On 1 July 2026, new Financial Crime legislation (‘AML Reforms’) will come into effect impacting, for the first time, businesses including Real Estate Agents, Lawyers and Accountants

AML Reforms - Real Estate Agents, Accountants, Lawyers

  • What are the AML Reforms?

    Australia has been under pressure for years to close gaps in its Anti-Money Laundering / Counter Terrorism Financing (AML/CTF) framework.

    The reforms are designed to reduce misuse of professional services (law, accounting, real estate, trusts) for money laundering.

    Non-compliance will expose businesses and individuals to significant regulatory, financial, and reputational risk.

  • What will firms need to do?

    Lawyers, accountants, real estate agents, and trust/company service providers (‘Tranche 2’ entities) will now need to:

    - perform customer due diligence
    - monitor transactions
    - report suspicious activities
    - maintain AML programs

    This will bring them into line with entities such as banks and casinos.

  • What happens if a firm doesn't comply?

    Non-compliance risks not just fines, but loss of reputation, licences, clients, and even personal liability.

    Consequences can include:
    - Civil penalties (fines up to millions)
    - Criminal charges
    - Licence suspension or revocation
    - Public naming by AUSTRAC
    - Negative media coverage
    - Difficulty attracting new clients, partners, and investors

  • When do firms need to be ready?

    1 July 2026 - per direction from AUSTRAC (Australia’s AML/CTF regulator)

  • How can Knaplo Advisory assist?

    Get in touch with Knaplo Advisory for an obligation-free discussion. We can advise you on next steps. If you decide that you want help, Knaplo can work with you to do the heavy lifting, leaving you to do what you do best - focus on maintaining and growing your business.

  • How do I get in touch with Knaplo Advisory?

    Send us your contact information via our contact us page and we’ll be in touch to arrange a meeting and to discuss a way forward.