AUSTRAC has begun enforcement action against real estate businesses that have failed to meet their AML/CTF obligations, with no grace period for non-compliance. AML Partners’ John Nguyen explains why software alone won’t protect agencies, the dangers of going it alone, and what businesses must do to avoid falling foul of the regulator.
On this episode of REB Discover, REB editor Liam Garman is joined by AML Partners founder John Nguyen to unpack AUSTRAC’s compliance crackdown and why real estate businesses need a functioning AML/CTF program now, not just a policy on paper.
With roughly half of the expected 80,000 businesses yet to register, Nguyen reveals that AUSTRAC has begun issuing 11-page information requests, giving recipients just two weeks to respond.
The pair examine why agencies attempting to manage compliance in-house could be exposing themselves to significant risks, particularly when navigating complex company and trust structures.
Nguyen explains why purchasing AML software is not enough to satisfy regulatory obligations, and how outsourcing compliance to experienced specialists can reduce costs while providing the expertise needed to identify suspicious transactions.
Finally, they unpack what happens when clients refuse to provide identification, the obligations around suspicious matter reporting, and why businesses must maintain documented evidence of compliance ahead of mandatory independent audits every three years.
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