Profession-specific playbook Current
AML/CTF and property settlement playbook for conveyancers
Two separate obligations now apply to the same settlement: ARNECC's rules, and AUSTRAC's.
Conveyancers already work under ARNECC's Model Participation Rules for electronic settlement. Tranche 2 adds a second, separate AML/CTF layer on top. This playbook sets out how the two fit together. It is general information, not legal or compliance advice.
Action plan
1 Keep ARNECC's participation rules and AUSTRAC's AML/CTF obligations as two separate checks Meeting one doesn't automatically satisfy the other.
Subscribers to electronic lodgment are required to comply with the Participation Rules made by the Registrar in each state and territory, under the ARNECC Model Participation Rules. That obligation exists independently of AUSTRAC's Tranche 2 AML/CTF obligations. Confirm both are met for a settlement, rather than treating identity checks done for one as automatically covering the other.
- Confirm ARNECC Participation Rules compliance for the relevant state or territory
- Separately confirm AUSTRAC AML/CTF obligations apply to the specific designated service being provided
- Don't assume an identity check done for one purpose automatically satisfies the other
Done when: ARNECC Participation Rules compliance and AUSTRAC AML/CTF obligations were each confirmed separately for the settlement
ARNECC: Model Participation Rules2 Appoint an AML/CTF compliance officer within 28 days of providing a designated service This clock starts from actually providing the service, not from enrolling with AUSTRAC.
Once your practice provides an AUSTRAC designated service, AUSTRAC's guidance requires an AML/CTF compliance officer to be appointed within 28 days. Build this into your firm's Tranche 2 readiness plan alongside your existing ARNECC obligations.
- Appoint an AML/CTF compliance officer within 28 days of first providing a designated service
- Confirm the appointee meets AUSTRAC's eligibility expectations for the role
- Document the appointment date to demonstrate the 28-day window was met
Done when: An AML/CTF compliance officer was appointed within 28 days of the practice first providing a designated service
See the AML/CTF compliance officer deep page3 Complete customer due diligence before starting the designated service CDD comes first -- run it alongside your existing ARNECC identity checks, not as a late add-on.
AUSTRAC's guidance requires initial customer due diligence to be completed before your practice starts providing a designated service to a client, with enhanced due diligence required where the client's risk is high or in other specified circumstances. See requesting property settlement supporting documents for the related evidence-collection workflow.
- Complete initial CDD before the designated service starts, not after
- Escalate to enhanced CDD where the client's risk is high or another specified circumstance applies
- Coordinate CDD timing with your existing ARNECC identity-verification steps rather than duplicating effort
Done when: CDD, escalated to enhanced CDD where required, was completed before the designated service began, coordinated with existing ARNECC checks
See requesting property settlement supporting documentsDesignated services
Funds handling
Handling settlement funds on a client's behalf
Handling settlement funds is a common point where both ARNECC's participation rules and AUSTRAC's designated services guidance are worth checking together for a single settlement.
Transaction handling
Assisting a client to plan or execute a property transaction
Assisting a client to plan or execute a property transaction is worth checking against AUSTRAC's designated services guidance specifically, separately from your ARNECC subscriber obligations.