Welcome
LYRA Risk & Compliance
Comprehensive & Express Solutions
AUSTRAC Tranche 1 & Tranche 2 AML/CTF Compliance Requirements
About Lyra
Our Mission
At LYRA Risk & Compliance, our mission is to simplify compliance, educate and protect businesses, customers and our communities from the harms of financial crime risk through pragmatic and innovative AML/CTF, risk and compliance solutions
Who we are
Why it's important
Who we are
LYRA is a specialist compliance, financial crime risk and implementation consultancy helping businesses navigate this complex regulatory space and AUSTRAC compliance requirements.
What we do
Why it's important
Who we are
Our Approach: Tailored solutions, practical advice, deep industry knowledge and partnership with the right technology providers.
Why it's important
Why it's important
Why it's important
Financial crime devastates economies, robbing trillions of dollars from countries, organisations, individuals and communities worldwide. It does this through the manipulation, misrepresentation and exploitation of systems and individuals. Protecting our businesses, our communities and our families is our key ethos and driver.
AML / CTF Reforms are coming soon
Tranche 1- Reforms for entities already regulated
Tranche 1- Reforms for entities already regulated
Tranche 1- Reforms for entities already regulated
- Who is Impacted?
- Financial Institutions
- Money Service Businesses
- Gambling Providers
- Bullion dealers
- Financial Intermediaries
- Trustees (some)
How are they impacted?
- Customer Due Diligence changes to initial, ongoing, simplified and enhanced due diligence
- Risk assessments & utilisation within the AML/CTF Program
- Governance & oversight - Program structure, governing body changes
- Funds Value Transfers - amending approach for existing international funds transfer instruction (IFTI) reports
- Information sharing & tipping off changes
- Reporting group - a new concept
DUE - 31 MARCH 2026
Tranche 2 - Legislation for new Industries
Tranche 1- Reforms for entities already regulated
Tranche 1- Reforms for entities already regulated
Who is Impacted?
- Real Estate Agents
- Lawyers & Conveyancers
- Accountants & Auditors
- Gem & Precious metal dealers
- Trust & Company service providers
How are they impacted?
- Enrolment with AUSTRAC for all new reporting industries
- Development and maintenance of an AML/CTF Program tailored to the business including appropriate risk assessments
- Conduct Initial and ongoing customer due diligence
- Report and monitor certain transactions and suspicious activities
- AML/CTF Awareness Training
- Record Keeping - Make and keep records ensuring they are complete, accurate and retrievable.
DUE - 1 JULY 2026
What happens if you don't comply
AUSTRAC (Australian Transaction Reports and Analysis Centre)
AUSTRAC is the regulator that can and will take enforcement actions against reporting entities that do not comply with Australian AML/CFT legislation
Enforcement Actions
These are legal actions AUSTRAC can take to make sure reporting entities comply with the law.
Examples of these are:
- Civil penalty orders
- Infringement notices
- Enforceable undertakings
- Remedial directions
Other actions AUSTRAC can take
Appoint an external auditor to review a reporting entities' money laundering/terrorism financing (ML/TF) risk management and compliance, or undertake an ML/TF financing risk assessment.
Cost of non-compliance
All of the above actions may pose additional and far greater costs than had the activities been implemented properly initially by the reporting entity in managing AML/CFT risks and ensuring compliance.
These can stretch into tens, and hundreds of millions of dollars depending on the size of the entity and extent of non-compliance.
Reputational damage ensues and can be irreparable. For larger firms this can be extremely costly whilst for smaller firms a death knell.
Infringement Notices
A daily penalty of $18,780 for specific # of days or potentially months delay, after which the annual Compliance Report has not been submitted.
Risk Management Consulting
Our risk management consultants will help you identify and mitigate potential risks to your business. We will help you develop the appropriate products, processes and procedures and ensure your business is prepared for the upcoming implementation dates.
Why Lyra?
Deep Subject Matter Expertise
Express & Comprehensive Solutions
Express & Comprehensive Solutions
Our consultants have a deep understanding of AML/CTF regulations and have successfully implemented compliance programs in various jurisdictions for many different clients. This expertise allows us to provide valuable insights and best practices to our clients.
Express & Comprehensive Solutions
Express & Comprehensive Solutions
Express & Comprehensive Solutions
We offer a comprehensive range of services, across all material development, testing and implementation. We will work with all AUSTRAC provided materials to ensure these are fit for purpose, easy to understand and business ready solutions. We will provide targeted and express solutions to suit client needs.
Client-Centric Focus
Adaptability & Agility
Adaptability & Agility
We prioritise our clients' needs and work closely with them to understand their challenges and objectives. Our client-centric focus enables us to deliver solutions that are aligned to business and cost needs. We will work with the right software providers to ensure the right tools are chosen and support clients with implementation.
Adaptability & Agility
Adaptability & Agility
Adaptability & Agility
We are agile and adaptable, able to quickly respond to specific client needs, regulatory changes and emerging threats. Our flexibility ensures that clients remain compliant and resilient in a dynamic regulatory environment.