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Regulation
AML reforms to cost conveyancers and lawyers $11 billion over a decade
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.
Regulation
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Regulation
Fines of $18,500 for firms hiding payments to hackers
Businesses that fail to disclose ransomware payments could face fines of more than $18,500 under Australia’s first standalone Cyber Security Act.
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Regulation
Avoid out-of-the-box AML compliance, conveyancers warned
Conveyancers must avoid generic anti-money laundering compliance programs when new rules are in force, AUSTRAC is warning as it rolls out new guidance.
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Regulation
Contamination sites mapped out – and how the States are ramping up compliance
State-by-state checklist of contamination sites pinpointed by Lotsearch analysis and compliance measures being brought to bear against polluters
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Regulation
New money-laundering laws blocking dirty cash from Australian property a step closer
Reforms to anti-money laundering and counter-terrorism financing laws stopping up to $12 billion in dirty cash from being laundered through property are heading through parliament.
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Regulation
Double tax for Airbnbs as councils retain fee powers
Airbnb owners and users face a double tax whammy in Victoria after the government introduced a bill to parliament to impose a 7.5 per cent user-pays levy on short-stay platforms such as Airbnb and Stayz.
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Regulation
New minimum rental standards now in place in Queensland
Must-have safety and security measures now in place for landlords and property managers in Queensland.
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Regulation
Conveyancers feel squeezed by added compliance
Australia’s conveyancers are stretched to the limit by heavy workloads, time-consuming and ever-growing compliance burdens, according to AIC National President Michelle Hendry
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Regulation
Queenslanders counting the cost of compliance
New government legislation and extra work has had a significant impact on real estate lawyers in Queensland over several years. And the rollout of more compliance obligations is expected to continue.
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Regulation
Conveyancers and lawyers in NSW get update on climate guidelines
The NSW Law Society has updated guidelines for solicitors involved in property transactions and warned them against giving advice where they are not qualified, urging them to seek expert scientific advice.
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Technology
ACCC holds off on eConveyancing intervention as reform work paused
Australia’s competition watchdog will not get directly involved in a stalemate that threatens to delay opening up the eConveyancing platform to competitors, as it’s not the relevant regulator.
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Technology
Competition freedoms suffer in eConveyancing reform delay
For the past decade, conveyancers have used digital provider, PEXA to settle properties on behalf of home buyers and sellers. PEXA operates as a monopoly. A regulator has been established to promote a competitive environment that drives efficiencies, cost-savings and innovation in the e-settlement space.
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Regulation
Australia shuts the laundry door
Of the $1.1 billion of criminals’ assets seized by AFP between July 2019 and June 2024, more than $720 million involved real estate. Now federal authorities are working to close the gap and pushing lawyers and conveyancers to fall in line.
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Regulation
Biggest challenge in a decade for lawyers
Lawyers involved in conveyancing will need to ask “uncomfortable questions” of their clients under new anti-money laundering measures. Queensland Law Society chief executive Matt Dunn said the Tranche 2 reform of Australia’s AML legislation was one of the biggest challenges for the profession in a decade. Under the cha
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Regulation
Who’s who in the AML picture
International, federal and state agencies have roles in Australia’s anti-money laundering and counter-terrorism financing regime. Here are four of the main players: AUSTRALIAN FEDERAL POLICE The AFP investigates and prosecutes money laundering that affects the Commonwealth. These crimes are connected with serious and o
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Regulation
Lawyers: It’s time to clean up the mess
Lawyers and property professionals say they welcome moves to curb tainted cash flowing into real estate, but worry about the industry impact amid a lack of detail on the proposed reforms. Real Estate Institute of NSW chief executive Tim McKibbin said the potential negative effect of the reforms was a concern, but it wa