Industry guide
Conveyancers
Licensed conveyancers handling property transfers and trust money become reporting entities under AUSTRAC Tranche 2 from 1 July 2026.
Key obligations
Enrol every business entity
Each separate licensed conveyancing business must enrol with AUSTRAC.
Adopt an AML/CTF program
Risk-based procedures for purchaser and vendor onboarding.
Identify beneficial owners
For trusts, SMSFs and companies buying property, identify the natural persons in control.
Source-of-funds documentation
For purchases over a risk-based threshold, evidence where the deposit and balance came from.
Annual training
All licensed and unlicensed staff handling files must be trained annually.
Common pitfalls
Verifying the agent and not the client
You must verify the actual buyer/seller, not just the broker or representative.
Ignoring third-party deposits
Funds coming from a parent, friend or company need source-of-funds enquiries.
No threshold for cash
All cash transactions of $10,000 or more must be reported as TTRs, not just suspicious ones.
Frequently asked questions
What is the difference between a TTR and an SMR?
A Threshold Transaction Report covers any cash transaction of $10,000 or more. A Suspicious Matter Report applies whenever you form a suspicion, regardless of amount.
Do I need to verify both parties?
You verify your client. In conveyancing, that is typically the party that has engaged you for the designated service.
Not sure where you stand?
Take our free 3-minute Tranche 2 readiness quiz to get a personalised risk score and next-step roadmap for your business.