1.1 What is AML/CTF and why it now applies to you

Transcript

Welcome to FreeAML Academy. In two and a half minutes, you'll know what AML/CTF is and what it means for you. Money laundering is making criminal money look clean. It's placed into the system, moved around to hide where it came from, then spent on things that hold value. Property, trusts and companies can hold a lot of value and hide who really owns it. That's why the people who help set them up are now the first line of defence. From 1 July 2026, Australia's AML/CTF laws cover real estate agents, conveyancers, lawyers, accountants and trust and company service providers. AUSTRAC regulates this. It takes a risk-based approach. You do more where the risk is higher. AUSTRAC expects you to be enrolled, to have an AML/CTF program, to appoint a compliance officer, to train your staff, and to know your customer and report anything suspicious. If you haven't enrolled yet, do it now in AUSTRAC Online. New services must be enrolled within 28 days of starting. The rest of this academy shows you each obligation, and how to do it in FreeAML. Quick recap. Money laundering hides where money really came from. Since 1 July 2026, AML/CTF covers real estate and professional services. Enrol with AUSTRAC within 28 days of starting a regulated service. Then have a program, a compliance officer, trained staff, and know your customer. Next up: are you a reporting entity?