Conveyancers
Conveyancers handling property settlements will be captured under Tranche 2 reforms effective 2026.
AML/CTF Amendment Act 2024 — Tranche 2 Reform
AML/CTF Obligations
Enrol with AUSTRAC and implement a full AML/CTF program
Conduct CDD on clients at the commencement of every conveyancing matter
Verify the source of funds to be used at property settlement
Conduct ongoing monitoring throughout the matter lifecycle
Lodge SMR reports within 3 business days of forming a suspicion
Retain all CDD and transaction documentation for 7 years
Conveyancers must lodge SMR reports within 3 business days of forming a suspicion about a client, transaction, or settlement amount. You are prohibited from tipping off the client that an SMR has been filed.
Typical Customer Risk Profiles
Purchasers using third-party funds — when the settlement funds come from someone other than the registered buyer, that is a red flag that requires documented explanation and enhanced scrutiny.
Clients who are difficult to identify — customers who are reluctant to provide identity documents, or provide documents that are inconsistent or hard to verify, are a higher-risk profile.
Unusually urgent settlement timelines — a client pushing hard for accelerated settlement without clear commercial reason may be trying to limit your ability to conduct proper due diligence.
Clients acting as nominees — someone instructing you on behalf of another person who is not identified or verified is a classic front structure and should trigger immediate EDD.
Recommended Compliance Pack
Conveyancer Pack
Pre-configured for Conveyancers — KYC rules, risk thresholds, AUSTRAC report templates, CDD workflows, and monitoring rules aligned to your obligations. Ready from day one.
View pack detailsWhat's included
System default — customisableClient onboarding with integrated KYC and document collection — matter opened, identity verified
Source of funds verification module with document upload, review, and documented approval
PEP and sanctions screening at matter commencement and on periodic review
Case management for investigating red flags and documenting SMR decisions
Pre-built AML/CTF program template for conveyancers aligned to Tranche 2 obligations
Example workflow
Default — you can modify stepsMatter opened
New client engaged for a property settlement. VeriGo's digital intake form sent to client immediately.
Identity verified
Client completes digital ID check from their phone. Document and biometric verified automatically.
Source of funds requested
Client prompted to provide bank records or financial documentation confirming where settlement funds originate.
Risk assessment
Client risk score calculated. Third-party funds? Cash contribution? Corporate structure? Escalates to EDD if required.
Sanctions and PEP screening
All parties screened — buyer, seller, and any associated beneficial owners.
Settlement or SMR
Clean matters proceed to settlement. Red flags escalate — MLRO prepares SMR if required. Records retained for 7 years.
Pricing Recommendation
Recommended
Essential
Conveyancers need solid CDD, source of funds workflows, and SMR capability. The Essential plan covers all Tranche 2 obligations for individual conveyancers or small practices.
View full pricingReady to get compliant as a Conveyancer?
Your Conveyancer Pack is configured on day one. 7-day free trial — no credit card, no consultants, no configuration sprints.