An industry facing massive change
As the AML/CTF compliance deadline looms, lawyers in NSW have ramped up their efforts to be ready for obligations that come with the reforms.
Law Society publishes special guide to assist lawyers in implementing the necessary changes ahead of July 1.
Enrolment has begun for businesses to start the process of making changes in line with the Tranche 2 AML/CTF reforms.
AUSTRAC has unveiled new guidance around anti-money laundering reforms and given the sector a month to make submissions to the latest changes.
Penalties of $19,000 a day for those who do not sign-up to the new regime. And failure to carry out annual compliance reports also carry a $19,000 fine.
AUSTRAC is involved in a 'frenetic' amount of activity as the number of businesses it monitors is set to jump from 15,000 to 90,000.
Timeline for the introduction of Tranche 2 reforms that will bring practitioners under AUSTRAC scrutiny.
AUSTRAC obligations on conveyancers and property lawyers represent a real change in ethics and client privilege, according to practitioners.
With Tranche 2 anti-money laundering rules around the corner, that's one of the questions we asked award-winning conveyancer and trainer Garth Brown who gives his expert view on what the reforms will mean for the sector.
Two senior industry figures who spoke to Australian Conveyancer Quarterly – out next week – suggest the added cost and compliance will tip some over the edge.
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