Thank you to the more than 1,300 businesses including current reporting and tranche 2 entities that took part in our recent research — the largest study we’ve conducted to date. 

“Your time, honesty and insights are invaluable in helping us shape the way forward,” said CEO Brendan Thomas.

The Industry Readiness Research study gave us an insight into industry readiness for the AML/CTF reforms. 

We’ve heard your feedback.

Your feedback reaffirmed our focus and highlighted the need for clear, accessible information about the AML/CTF reforms and what it means for your business. Importantly, your feedback helped us identify new opportunities to strengthen the support we provide to ensure a smooth transition for businesses, regardless of experience, size or sector. 

From current reporting entities we heard that: 

• most have already taken preparatory action and are reasonably confident they will be ready to comply, though confidence levels vary by sector
• concerns are heightened among medium-to-large businesses, driven by the timeframes to implement changes and investment in system upgrades. Smaller businesses perceive that large-scale changes are not required due to smaller volume of applicable clients and are therefore less concerned about the time and investment required. 

From tranche 2 entities, we heard that: 

• awareness of the reforms exists, but understanding of what the changes mean in practice remains limited for many businesses. Most believe they will be ready, though many prefer to wait for detailed guidance and starter programs coming at the end of January before confirming their readiness
• some businesses raised concerns about the complexity, time and cost involved in implementing the changes, noting more accessible information will help them plan effectively. 

In the lead-up to key reform dates, we will be undertaking additional surveys to monitor awareness and readiness levels to make sure we continue to understand industry needs and where we can further assist. Details on Industry Readiness Research survey activities will be shared in future. We appreciate the time you took to share your perspectives and experiences. 

Your voices are shaping the delivery of the AML/CTF reforms to ensure they deliver meaningful outcomes for business and the wider community.