AML/CTF Tranche 2 compliance officer Current

Appointing an AML/CTF compliance officer

What the role generally covers for firms newly regulated under Tranche 2.

Firms with AML/CTF obligations generally need someone accountable for the day-to-day operation of their AML/CTF program. This guide explains what that role generally involves. Exact requirements are set out in AUSTRAC's own rules and guidance. It is general information, not legal or compliance advice.

Action plan

1 Assign an AML/CTF compliance officer Name a person accountable for your firm's AML/CTF program.

Your firm's AML/CTF program generally needs a named person responsible for its day-to-day operation, acting as the point of contact for AML/CTF matters inside the firm. AUSTRAC's own guidance sets out the exact requirements for who can hold this role. Vertical Flows does not decide who this should be or certify the appointment.

  • Decide who in your firm will hold this role
  • Confirm the appointment against AUSTRAC's current guidance
  • Document the appointment and the date it took effect

Done when: Your firm has a named, documented AML/CTF compliance officer

AUSTRAC: Tranche 2 obligations factsheet
2 Set out what the role covers Document the day-to-day AML/CTF responsibilities the role is accountable for.

A typical AML/CTF compliance officer role oversees the firm's AML/CTF program, acts as the internal escalation point for unusual or higher-risk matters, and helps keep the program current. Vertical Flows can structure the escalation and review workflow the role relies on. It does not perform the role itself.

  • Document what the role is responsible for day to day
  • Set out how staff should escalate AML/CTF concerns to this person
  • Review and update the role's responsibilities as your firm's program matures

Done when: The compliance officer role's responsibilities are documented and known to staff

See how structured intake and review works