliance solutions.

How NameScan Supports Real Estate Agents

NameScan provides advanced risk screening solutions tailored for AML/CTF Tranche 2 compliance. Key features include:

PEP & Sanction Screening

Adverse Media Monitoring

Real-time Alerts

Customizable Compliance Workflows

With NameScan, real estate businesses can stay ahead of compliance deadlines while maintaining operational efficiency.

Frequently Asked Questions (FAQ)

Q1: When will AML/CTF Tranche 2 be implemented for real estate? A: The timeline isn't confirmed yet, but strong indications suggest legislative action may occur soon, possibly in 2025.

Q2: What happens if I don’t comply with Tranche 2 requirements? A: Non-compliance can lead to significant fines, reputational damage, and even criminal charges.

Q3: Can I handle compliance manually? A: While possible, manual processes are prone to error. Using automated solutions like NameScan is more efficient and reliable.

Q4: How do I know if my client is high risk? A: Factors include source of funds, geographic location, occupation, and association with PEPs or sanctions.

Q5: Where can I get AML training for my team? A: Many AML/CTF training providers exist, and NameScan can connect you with certified training solutions.

Conclusion: Don’t Wait to Get Compliant

AML/CTF Tranche 2 for real estate is on the horizon. Now is the time for agencies to assess risk, implement robust procedures, and adopt digital tools like NameScan to streamline compliance.

Real estate professionals who act early not only avoid legal trouble but also gain a reputation for trustworthiness and operational excellence.

Ready to Future-Proof Your Real Estate Business? Start your AML/CTF compliance journey today with NameScan and safeguard your agency from risk. Sign up now and stay compliant, efficient, and ahead of the curve!

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