A learning curve: AUSTRAC’s plan for AML/CTF reform
Anti-Money Laundering and Counter Terrorism Financing law reforms enforced in July 2026 bring serious obligations to conveyancers and other property professionals. But the man overseeing the change doesn’t expect perfection from the get-go.
MANY conveyancers worry they’ll be slapped with $19,000-a-day fines if they don’t immediately comply with AML/CTF rules, but AUSTRAC assures us that’s not the intention.
“We certainly don’t expect people to be perfect from Day One,” AUSTRAC Chief Executive Brendan Thomas told Australian Conveyancer’s inaugural Settlement Day podcast (details below).
“We expect it to be quite a learning curve, to understand what financial crime is, and to understand what you need to do to comply with these new anti-money laundering laws.
“And we’ll work with you, particularly yourselves as representatives of your industry, in every step of the way.”
The representatives he was addressing were AIC NSW President Jennie Tonner and AIC Victoria President Shakila Maclean.
Thomas said the first task for practitioners is to register or enrol with AUSTRAC between March and July (details are on its website) and start their compliance program from July 1st.
Jennie Tonner said members feared those $19,000 penalties that would wipe out a small practitioner.
But Thomas said the only people at risk were those who completely ignored their responsibilities or turned a blind eye to blatant crime.
“We’ve never pursued any small business for not ticking the right box or failing small elements of their programs,” he added.
“It just has never happened, and we have no intention of doing that.
“People that are worried about getting some sort of $19,000 fine because they haven’t filled in the right form or they haven’t submitted the right report, they don’t need to worry about that from us.”
Thomas has previously stressed in interviews with AC that his targets are not suburban conveyancers, but money launderers: the criminals behind a $68 billion a year racket.
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