Should we turn ourselves in?

In a long awaited but unanticipated development, AUSTRAC have finally clarified (11 days before the law commences) that tranche 2 AML requirements will apply to insolvency appointments for companies. The company is the ‘client’ for AML purposes.

Whilst managing ‘Know Your Client’ requirements are likely to be only a minor difference from existing pre-appointment searches, the same can’t be said for suspicious transaction reporting. If the appointee (liquidator, administrator etc.) is the fiduciary carrying out the transaction (for example selling company real estate) is the appointee meant to report themself to AUSTRAC?

One would have hoped after waiting for a year that the outcome would have been better considered.