Compliance

Drop in business is a real threat for conveyancers

AIC NSW boss says sales of units and homes are falling ‘because your investors have completely gone’.

Sam McKeith23 October 2026

The Upshot

AML/CTF reform: why your business may now be on AUSTRAC’s radar

Australia’s anti-money laundering laws have just had their biggest shake-up in nearly 20 years. Here’s what you need to know in 60 seconds.

Everyone’s talking about it: Australia’s AML/CTF regime now covers lawyers, conveyancers, accountants, real estate professionals and other “gatekeepers” for the first time. These reforms are known as Tranche 2 and the new obligations started on July 1 2026.
How we got here: Australia has long been an outlier. Most comparable countries already regulated these professions. Parliament passed the AML/CTF Amendment Act in late 2024. Banks, casinos and other existing reporting entities got updated obligations first, followed by the newly covered sectors.
Why you should care: Property, trusts and company structures are classic ways to move dirty money and professionals often sit in the middle of those deals. If you provide a regulated service and aren’t compliant, you risk serious civil penalties, reputational damage and, in the worst cases, criminal liability.
Two sides of the story: Supporters say it closes a major loophole, protects the industry’s reputation and brings Australia into line with global standards. Critics, particularly smaller firms, say the compliance burden and cost are heavy and that it could squeeze out small practices.
The fix (what compliance looks like): Covered businesses need to:
- Enrol with AUSTRAC
- Assess their money laundering and terrorism financing risks
- Adopt and maintain an AML/CTF program
- Appoint a compliance officer
- Verify customer identity and carry out due diligence
- Monitor transactions and report suspicious matters to AUSTRAC
What could derail it: Manual identity checks, paper-based processes and poor record-keeping make ongoing due diligence hard to sustain. Getting it wrong can mean enforcement action, and the rules differ depending on which services you provide.
What happens next: AUSTRAC is expected to focus on education and guidance first, then enforcement as the regime beds in. Watch for updated AUSTRAC guidance and any new regulatory priorities for the newly covered sectors.

The bottom line: This isn’t a tick-the-box exercise anymore. Compliance now has to be built into everyday workflows and the businesses that automate it early will be better placed than those scrambling later.

Regulation

Sector to reflect, reset and reload as market uncertainty bites

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Regulation

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Regulation

Strata reports must be better, says AIC boss

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Regulation

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Regulation

There may be a solution to AML/CTF headache

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Regulation

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Regulation

Remote working: Tech tycoons in the bush

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Regulation

Parliamentary report is simply ‘spinning the wheel’

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Regulation

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Regulation

Home buyers deserve ‘a fair go’ with stamp duty

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Regulation

People’s life savings ‘must be protected’

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Regulation

Conveyancers urged to get on the front foot

AUSTRAC begins AML/CTF crackdown but AIC boss asks to ‘keep the approach practical and reasonable’.

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Regulation

Settlement scams getting harder and harder to detect

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Regulation

Settle Easy saved from collapse

New owner says ‘priority this year is to put the right infrastructure in place and make sure our people have the tools they need’.

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Regulation

Case alleging consumer law breaches has been dropped

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Regulation

Millions of dollars caught up in mortgage fraud

AUSTRAC says ‘warning signs were found across banks that together cover the vast majority of Australia’s mortgage market’.

19 August 20263 min read

Regulation

Leading conveyancer free to talk about deposit flicking

Jared Zak has ‘great win for conveyancers’ but says the case ‘is first and foremost about the consumer’.

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Regulation

Corporate watchdog cracks down on more rogue operators

ASIC investigations have led to a surge in bans or licence cancellations for businesses and financial managers in the past financial year.

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Regulation

Time’s up: AUSTRAC to get tough on AML/CTF laggards

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.

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