What changes for a Sydney conveyancer on 1 July 2026
Sydney conveyancers operate under the Conveyancers Licensing Act 2003 (NSW). That state framework already imposes trust-account audit obligations and a code of conduct. From 1 July 2026 the Commonwealth AML/CTF Act sits on top of that, adding a separate, parallel set of obligations enforced by AUSTRAC rather than NSW Fair Trading.
The change is not a one-off filing. Every settlement file becomes an AML/CTF file. Buyers and sellers are customers under the Act, and you owe customer due diligence to both. The obligation does not depend on transaction value, and there is no exemption for low-volume practices. A solo conveyancer doing 50 settlements a year has the same legal obligation as a 20-conveyancer firm in the Sydney CBD doing 1,500.
- Enrolment with AUSTRAC within 28 days of the first designated service
- An AML/CTF Program (Part A and Part B), signed off by the practice principal
- Customer due diligence for every buyer and seller, before settlement
- Sanctions and PEP screening at intake and at risk-cadence
- Suspicious Matter Reports within 3 business days of forming a suspicion
- IFTI reports within 10 business days for cross-border settlement funds
- 7-year retention of customer, transaction, and Program records
Where Sydney conveyancers most often trip
AUSTRAC has publicly flagged Sydney as a high-risk geography for property-laundering typologies, in particular cash-flush foreign buyers using local conveyancers to settle premium harbourside and inner-east stock. If a buyer wires deposit funds from an offshore bank account into your trust account, that single instruction triggers an IFTI lodgement within 10 business days. The IFTI is yours to lodge, not the bank's.
Other common Sydney scenarios that need careful handling: discretionary-trust buyers with corporate trustees (you must capture trustee, settlor and class of beneficiaries), structured deposit payments staying below the A$10,000 cash-reporting threshold, and last-minute substitutions of the contracting party. Each one needs to be flagged, documented and risk-rated, not just settled.
How Caltury handles the workflow for a Sydney practice
Caltury was designed for the sole practitioner and the 2 to 10 person settlement firm. You sign up, the enrolment wizard prepares your AUSTRAC application, the Program builder produces a Part A and Part B document tailored to a NSW conveyancing practice, and your customer onboarding flow captures KYC and beneficial ownership before settlement.
Sanctions and PEP screening runs against the OpenSanctions database (DFAT, OFAC, EU, UN consolidated lists plus PEP coverage) at intake, with automatic re-screening on the cadence the customer's risk band requires. SMR, TTR and IFTI drafts are prepared in AUSTRAC format; you review, sign and lodge in AUSTRAC Online. Records sit in an append-only audit log for the full 7-year retention window.
Pricing for a Sydney conveyancing practice
Caltury starts at A$99 per month plus GST for the solo practitioner. The Practice tier (A$249) suits a 2 to 5 person firm. The Firm tier (A$499) suits 6 to 15. All tiers include unlimited customers, unlimited reports, sanctions screening, and the full record-retention vault. The first 10 paying customers join the Founding-10 program with 50% off for three years.
There is a 14-day free trial with no credit card. You can import an existing client book by CSV during the trial so you can see your real Sydney customers screened, risk-rated and verified before deciding.
Common questions
Do AUSTRAC obligations apply if I only do residential conveyancing in Sydney?
Yes. Assisting in the buying or selling of real estate is a designated service whether the matter is residential, commercial or rural, and whether you act for the buyer, the seller, or both. Volume does not matter either. A sole practitioner doing 30 matters a year has the same obligation set as a CBD firm doing 1,500.
What is the penalty for missing the 1 July 2026 deadline?
Civil penalties under the AML/CTF Act run up to A$22.2 million per contravention for a corporate. For a sole-trader practice the cap scales but is still well into seven figures. The realistic risk is not the maximum number; it is being non-enrolled when AUSTRAC writes to ask for your Program in late 2026.
Does Caltury work with PEXA and our practice management system?
Caltury runs alongside PEXA rather than replacing it. PEXA stays your settlement workspace; Caltury holds your customers, Program, sanctions screens and AUSTRAC reports. You can import customers from most AU practice management tools via CSV, and the API is on the roadmap for a deeper link.
Can a Sydney sole-trader conveyancer realistically do this without a consultant?
Yes. The Act treats the obligation set as scaled, not absent, for sole traders. Caltury is built specifically so a solo practitioner can stand up enrolment, Program, KYC, sanctions and records in an evening rather than paying A$10,000 to a consultant. If you do want a consultant review, you can run the Program past one once it is generated.
This page is general information about Australian AML/CTF obligations. It is not legal advice. AUSTRAC has not reviewed this content. For situations specific to your practice consult an Australian-qualified lawyer or AML/CTF adviser.