Login
iscover
The network has partnered with AMLHUB to roll out its anti-money laundering software and deliver training ahead of the AML/CTF Tranche 2 obligations in July.
The announcement comes as Professionals confirmed it will continue to hold training sessions into 2026 for its members to ensure that they understand and are ready to implement new changes.
The network reminded that the range of requirements, including enhanced know-your-customer (KYC) checks, risk assessments and reporting obligations, will apply to all real estate businesses regardless of size.
“This legislation will affect every real estate business in the country,” Professionals’ chief executive officer (CEO) Sean Hanneberry said. “Our network deserves certainty of knowing they will be compliant, trained and supported well before the deadline.”
“Our partnership with AMLHUB goes far beyond ticking a box. It’s about giving our members practical tools, ongoing training, and expert guidance so they feel confident and fully equipped to meet their AML obligations.”
Despite the deadline now just six months away, AMLHUB’s Kathrine Andersen said many businesses are still delaying action, uncertain about how to begin the compliance process.
“Real estate firms are worried about how they are going to navigate these reforms, but feeling overwhelmed, so they are putting it off,” Andersen said.
“Common pain points we hear are that they’re overwhelmed in compliance paperwork or losing sleep at night, not knowing if they’ve missed something that may result in a failed audit.”
“Many offices simply don’t have the time or expertise to chase documents, speak to lawyers or verify complex ownership structures. Our technology and team do this work every day, in multiple languages, and we can turn around verifications quickly and accurately.”
Understanding AML/CTF obligations
AML/CTF Tranche 2 compliance applies to businesses involved in the sale, purchase, or transfer of real estate.
To avoid penalties, reporting entities must enrol with AUSTRAC between 31 March 2026 and 29 July 2026. Enrolment requires providing key information about the business, including its structure, services, personnel, and contact details.
Businesses must enrol within 28 days of offering a regulated service.
By 1 July 2026, real estate and property reporting entities must have a tailored AML/CTF compliance program in place.
“Your business must develop and maintain policies, procedures, systems and controls that appropriately manage and mitigate your business’s risks,” AUSTRAC said.
“These policies must also ensure that you comply with your AML/CTF obligations and be appropriate to the nature, size and complexity of your business.”
You are not authorised to post comments.
Comments will undergo moderation before they get published.