In the property services industry, the increase level of safety and security risks across properties for sale, rental properties and strata buildings is making the task of managing these risks increasingly difficult, if not impossible to achieve with traditional paper – based or spreadsheet risk solutions. The property industry can no longer rely on an ad hoc approach to property management compliance - nor rely on the insurance policy to get out of an undesired situation. More importantly, one of the requirements for a Professional Indemnity Policy under the NSW Property and Stock Agents Regulation 2022, is that it must provide coverage for personal injury that arises in the conduct of an agency business. However, if the appropriate risk procedures are not in place to receive this coverage, the policy will not be compliant with the regulation and your insurer will not be liable to make any payment based upon, or attributable to any bodily injury and/or property damage claim.
Australia's Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act)
On 29 November 2024, the Parliament of Australia passed the AML/CTF Amendment Bill 2024 (the Bill), amending the AML/CTF Act. The new laws reform Australia's AML/CTF regime to ensure it continues to effectively deter, detect and disrupt money laundering, terrorism financing and proliferation financing. They also ensure these laws meet international standards set by the Financial Action Task Force, the global financial crime watchdog and standard-setter.
Key changes under the new laws
Regulation of high-risk services
The new laws will expand AUSTRAC’s regulation into new industries that are recognised domestically and globally as high-risk for money laundering exploitation.
This includes certain designated services that are typically provided by the following businesses (Tranche 2 businesses):
- real estate professionals such as real estate agents - buyers agents and property developers
- dealers in precious stones, metals and product
- professionals service providers such as lawyers, conveyancers, accountants, and trust and company service providers.
These new laws will not apply until 1 July 2026 for tranche two entities that provide new designated services. These entities will be able to enrol with AUSTRAC from 31 March 2026. This is to allow time for newly regulated entities to understand and prepare for their new AML/CTF obligations.
Please note, businesses are typically legally required to implement AML/CTF programs and often need software to support compliance (modifications to AgentSafe are scheduled for implementation in June 2025).