An industry facing massive change
As the deadline has passed for practitioners to enrol in the AML/CTF reform program, the AUSTRAC boss has warned of a crackdown on those not on board. Now with a $100m funds boost, the regulator is well resourced for action.
Real Estate Institute NSW issues alert to agents, saying 'we are recommending that members not engage with the model'.
AUSTRAC is calling for all relevant businesses to complete their enrolment process by the end of July.
Victorian conveyancing body says transparency around customer transactions must be paramount.
Fair Trading to examine 'whether real estate agents are acting in accordance with their existing legal obligations'.
Legal firm says conveyancers' concerns are 'malicious, misleading and deceptive' over its solution for real estate agents.
But conveyancing body wants to meet with Fair Trading to stop process of house deposits going to a third party.
AML/CTF reform enrolments by conveyancers are behind schedule but with an extension to the deadline, AUSTRAC anticipates a rise as practitioners get their heads around the obligations.
AUSTRAC boss says 'by taking part in this regime, you really are helping to strengthen our economy'.
Lawyer-client confidentiality brought into question as AUSTRAC advises to 'err on the side of caution'.
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