AUSTRAC AML/CTF Reform Summary for Lawyers, Accountants, Conveyancers and Real Estate Professionals
If your business has received an AUSTRAC induction invitation, the immediate question is whether this is simply onboarding for a handful of newly regulated professions or the beginning of a broader compliance expansion.
The induction program itself is aimed at newly regulated reporting entities. However, the wider AML/CTF reforms represent one of the most significant regulatory expansions in Australia in more than 20 years, increasing the number of regulated businesses from approximately 19,000 to almost 100,000.
For affected businesses, the practical question is no longer whether AML/CTF compliance matters. It is whether your business is ready.
Have You Received an AUSTRAC Invitation?
Many lawyers, accountants, conveyancers, real estate professionals and other businesses have recently received invitations to AUSTRAC’s Reporting Entity Induction Program.
If your business in Hornsby, Waitara, Wahroonga, Asquith, Thornleigh, Pennant Hills, Normanhurst or the wider Upper North Shore may be affected by the new AML/CTF laws, Caspian Legal can assist with compliance planning, risk assessments and AML/CTF program implementation.
Call 1300 082 545 to arrange an initial consultation.
What Is AUSTRAC’s New Induction Program?
According to AUSTRAC’s official induction program, the webinar series covers four core areas:
| Webinar | Topic |
| 1 | AML/CTF Fundamentals |
| 2 | Risk Assessments |
| 3 | Quality Reporting |
| 4 | International Funds Transfer Instruction (IFTI) Reporting |
The program is designed to help newly regulated businesses understand their obligations and prepare for compliance under Australia’s AML/CTF framework.
Businesses can access the program through AUSTRAC’s official webinar hub.
Why Many Businesses Believe This Is Only the Beginning
No government source currently states that additional professions will definitely be brought into the AML/CTF regime.
However, the scale and language of the reforms have led many businesses to ask whether this marks the start of a broader compliance expansion.
The reasons are straightforward:
- AUSTRAC has described the reforms as the most significant overhaul of Australia’s AML/CTF framework in more than 20 years.
- The reforms increase the number of regulated businesses from approximately 19,000 to almost 100,000.
- The reforms were introduced to address long-identified gaps in Australia’s anti-money laundering framework.
- Australia is moving closer to international AML standards adopted in many comparable jurisdictions.
The current reforms focus on designated services provided by lawyers, accountants, conveyancers, real estate professionals and certain other businesses. Whether additional sectors may be regulated in future remains a matter for Parliament and government policy.
What is clear is that AML/CTF compliance is no longer an issue relevant only to banks, casinos and financial institutions.
For many professional services businesses, AML compliance is now a core governance and risk management issue.
Australia Is Joining International Practice
For many years, Australia regulated banks, financial institutions, casinos and remittance providers while leaving several professional “gatekeeper” sectors outside the AML/CTF regime.
Many comparable jurisdictions already impose AML obligations on lawyers, accountants and real estate professionals in certain circumstances.
| Jurisdiction | AML Regulation of Professional Services |
| United Kingdom | Yes |
| New Zealand | Yes |
| Singapore | Yes |
| European Union | Generally yes |
| Canada | Partial and sector-specific |
| United States | Varies by jurisdiction |
The Australian reforms are intended to bring Australia’s AML/CTF framework more closely into line with international standards promoted by the Financial Action Task Force (FATF).
Recommended AUSTRAC Video
AUSTRAC has published webinar resources and introductory material explaining the induction program and the broader reforms.
You can access the official resources through AUSTRAC’s webinar page.
What Happens If You Delay?
Many businesses are still determining whether they provide designated services under the legislation.
However, businesses captured by the regime may already have enrolment, governance and compliance obligations.
Delaying preparation can make implementation more difficult, increase compliance costs and create avoidable operational issues when onboarding clients.
Obtaining advice early can help identify:
- whether your business is regulated;
- which designated services are relevant;
- what AML/CTF documentation is required; and
- what practical implementation steps should be prioritised.
Common Mistakes
| Mistake | Potential Risk |
| Assuming AML laws only affect banks | Non-compliance |
| Waiting until AUSTRAC contacts the business | Increased remediation costs |
| Using generic templates without tailoring risks | Inadequate compliance framework |
| Failing to train staff | Operational compliance failures |
| Ignoring beneficial ownership checks | Customer due diligence deficiencies |
Frequently Asked Questions
Do all law firms need to comply?
No. The legislation regulates designated services rather than every legal service. Whether a law firm is regulated depends on the specific services it provides.
Do small businesses receive an exemption?
Not automatically. A business may still be regulated if it provides a designated service, regardless of its size.
Is property management covered?
Not necessarily. The reforms generally focus on designated services connected with transactions rather than all property-related activities.
What if I am unsure whether my business is regulated?
Obtaining advice early can help identify whether the legislation applies and what compliance obligations may arise.
AML/CTF Compliance Services for Hornsby Businesses
Caspian Legal assists businesses throughout Hornsby and the Upper North Shore with:
- AML/CTF compliance programs
- Risk assessments
- Customer due diligence procedures
- Beneficial ownership frameworks
- Compliance officer implementation
- Staff training frameworks
- Engagement and retainer updates
- Ongoing compliance reviews
Whether you are a law firm, accounting practice, conveyancing business, real estate agency or another affected business, we can assist with practical implementation of the 2026 reforms.
Caspian Legal Pty Ltd
22-28 Edgeworth David Avenue, Hornsby NSW 2077
Phone: 1300 082 545
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