An industry facing massive change
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.
Reforms will have a huge impact on the industry in terms of impact on resourcing, on process and how those changes are rolled out to conveyancers.
Get ahead of the criminals targeting your conveyancing business by understanding the threats you face before it’s too late.
The financial crimes regulator will not hesitate in pursuing businesses who breach tough new anti-money laundering rules.
Senate inquiry has made eight recommendations about AML regulations for lawyers and conveyancers - including bringing forward enforcement for some offences.
An anti-money laundering regime that will cost the property industry $2 billion a year will hurt small businesses and Australians buying and selling property.
Conveyancers, lawyers and real estate agents will have to stump an extra $11 billion over a decade, according to Shadow Government Services Minister Paul Fletcher.
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