New anti-money laundering reforms which may apply to property developers: are you affected?

What's next?

If you answered Yes to any of the above questions, your business may need to comply with AML/CTF laws. This includes:

• Enrolling with AUSTRAC
• Setting up an AML/CTF compliance program
• Verifying customer identity
• Reporting suspicious or large cash transactions

Businesses who are captured under the new AML/CTF laws will need to set up multiple systems and processes to comply with these new laws, so our advice is to get started well before the commencement date of 1 July 2026.

These requirements include enrolment with AUSTRAC, developing and implementing an 'AML/CTF program' and setting up all necessary internal policies and procedures (including 'Know Your Customer' processes). 

Maddocks can assist you in preparing for the AML/CTF compliance by: 

§      providing advice and guidance on :

-                     conducting an AML/CTF risk assessment for your business; and

-                     the steps and actions required to be ready to comply with AML/CTF obligations by 1 July 2026.

§      providing a template AML/CTF program with relevant policies and internal processes to be prepared to reflect your risk assessment.

The information provided by Maddocks on this webpage is general information and is not in the nature of legal advice. Maddocks derives its information from sources which it believes to be accurate and up to date as at the date of publication. Maddocks nevertheless reserves the right to update this information at any time. You should seek legal advice before acting or relying on any information or material which has been made available to you on this webpage. Please contact us for legal advice tailored to your circumstances.