AUSTRAC’s AML Starter Packs are here. Livesign is already aligned.
AUSTRAC has released its AML/CTF Starter Packs for conveyancers, accountants and real estate professionals, providing practical guidance on how firms should prepare for the upcoming Tranche 2 AML reforms.
These Starter Packs are designed to help newly regulated businesses understand:
- What client information needs to be collected
- How that information feeds into AML risk assessments
- What AUSTRAC expects firms to have in place before Tranche 2 obligations commence
For many practices, this guidance will be front of mind over the coming months — and for good reason.
What the AUSTRAC Starter Packs actually do
The AUSTRAC Starter Packs outline recommended client onboarding questions and risk considerations that firms should use to assess money laundering and terrorism financing risk.
In practice, this means firms will need to:
- Collect more structured client information
- Apply that information consistently across matters
- Use it to inform documented AML risk assessments
- Retain clear records that stand up to regulatory scrutiny
What AUSTRAC does not provide is the technology to run this process day to day. Without the right systems in place, many firms will end up managing:
- Separate onboarding forms
- Standalone risk assessment templates
- Disconnected identity checks
- Manual record keeping
This is exactly the problem Livesign set out to solve.
Built to align with AUSTRAC by design
Livesign’s AML solution has been built to align directly with AUSTRAC’s guidance.
Livesign includes AUSTRAC’s recommended client onboarding questions - every single one - built directly into the platform. That means firms don’t need to interpret, recreate or manage separate forms or templates.
Instead:
- Client onboarding questions are captured digitally, once
- Responses automatically populate the client’s AML risk assessment
- Identity verification, documents and AML records remain connected
- Everything runs through the same Livesign workflow firms already use
The result is a practical, defensible AML process that fits into real practice life — not a set of static documents sitting outside your systems.
Designed to meet AML compliance - not add large costs
As Tranche 2 approaches, many firms are understandably concerned about cost and operational impact. We’ve seen many competing vendors hit the market, trying to win over customers with unnecessary features and expensive lock-in subscription costs. And we’re asking ourselves why?
Livesign AML has been designed to meet new obligations without introducing new subscriptions or heavy transaction fees.
There are:
- No additional subscription fees
- No need for multiple disconnected tools
When Tranche 2 regulations come into force, AML checks will be available to Livesign customers as a pay-as-you-go option, added directly into existing Livesign workflows.
This means firms can scale their AML activity as needed, without locking into expensive or inflexible pricing models.
Livesign client-only webinars: staying ahead of Tranche 2
Livesign has been actively supporting customers through a series of client-only AML webinars, helping them understand the Tranche 2 reforms well ahead of commencement.
AUSTRAC’s newly released Starter Packs are the latest focus in that ongoing education. Our next customer-only session continues this series, ensuring Livesign customers remain a step ahead as requirements come into sharper focus.
It’s one of the ways Livesign customers are preparing early, and why many firms are choosing to make the move to Livesign ahead of Tranche 2.
Interested in how this could work for your firm?
If you’re not currently a Livesign customer and this approach sounds relevant to your practice, now is the time to get in touch.
Livesign is built for regulated transactions, helping firms verify identity, manage digital signatures and prepare for AML obligations through one platform.
Contact us today to learn how Livesign can support your firm ahead of Tranche 2.
