Real estate’s $11 billion shame
Regulator does not expect perfection on day one and recognises businesses are up against sophisticated criminals - CEO Brendan Thomas.
We’re looking at people who are making no attempt to comply with the legislation, or people who are known to us already, AUSTRAC says.
AUSTRAC’s proposed updates could cut duplication and costs by letting real estate agents rely on conveyancer due diligence.
Survey shows property professionals are still unsure about their responsibilities under looming law reforms.
The prospect of crippling costs to comply with incoming anti-money laundering laws raises questions around the way practitioners can work together.
The buildings are part of $21 million worth of assets confiscated by a multi-agency task force that includes AUSTRAC.
And for those who are in cahoots, knowingly turning a blind eye, the answer is simple: they should be jailed.
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.
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