Australian Transaction Reports and Analysis Centre (AUSTRAC) have released the Second Exposure Draft of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules and are now inviting further feedback from industry stakeholders.
REIA CEO, Scott Rollason, said this updated draft follows extensive consultation and incorporates a number of key recommendations advocated by the Real Estate Institute of Australia (REIA) and the State and Territory Real Estate Institutes during the initial review.
“Notably, it includes provisions for delayed customer due diligence on buyers and introduces a more practical approach to reliance—allowing real estate agents to rely on conveyancer due diligence in certain circumstances. These changes will significantly reduce administrative burdens and AML compliance costs for sellers.
“REIA is pleased to see our advocacy reflected in the second draft of the AML/CTF Rules. These practical adjustments will make a real difference to agencies on the ground. We will continue to review the Draft Rules and provide AUSTRAC with feedback to ensure a balanced and workable regulatory outcome.”
To support the industry through this transition, REIA is also proud to announce a new partnership with First AML, a leading provider of regulatory technology solutions. First AML’s all-in-one AML/KYC platform will assist members in meeting compliance requirements through seamless system integration.
First AML CEO, Milan Cooper said “We’re thrilled to partner with REIA at this pivotal time. Our platform is designed to simplify AML compliance, helping real estate professionals meet their obligations efficiently while delivering a smooth experience for clients.”
REIA and State and Territory Real Estate Institutes will roll out implementation communication in the coming months as the Rules and AUSTRAC Guidance near finalisation.
Key Dates:
- August 2025: Final AML/CTF Rules published by AUSTRAC.
- December 2025: Release of AUSTRAC Industry Specific Guidance – Small Business Starter Kits, including a risk assessment and AML/CTF program.
- 1 July 2026: AML/CTF obligations take effect for Tranche 2 entities, including real estate professionals.
First AML have been delivering AML solutions to the Real Estate Industry in New Zealand and the UK for the past 6 years. First AML’s end to end solution ensures Real Estate businesses stay compliant, while providing an easy experience for clients. If you’d like to start a discussion on preparing your business for the upcoming AML legislation, please reach out to them directly.
First AML site link: https://www.firstaml.com/au/.
To stay abreast of AML updates subscribe to REIA’s Newsletter https://reia.com.au/newsletter/.
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