Anti-Money Laundering & Counter-Terrorism Financing
The federal government has introduced amendments to Australia’s Anti-Money Laundering & Counter-Terrorism Financing legislation to better align Australia’s policy with the international standards set by the Financial Action Task Force. These changes will impose new requirements and regulations on existing tranche 1 services, and will bring tranche 2 services – including conveyancing – under the scheme.
Timeline
Frequently Asked Questions
The new legislation and requirements will fully come into effect after the 1st of July 2026.
Services covered by the tranche 2 legislation include work done by:
- Conveyancers
- Lawyers
- Real estate agents & property developers
- Accountants
- Trust and company service providers
Reporting entities must take steps to ensure the identity of their customers.
This includes, but is not limited to, traditional verification of identity.
For full details refer to AUSTRAC’s customer identification guidance.
Australian real estate has been identified as a high risk sector for financial crime, with the purchase of real estate being a key money laundering method.
These changes also serve to modernise Australia’s AML/CTF regulations and rise them to the standards set by the Financial Action Task Force.
Conveyancers will need to enrol with AUSTRAC and maintain an AML/CTF plan for their business.
Once enrolled, conveyancers will need to perform and record customer due diligence, alongside reporting any suspect transactions or activity.
For full details, see AUSTRAC’s summary of the new obligations for Tranche 2 entities.
News & Notifications
Changes to Tipping Off
Resources & Publications
The legislation is the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 implements various changes to the Act, including new requirements for Tranche 2 entities.
A Future Law Compilation of the Anti-Money Laundering and Counter-Terrorism Financing Act has ben prepared, which details the expected wording of the AML/CTF Act for July 2026, once the amendments have come into full effect. This is not active legislation, and further changes may be made prior to the commencement of the above amendments.
AUSTRAC will be publishing guidance notes for professions affected by the new changes.
Guidance for tranche 2 professions is yet to be published.
The Law Council of Australia has published AML/CTF Guidance Notes for the legal profession.
AUSTRAC will be making various resources available as part of the transition to new legislation.
A summary of the new obligations for Tranche 2 entities – including conveyancers- has been made avaliable.
Various general guidance can be found on the AUSTRAC website.
AUSTRAC is regularly releasing updates, which you can subscribe to through their website.
AML/CTF Events & Recordings
