AML compliance under Tranche 2: A guide for conveyancers & property lawyers
From 1 July 2026, Australian conveyancers & property lawyers will face new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations. These reforms, known as Tranche 2, extend Australia’s AML/CTF regime beyond banks and major financial institutions to include conveyancers, property lawyers, settlement agents and other professions.
If your practice helps clients buy, sell or otherwise transfer property, assists with contract reviews or advises on due diligence, you’ll likely be included.
What AML/CTF obligations will apply to conveyancers and property lawyers?
While AUSTRAC’s final guidance is still on the way, here’s a summary of what AML compliance for conveyancing practitioners will involve:
| Obligation | What it means |
| AUSTRAC enrolment | Register your business with AUSTRAC by July 2026. |
| AML/CTF program | Develop a written, risk-based compliance program and regularly review and audit this. |
| KYC (Know Your Customer) | Conduct checks to verify the identity of clients and companies that you deal with when providing ‘designated services’. |
| Ongoing due diligence | Monitor client activity and reassess risk regularly. Records need to be maintained for at least seven years. |
| Reporting suspicious matters | Report activity that seems unusual or suspicious to AUSTRAC |
| Staff training | Make sure your team understands red flags and reporting steps |
Non-compliance with these new regulations could expose your firm to penalties, audits, or reputational damage. These rules are enforceable, and AUSTRAC has a strong history of holding businesses accountable.
Why are conveyancing services included in Tranche 2?
The property industry is considered a high-risk for money laundering because of large transactions, cash payments and involvement of multiple parties.
Lawyers, conveyancers and settlement agents often engage in high-risk activities, such as moving large sums of money and Tranche 2 is designed to close loopholes that have made the property sector vulnerable to misuse by criminals.
How does easyAML help conveyancers and property lawyers stay compliant?
Whether you’re a sole practitioner or part of a larger firm, compliance can feel like a heavy lift alongside your normal settlement workload. easyAML is designed to take the complexity out of AML/CTF, so you can focus on your clients.
1. Streamlined onboarding that fits your workflows
- Property-specific AML/CTF templates
- Guidance through enrolment and risk assessment
- Friendly, local support that speaks your language
2. Fast, efficient identity checks
- Efficient digital verification for individuals and companies
- Facial matching, biometric checks and source-of-funds prompts
- Secure data storage to keep client ID private
3. Seamless compliance that you can rely on
- Smart risk scoring based on your client profiles
- Ongoing monitoring of behaviour and risk
- Audit-ready reporting to satisfy AUSTRAC
Life has been much easier for both me and my clients. Verifying is quicker, even in tricky cases. Support is always responsive, and the service is second to none.
Salib Settlements
FAQs: AML compliance for conveyancers and property lawyers
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How can I prepare my conveyancing business for Tranche 2?
Start by understanding the new rules, then enrol with AUSTRAC, create an AML/CTF program and implement client due diligence processes. Tools like easyAML make it easier to get started and stay compliant with support tailored for the property industry.
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Is AML software necessary for small conveyancing practices or settlement agencies?
Yes, definitely. AML software simplifies compliance by automating identity checks, monitoring transactions and generating audit-ready reports. It removes the guesswork and reduces time spent managing compliance manually. The time and expense to manage these tasks outside of dedicated AML software will be prohibitive.
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Do I need to start my AML compliance now?
Yes — even though the deadline is July 2026, getting AML-ready takes time. Firms typically spend 3–6 months setting up their program, training staff and installing systems. Starting now means less pressure later. easyAML delivers expert guidance at every step, helping you skip last-minute panic.
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How can I ensure my staff are AML-compliant?
If you’re a conveyancer subject to Tranche 2, you must provide regular training to your team. This helps them spot red flags, follow internal compliance procedures and understand reporting obligations. easyAML’s software offers tailored training modules designed specifically to support conveyancing professionals and their teams, keeping your staff confident and compliant.
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Are conveyancers required to verify every buyer and seller?
Yes. Under Tranche 2, conveyancers must complete client due diligence (CDD) before offering any services. This process verifies identities, assesses risk levels and screens against sanctions and watchlists to prevent illicit activity. These steps protect your practice and help maintain compliance with AML regulations.
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What kind of reporting will my firm need to do under Tranche 2?
Under Tranche 2, your firm will be required to submit Suspicious Matter Reports (SMRs) whenever you identify unusual or suspicious activity. Detailed records must be maintained for at least seven years. You might also need to file Threshold Transaction Reports (TTRs) and International Funds Transfer Instructions (IFTIs) depending on your transactions to ensure full compliance.
Stay prepared, not overwhelmed
The new rules are coming, but you don’t need to figure it all out alone.
Join our AML readiness list for legal-specific updates, tools and step-by-step guidance to help you prepare with clarity and confidence.