As Tranche 2 rolls in, the biggest risk isn’t the legislation — it’s culture. Many newly regulated entities are led by CEOs who sit close to the client and the deal. Their instinct is commercial first, compliance second creating a real tension for AMLCOs. And in founder‑led, relationship‑driven environments, shortcuts can feel justified: "We know this client", "We’ll get the documents later", or “We don’t want to lose the deal.”