Time for conveyancers to get on the front foot
Enrolment has begun for businesses to start the process of making changes in line with the Tranche 2 AML/CTF reforms.
MARCH 31 is a red-letter day for conveyancers, lawyers, property developers, real estate agents and others included in Tranche 2 of AUSTRAC’s AML/CTF reforms.
As of today, enrolment opened for Tranche 2 entities.
If your business hasn’t yet developed an AML/CTF plan, now is definitely the time to start.
You must ensure that your business is enrolled by July 29 2026.
But, as of July 1, AUSTRAC has warned it will begin looking out for non-compliant operators.
It will “prioritise enforcement against entities that wilfully ignore the obligation to enrol (and/or) are complicit with, or wilfully blind to, money laundering activities”.
AUSTRAC is doing its best to make the process as easy as possible, with clear guidance, webinars, posters, fact sheets and starter kits, all available via www.austrac.gov.au
Key pages include “About AML/CTF reforms” and “Preparing for the changes if you’re newly regulated.”
Conveyancers and others need to:
· have an AML/CTF program, either using a starter kit or their own
· appoint an AML/CTF compliance officer
· train staff on the program and internal processes
· be ready to report suspicious matters.
AUSTRAC says organised crime costs Australia at least $60 billion a year, with real estate “widely exploited” to wash dodgy money.
It stresses it’s out to catch criminals, not conveyancers … but stiff penalties apply for non-compliance.
Firms electing to do-it-themselves can begin by searching AUSTRAC online for “starter kit”. There’s one for every affected industry.
But, as the agency says, the time to act is now.
