Sweeping reforms to Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will come into effect on July 1, placing lawyers, conveyancers, real estate agents and accountants under pressure to understand and comply with them.

A workshop was held in Dubbo recently to help prepare local businesses for the Tranche 2 changes.

Featuring experts from the Australian Transaction Reports and Analysis Centre (AUSTRAC), the Dubbo workshop was one of 26 to be provided across NSW, the ACT, Queensland and Victoria by InfoTrack, Australia’s largest property and legal technology provider, in collaboration with audit, tax and consulting firm Grant Thornton.

InfoTrack Chief Operating Officer and national AML project sponsor Lee Bailie said the reforms – which bring legal, real estate and accounting professionals under the AML/CTF regime for the first time – have implications well beyond regulatory compliance.

“These reforms will reshape how money moves through property transactions in Australia,” Mr Bailie said.

“By restricting the flow of illicit money into real estate, the reforms have the potential to ease artificial pressure on housing demand and, over time, pricing.”

Australia’s property market has long been a global target for money laundering. AUSTRAC estimates criminals linked to China laundered $1 billion through Australian real estate in 2020. International analysts have repeatedly identified Australia as one of the weakest jurisdictions globally when it comes to verifying who is buying property.

Mr Bailie said “everyday Australians” have borne the consequences.

“Illicit money hasn’t just undermined the integrity of the financial system,” he said.

“It has distorted demand and pushed prices higher, making it harder for first-home buyers and families to compete.

“Reducing that influence means reducing artificial price pressure and that’s a positive step for genuine buyers.”

Under the Tranche 2 reforms, professionals involved in property transactions will be required to conduct enhanced due diligence, verify client identities and scrutinise the source of funds entering the market.

The InfoTrack workshops are designed to support practical implementation, not just awareness, Mr Bailie said.

“Participants will receive AUSTRAC-aligned guidance, see how technology can simplify compliance, and can share insights with peers as the industry prepares for one of its biggest regulatory shifts.

“This is about protecting consumers, restoring confidence in the housing market, and ensuring Australians aren’t competing against illicit money,” Mr Bailie concluded.