[(1) implies (2)]
As Mike Daas said in comment, $\operatorname{tr}(A^k)=0$ for all $k \geq 1$. Let $\lambda_ 1, \dots, \lambda_n$ be eigenvalues of $A$. After triangulization, you can see that $\operatorname{tr}(A^k)=\lambda_1^k + \dots + \lambda_n^k=0$, whence Newton's identity yields $\lambda_i = 0$ for all $i$.
Alternatively, we may assume that $A$ and $B$ are linearly independent and apply Lie's theorem for solvable Lie algebra $\mathbb C A \oplus \mathbb C B \subset gl_n(\mathbb C)$. As a result, $A$ and $B$ are simultaneously triangulizable. But then $A=AB-BA=[A, B]$ can be represented as a strictly (upper) triangular matrix. It follows that $A$ is nilpotent.
[(2) implies (1)]
Write $A$ in a Jordan canonical form and use the following identities to construct $B$. Here $e_{ij}$ is a matrix with $(i, j)$-entry $1$ and otherwise $0$.$$[e_{ij}, e_{kl}]=\delta_{jk}e_{il} - \delta_{il}e_{kj}$$
In particular, if $i<j$ we have $[e_{ij}, e_{jj}]=e_{ij}$, and $[e_{ij}, e_{kk}]=0$ holds if $i<j<k$.
[(1) and $A \neq 0$ implies that $B$ is not nilpotent]
Let $\varphi_{B}: Mat_n({\mathbb C}) \rightarrow Mat_n({\mathbb C}) $ as in the CHAMSI's answer. That is, $\varphi_{B}(X)=XB-BX$. Put $\varphi_{B}^1 = \varphi_{B}$ and $\varphi_{B}^{n+1}=\varphi_{B} \circ \varphi_{B}^{n}$. Then you can verify that $$A=\varphi_{B}(A)=\varphi_{B}^{k}(A)=\sum_{i=1}^{k} (-1)^{i} \binom{k}{i}B^i A B^{k-i} $$ for all $k$. If $B$ is nilpotent, letting $k$ large yields $A=0$; contradiction.