From today, tens of thousands of Australian real-estate agents, lawyers, conveyancers, accountants and precious-metal dealers must comply with anti-money-laundering and counter-terrorism-financing (AML/CTF) obligations. The long-awaited “Tranche-2” reforms, effective 1 July 2026, bring Australia closer to global FATF standards and close loopholes that criminals have exploited to hide illicit funds in property and shell companies. Businesses captured by the expanded regime must appoint a compliance officer, implement risk-based AML programs, verify client identities and report suspicious transactions. They have until 29 July to enrol with AUSTRAC or risk civil penalties. While not immigration legislation, the changes intersect with global mobility. Expatriate employees purchasing property, employers funding relocation allowances and overseas clients engaging Australian professional services will face extra identity checks and document requests. Mobility managers should brief relocating staff on the new verification requirements to avoid settlement delays. AUSTRAC estimates more than AUD 60 billion is laundered through Australia annually. Minister for Home Affairs Tony Burke said the reforms make Australia “a much harder place for criminals to operate” and align the country with peer jurisdictions such as the UK and New Zealand.
Source: AUSTRAC
