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Networks urged to move quickly on hiring for AML compliance ahead of the July 2026 deadline.
A specialist recruiter has warned agencies to act now on hiring staff to meet new Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) requirements amid a shortage of skilled professionals.
“It’s a new skill set for Tranche 2 entities,” said Sophie Watson, managing consultant for risk, compliance and financial crime at TOM People.
“Agencies must clearly define what skills they need from this person and then work through how to attract the right candidate.”
With the new Tranche 2 compliance deadline fast approaching, Watson, who has recruited in compliance and financial crime for a decade, said demand has surged.
“There’s already a shortage of quality candidates, especially those who can think strategically, liaise with regulators, and build a tailored, fit-for-purpose program rather than just copy and paste,” she said.
Watson said that to date, real estate has been very quiet on hiring AML professionals, even compared to other Tranche 2 entities like law firms. This is concerning, she said, because many real estate agencies deal with high-risk areas including cash transactions and foreign buyers. At the same time, they’re not as likely to have existing knowledge of regulation that a law firm might, for example.
“Real estate in Australia is heavily franchised, so organisations with this structure will need to decide whether AML ownership and accountability should sit centrally or be delegated to individual franchisees. I believe this is what is causing the delay,” she said.
“What’s promising is that real estate agencies appear to be moving quickly to invest in new technology to support their AML efforts. There are tools available that can streamline many of the manual processes, but it’s important to take a holistic approach that considers people, processes, and governance alongside technology.”
If real estate agencies do leave it much longer, they will find themselves competing heavily with other Tranche 2 entities as well as banks and other major employers that continue to recruit.
“If you’re hiring in January and expecting someone to stand up a compliant program by July, that’s a lot of pressure, and if they aren’t supported with the right technology and business engagement, you’re setting them up to fail.
“The longer you wait, the fewer top candidates will still be available.”
Watson will speak at AML Edge 2025 in Sydney on Tuesday, 21 October, addressing how firms can build and train effective AML/CTF teams.
Do I need to hire?
Whether an office needs to hire depends on its size and complexity.
“Smaller offices may be able to fold the role into someone already doing compliance work,” Watson said.
It also depends on the organisation’s risk profile. Offices handling larger transactions or higher-risk clients should consider a dedicated hire, ideally someone senior enough to challenge decisions and experienced enough to embed best practice.
“The role needs to be held by someone who understands AML, but also someone who understands the business, who can bring leadership and everyone else along for the journey,” she added.
Where to find strong candidates
Agencies hiring externally are looking to overseas markets where AML is more mature. But attracting those candidates isn’t easy.
“Australian salaries are lower than in Europe, the US or Asia; lifestyle becomes the key selling point,” said Watson.
She also recommends considering New Zealand, where similar AML legislation is already in place.
“There’s strong interest from candidates in that market. There are different nuances and a different pace in Australia, but it’s still a good option.”
Her final advice is to look at the bigger picture.
“Have you thought about how to retain that person? How to shift mindsets across the business? Whether you need change or project managers alongside them? It’s not just about hiring one person and hoping they can do it all,” Watson concluded.
Back due to popular demand, AML Edge 2025, Second Edition will take place on 21 October at Watersedge, Sydney. Secure your early bird tickets before 15 August, and save $400.
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