Barry Plant has partnered with a compliance platform to create a centralised structure across its offices ahead of this year’s industry-wide AML/CTF reforms.
Barry Plant has announced a network-wide partnership with compliance platform My Databoss to take the pressure off individual offices to ensure they meet the incoming requirements.
Barry Plant CEO Lisa Pennell said that much of the sector was still unprepared for the impact of the anti-money-laundering and counter-terrorism financing (AML/CTF) reforms, and the network wanted to ensure it was prepared.
“The impact of Tranche 2 anti-money laundering legislation cannot be overstated – every office, from a small suburban agency to a large franchise group, will be held to the same evidentiary standard by regulators,” Pennell said.
“This is not a moment to put your head in the sand – consistency, clear documentation and audit readiness will be critical.”
“At Barry Plant HQ, we’re taking the bull by the horns with AML.”
Pennel said the network had spent significant time identifying solutions to ensure the individual offices were prepared and supported while minimising disruptions to their day-to-day business.
She said the partnership will allow the network to provide a “centralised compliance structure” across all its offices, rather than having individual agencies handle their own compliance.
“We’re doing the heavy lifting on AML so that our franchisees don’t have to,” she said.
“Importantly, we’ve adopted a considered, hybrid model that supports offices without exposing the network to pooled liability.”
My Databoss CEO, Greta Menzies, said the partnership with Barry Plant represented a significant shift in the sentiment around the AML/CTF reforms.
“Tranche 2 isn’t just a box-ticking exercise; it's a structural change that requires robust, purpose-built infrastructure,” Menzies said.
“Our mission is to help businesses not just meet their AUSTRAC obligations, but establish a defensible compliance framework they can manage with confidence, clarity, and control."
Pennell said offices would benefit from the partnership in terms of compliance, but the decision to align with My Databoss went beyond solely what the platform could provide.
“We didn’t want to partner with just another technology platform that simply acts as a container for identity checks.”
“It was critical that we chose a partner who genuinely operates as an extension of our team and shares our values,” Pennell concluded.
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