Conveyancers need close relationship with next govt on new AML/CTF rules

A leading Australian conveyancer says close collaboration between the industry and the next federal government is essential to assist the sector as it faces a landmark regulatory crackdown.

Nic Gould, managing director and principal lawyer at Colwell Conveyancing Group, said industry participants faced a big few years ahead as sweeping national anti-money laundering and counter-terrorism financing laws took effect.

Australia’s financial crime regulator AUSTRAC has previously warned it will not hesitate to pursue businesses that breach the new rules.

Gould said whichever party formed government by May it was clear the AML/CTF changes would “have a huge impact on our industry in terms of impact on resourcing, on process, and how we roll out those changes as conveyancers”.

“I would like to see a close working relationship (with government) as we roll those processes out. There’s no doubt they are a significant change to our industry and will require resourcing from our end but also cost,” he said.

Entities to be regulated from 2026, like conveyancers, need to enroll with AUSTRAC from March 31, 2026, with some other obligations commencing in July.

Property industry insiders have said AUSTRAC is likely to have the property market, historically a target for money launderers, in its sights when the new regime takes effect.

Gould said, referring to what the industry is looking for from the federal government on the issue, that “it’s about not just lumping the regulations on us but assisting us”.

“I don’t necessarily think they need to change it’s more about supporting us to roll those changes out,” he added.

Freeing up more housing supply was also at the top of the Queensland-based conveyancer’s election wish list.

“An increase in housing supply will mean an increase in land releases which means an increase in volume for conveyancers,” he said.

The government’s changes to foreign ownership rules for existing houses was another area worthy of action, according to Gould.

While he did not advocate a change to the investment rules, he said it was important that the government assisted conveyancers to understand the changes.

“It’s an education piece for our team,” he said. “It’s also a change to our customers so it’s about looking at what it means for them, what does it mean for the advice that we give.”

Policy settings aside, Sharon Bae, the head of Australian financial services firm Artemis Finance, said market fundamentals looked positive for conveyancers in 2025.

“Most people seem to be gearing up to buying a property this year or at least putting a plan in place to do so, so not only are we organizing pre-approvals to purchase homes and investment properties,” Bae said.

Likely further rate cuts from the Reserve Bank, which trimmed the official cash rate by 25 basis points on February 18, would also boost the industry, along with slated changes to how banks treated HECS debts, she said. “It will definitely increase demand,” she said.