The new anti-money laundering (AML) and counter-terrorism financing (CTF) laws are coming into force for conveyancers from 1 July 2026. Conveyancers, agents and lawyers have been burdened with new obligations and new set of risks and you will need to do more work. Given the seriousness of the task, you will need charge for it and don’t be bashful.
What agents and conveyancers will need to do?
All agencies and conveyancing firms must:
- Register with AUSTRAC by no later than 31 March 2026.
- Develop and maintain an AML/CTF compliance program tailored to their practice.
- Conduct customer due diligence: identify and verify the identity of clients and beneficial owners, and assess the source of funds.
- Report suspicious matters and certain transactions to AUSTRAC, including large cash payments and any activity that appears suspicious.
- Keep records of all AML/CTF checks and reports for at least five years.
- Train staff on AML/CTF obligations and procedures.
What happens if you don’t comply?
Unsurprisingly, very bad things. Non-compliance can result in severe penalties, including fines, loss of licence, or even criminal charges. Importantly, if you “tip off” a client that they have been reported to AUSTRAC, you risk a fine of up to $39,000, two years’ imprisonment, or both.
Confidentiality of AML reporting is a legal requirement. That means you cannot tell your clients about the nature of your report.
Key AML and CTF dates to remember
- 31 March 2026: You have to enrol with AUSTRAC if you act on conveyancing matters. Get in a bit early. This is serious stuff.
- 1 July 2026: AML/CTF obligations commence for conveyancers.
How to prepare
- Carefully assess your new compliance costs and update your fee structure. You have new obligations and new risks to treat and you need to make sure you build in the time to do it. If you don’t, it’s not your client who gets in trouble. It’s you.
- Review and update your client onboarding and identification processes. It’s more thorough and burdensome than the ARNECC rules. You will need to make sure your VOI provider is capable of running more searches (for example, searches for political exposed persons). Not all providers of verification do that so don’t assume anything.
- By the December 2025, you need to be well underway developing an AML/CTF program and risk assessment for your firm. Including understanding the risks and indicators of suspicious activity and what indicators might trigger a requirement to make a report.
- From July 2026, you will need to prepare and retain records about AML/CTF activity.
- Stay informed through AUSTRAC and industry forums, and seek training for your team.
How OX Rooms can help
OX Rooms will incorporate AML tools designed specifically for conveyancers and real estate agents into the existing workflow. We will help with AML compliant client verification, secure recordkeeping, and streamlined reporting. We will also provide some short form material to assist with your assessment that you can incorporate into your AML/CTF program. Our aim is to make compliance easier, so you can focus on your clients and your business.
