What is AML/CTF?
Australia has introduced new Anti-Money Laundering & Counter-Terrorism Financing (AML/CTF) reforms known as Tranche 2 to strengthen protections against financial crime. These reforms extend AML/CTF obligations to industries such as lawyers, conveyancers, real estate and accountants. The goal is to close regulatory gaps, align with global standards, and better prevent money laundering and terrorism financing across Australia.
Why you’re being asked for personal information
As part of the new laws, businesses must verify their clients’ identities before providing certain services. This includes collecting information such as:
- Verification of identity
- Address details
- Company ownership or beneficial ownership information, if relevant
- Trust information
These checks help ensure that services aren’t misused for illegal activities. The verification process is a standard legal requirement, not a reflection on you or your transaction.
How will your information be used?
Your information will only be used to meet legal AML/CTF requirements, which may include:
- Verifying your identity
- Conducting due diligence
- Supporting ongoing compliance and monitoring obligations
Your data will not be used for marketing, sold, or shared beyond what the law requires for AML/CTF compliance.
How long will your information be stored?
Under AML/CTF legislation, businesses must securely retain identification and verification records for 7 years. InfoTrack stores all acquired information with its secure, ISO-certified platform for the full retention period, after which it is safely deleted in accordance with regulatory requirements. Our interaction with you in the AML/CTF process will be through our agents, InfoTrack.
To access our privacy policy
Contact our Privacy officer, Martin Tranter – Partner 2/21 Warner Street, Port Douglas Qld 4877 Phone: 07 4030 4800 Email: admin@bbtranter.com.au