In this blog/video, we look at how lawyers, real estate agents, and accountants are now squarely in the spotlight with upcoming AML/CTF changes.

Australia's long-awaited "tranche two" Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations are coming - this isn’t a minor policy update. It’s a complete culture shift for the QLD property industry...

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Hi everybody - George Sourris, Empire Legal.

Today's topic: AML/CTF laws are expanding — and QLD conveyancers are on the radar!

As part of Australia's long awaited "tranche two" reforms, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will soon apply to lawyers, conveyancers, real estate agents and accountants. This isn't just a policy tweak, it's a complete culture shift in how property professionals will need to identify clients, manage risks, and report suspicious activity, or face serious consequences.

Okay, so what's changing?

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act of 2024 was passed late last year, expanding Australia's AML/CTF regime, to cover a broader group of professionals who handle high risk transactions like Queensland conveyances.

This means if you're helping your client buy or sell property, you'll soon need to: register with AUSTRAC, collect and verify identity documents, assess risk and flag suspicious activity, maintain detailed records for seven years, and implement a written AML/CTF compliance program. Yes, really?

Key dates.

Here's the timeline guys:

- 01 March 2026 - registration deadline for reporting entities.

- 01 July 2026 - full compliance with all AML/CTF obligations kick in.

So, whilst the rules aren't live just yet, make no mistake, the countdown is on.

What does this mean for Queensland conveyancers?

Put simply, conveyancing law firms will become reporting entities under the AML/CTF Act. That means we will be legally responsible for checking who our clients are, spotting the red flags and reporting suspicious dealings, especially where cash heavy or unusual transactions are involved.

You'll need a formal compliance plan, designated compliance officer and airtight file keeping protocols. Not optional, not negotiable. Real estate agent professionals, you're not off the hook. This isn't just for lawyers and conveyancers. Queensland real estate agents will also be included, meaning end-to-end, and property transactions will now carry dual compliance burdens.

It's no longer enough to assume clients are who they say they are. Verification will become a legal responsibility, not a courtesy, and not only for your vendors, but also your buyers.

The industry response and why you should care.

There has been heavy pushback from the industry with commentary that small businesses could struggle with the cost and complexity of rolling out full compliance systems.

We agree. Expectations are high, the timelines are short, and the penalties will be steep. But there's also opportunity here, guys. Firms that prepare early and get systems in place, will not only stay compliant, they'll stand out as trusted operators in a landscape that's becoming increasingly risk conscious.

No longer will it be cowboy country. There will eventually be a consumer shift where consumers will value more than ever a law firm that has a reputation and a history of results, instead of price being the driving factor when selecting legal representation for conveyancing. It's not unusual for people to learn by having a poor experience first, where deposits are at risk, emails and phone calls are not returned, and the experience is overall poor. Once bitten, twice shy.

Okay, so what should you do now?

Even though the rules aren't active until mid 2026, don't wait. It's 12 months away at the time of recording this blog. Here's how to get ahead. Identify whether your services fall under the new definition, start drafting an AML/CTF risk and compliance plan. Again, we're going to get guidance for you agents - REIQ for us conveyancers, our insurer.

Assign someone to lead the implementation within your business, yet you need a "responsible person". Educate your team. Start these conversations now. So it's not a surprise later. And keep an eye on guidance from AUSTRAC and QLS and REIQ. And yes, we'll be doing the same here at Empire Legal.

Some final words, Queensland conveyancing is changing for the better. Whether you're a one person show or a major agency or firm, AML/CTF obligations are coming, and they're not to be taken lightly. We'll be keeping a close eye on updates from AUSTRAC and the QLS and the REIQ like I've said, and we'll make sure our clients and referral partners stay informed.

Thanks guys. We'll see you next week.

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Finally, if you haven't heard, we've just launched our podcast. It's called Raising the Bar, where we story tell excellence in Queensland property. Here is the link to listen. If you prefer to watch, here is the YouTube link.

Also, stay up to date with our miniseries on Seller's Disclosure.

Thanks guys. We'll see you next week!

If you know anyone that is involved in Queensland property, or is just genuinely curious - send them our page, send them our channel. It's all free content. We just want to help you be armed with the tools to make good decisions. Check out our website for more blogs. We've got over 100! 

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If you have any questions, you can email me: george@empirelegal.com.au. 

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Thanks for reading everybody. See you on the next one.

Ladies and gentlemen, please keep in mind that all advice is general in nature and does not constitute legal advice. This is authorised by George Sourris, Empire Legal, Brisbane, Queensland, Australia.

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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.