Conveyancers have just 12 months to prepare for sweeping anti-money laundering reforms — and AUSTRAC has made clear that time is not on their side.
AUSTRAC chief executive Brendan Thomas said the 1 July 2026 deadline for legal professionals to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act leaves little room for delay.
“We acknowledge the timeframes are tight,” Thomas said. “Now is the time to act.”
He said while AUSTRAC doesn’t expect perfection from newly regulated businesses on day one, “we do expect honest efforts to meet your obligations and report suspicions”.
From 31 March 2026, conveyancers must enrol as reporting entities. By 1 July, they must have an AML/CTF program in place, appoint a compliance officer, train staff, and be ready to report suspicious matters.
Thomas warned that entities who ignore their obligations — or are wilfully blind to criminal behaviour — will be the focus of AUSTRAC’s enforcement efforts post-2026.
“We will be focusing our effort on those areas of highest harm,” he said.
AUSTRAC will release a month-by-month compliance roadmap in July 2025, but the message to conveyancers is clear — get moving now or risk being caught short.
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