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A leading anti-money laundering expert has warned that AUSTRAC will not mess around when it comes to enforcing the incoming AML/CTF regulations for accountants, lawyers, and real estate agents. However, the good news is that compliance is entirely achievable by mid-2026 – if businesses start preparing now.
Nathan Lynch, a financial crime writer and AML specialist, said AUSTRAC has already shown that it won’t hesitate to take action.
“AML/CTF civil enforcement cases in Australia have already resulted in over $2.5 billion in penalties. We’ve also seen ASIC take action against directors personally, such as in The Star case,” Lynch said.
In November, AUSTRAC launched civil penalty proceedings against The Star Pty Limited and The Star Entertainment QLD Limited, citing serious and systemic AML/CTF failings.
“So, the message is clear: this is not an aspect of regulation where organisations can afford to be complacent,” he said.
Australia has seen high-profile enforcement cases against casinos, banks, and betting firms. Now, with tranche two reforms set to take effect by mid-2026, accountants, lawyers, and real estate professionals will be in the spotlight.
However, the news is not all bad; as Lynch said, AUSTRAC is a “very collaborative regulator” and wants to support businesses to ensure they are able to provide the best possible financial intelligence.
“This is not about catching you out for technical compliance failures; it’s about making your organisation better and part of the national partnership to fight serious and organised financial crime, including the country’s $2 billion-per-year scams problem,” Lynch said.
The AML/CTF regime will extend to more than 70,000 businesses – many of them SMEs – introducing new risk assessments, reporting obligations, and compliance frameworks. While AUSTRAC is still refining guidelines, Lynch explained that there are critical steps businesses can take today.
“The key lesson from overseas is not to leave your run too late. For those that get started now, the mid-2026 deadline is very achievable,” Lynch said.
Join the experts who are leading Australia’s AML compliance
Nathan Lynch and over 25 financial crime, legal, and regulatory experts, including AUSTRAC, will be speaking at AML Edge 2025, taking place this Thursday, 27 March, at Watersedge, Sydney.
This is your opportunity to hear directly from those shaping AML policy and enforcement in Australia. Don’t wait until the last minute – get ahead of the reforms now.
Last tickets remain – secure yours today: www.amledge.com.au.
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