Settlement agents and conveyancers run customer due diligence at engagement, not on settlement day. Email every buyer, seller, guarantor, and entity. Your client pays $20 or $40. No subscription. Then take the CDD report into the matter and settle on PEXA.
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PEXA moves the funds. FreeAML is the AML suite for the parties on that workspace: individual KYC, entity KYB, beneficial owners, watchlist screening at the time of the check, and ongoing monitoring while the engagement is open.
Send verification links to buyers, sellers, guarantors, and entities all at once. Group by matter reference to track settlement progress.
Upload bank statements, loan docs, or sale contracts. AI extracts amounts and flags risks (cash deposits >$10k, international transfers).
Monitor verification status for each settlement. Know who's verified, who's pending, who needs follow-up. Mark settlements complete after settlement day.
Tranche 2 requirements for conveyancers and settlement agents
Biometric ID check + liveness detection for every buyer, seller, guarantor, director, and beneficiary. Photo ID verified against government databases.
Company, trust, or SMSF verification. ASIC extract for companies, trust deed parsing for trusts, automatic UBO identification and verification.
PEP and sanctions screening for every individual and entity at the time of the check. Ongoing monitoring during the engagement period. You'll be notified if watchlist status changes before settlement.
For large settlements or high-risk clients, verify where the purchase funds originated. Bank statements, loan documents, or property sale contracts.
Keep verification documents, risk assessments, and your compliance log for 7 years after settlement. Audit pack for your firm: program and risk assessment, CDD reports, AUSTRAC reports you prepared, the audit trail, the training register (progress, FAML- certificate IDs when issued in FreeAML, and self-reported device imports), sanctions checks, and annual compliance reports.
All settlements from July 1, 2026 require full AML/CTF compliance. Penalties for non-compliance: significant civil penalties set in penalty units, or up to 2 years imprisonment for individuals.
Read how a conveyancing practice meets Tranche 2 checks on a settlement file without a monthly fee. The agency guide is separate: Tranche 2 for real estate agencies.
Everything conveyancers need to know about Tranche 2
Start verifying parties today. Be ready for July 1, 2026.