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Ahead of next year’s regulation changes, LJ Hooker has proactively appointed an AML provider to help staff and agencies stay compliant.
Following the announcement of the Tranche 2 reforms, to be introduced in July 2026, LJ Hooker has begun training staff to ensure full compliance with the new regulations.
The changes to the AML/CTF obligations will require agents and developers to register as reporting entities and develop an AML/CTF compliance program for handling the responsibilities that come with the reforms.
Agents will also be required to perform initial and ongoing due diligence to mitigate money laundering and terrorist financing risks, while maintaining accurate records for a minimum of seven years.
LJ Hooker CEO Christine Mikhael said the network has appointed software provider First AML to deliver tailored AML programs and training, ensuring compliance across the network.
“With Tranche 2 bringing major changes for real estate, this partnership means our people have the support they need to make compliance clear, practical and efficient.
“It understands how real estate works and how to support our group without slowing us down,” Mikhael said.
First AML CEO Milan Cooper said the software would simplify the compliance process for real estate professionals.
“Our platform has been built to take the complexity out of compliance, while fitting seamlessly into the workflows of busy real estate networks like LJ Hooker,” Cooper said.
“Together, we’ll ensure LJ Hooker offices can meet regulatory obligations while continuing to provide an exceptional client experience.”
Mikhael said that while the AML CTF rules may not take effect until next year, it was essential for the brand to get in early when it comes to compliance.
“While the lead times for this implementation appear long, AML/CTF legislation is complex and will require training within real estate businesses.
“The launch in July 2026 will come quickly. We’re preparing our franchisees and their teams to ensure a seamless transition for their vendors and buyers,” Mikhael concluded.
With AML/CTF reforms set to impact professionals nationwide, businesses must prepare and stay informed about the upcoming changes.
Captivate Events will host AML Edge 2025, 2nd Edition, the only AML conference designed explicitly for Tranche 2 entities, on 21 October.
[You might also like: Tranche 2 laws for real estate: ‘This will be serious’, says REIQ]
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