Unpacking the obligations and anxiety about AML/CTF laws
The Australian Conveyancer launches an exclusive podcast series on Thursday, November 6. The first topic promises clarity on the money laundering law reforms that have caused anxiety across the sector.
THE Australian Conveyancer will broadcast an exclusive discussion between industry leaders and the man overseeing next year’s introduction of anti-money laundering and counter terrorism financing law reforms.
It will launch the pilot of a special video postcast series called Settlement Day at midday, Thursday, November 6 (AEDT) on the back of the legislated change, some conveyancers fear will place an unreasonable burden on their business.
AUSTRAC chief executive Brendan Thomas will lay out the rationale of the reform with Australian Institute of Conveyancers presidents in Victoria, Shakila Maclean, and NSW, Jennie Tonner in an attempt to allay concerns it will ruin small businesses.
The series will be moderated by primetime television property reporter Angelique Opie.
Publisher of the Australian Conveyancer Tony Gillies said AML/CTF changes was dominating discussion among conveyancers nationwide.
“It matters deeply,” he said. “We’re hearing concerns, fuelled in part by a delay in the guidelines they will need to follow.
“They’re seriously worried, and there’s quite a bit of emotion out there, so our role is to facilitate a constructive discussion aimed to offer some comfort,” Gillies said.
“Settlement Day will cover numerous topics affecting the sector in its first season, but AML/CTF was the obvious choice for the premiere.
“We have been promised this discussion will provide clarity on timelines, training, costs, and obligations.”
Conveyancers say that not knowing the details of the changes is creating anxiety.
The reform will be in place on July 1, 2026.
Thomas insists the focus is on the criminal, not the small business operator trying to do the right thing.
“Let me be clear – we will not penalise a business that, despite having an appropriate AML/CTF program, is unknowingly exploited to launder money,” he told the Australian Conveyancer in September.
“We are focused on helping entities build capacity.
“But if there’s no attempt to comply – or if our intelligence shows involvement in criminal activity – that’s when we’ll act,” he said at the time.
AUSTRAC has been on an educational offensive since the reforms were announced, but Maclean and Tonner say their members remain concerned by a “lack of clarity”.
Settlement Day will be shown on The Australian Conveyancer website, Apple Podcast, Spotify, and You Tube.
The Australian Conveyancer, a free website, is offering users a registration for calendar invitations to ensure no one misses the podcast.
