It’s July Soon. Are You Actually Ready?

This is the post for the conveyancers who are reading this in June and realising the preparation they meant to get done in April and May didn’t quite happen the way they planned.

You’re not alone. And you still have time to get the essentials in place, but not time to be relaxed about it.

AML/CTF obligations commence 1 July. Here’s where most practices should actually be right now, and what to prioritise in the time that’s left.

The non-negotiables for 1 July

AUSTRAC registration. If this isn’t done, it needs to happen today. Not this week. Today. Registration has been open since the end of March.

An AML/CTF programme specific to your practice. This is the document that governs how your practice meets its obligations. It needs to exist and it needs to reflect your actual practice, not a template that looks roughly right. Your professional body has resources to help with this. Use them.

A customer due diligence process you can actually run consistently. This is the one that catches people out most often because it feels like it can be figured out as you go. It can’t, not without real risk of doing it inconsistently. Write it as a checklist. Know exactly what you’re doing on every new matter from 1 July.

What CDD actually involves on each file

Because this keeps getting underestimated, it’s worth being specific.

For each new client matter from 1 July you are collecting identity documents from your client, verifying those documents against an accepted method, identifying and verifying beneficial ownership where the requirements apply, assessing the risk profile of the client and the transaction, documenting all of it, and maintaining those records for the required minimum period.

If something is outstanding, you’re following it up before the matter proceeds.

This runs on every file. Every month. It doesn’t get easier to absorb by leaving the process vague.

The record-keeping piece

AML obligations require specific records to be maintained for defined periods. If your current filing system isn’t set up to capture CDD documentation consistently and keep it accessible for the required retention period, that’s worth sorting before July rather than retrofitting in August.

It doesn’t require a dramatic overhaul of how you manage files. It requires a clear home for CDD records within your existing system and a consistent habit of putting things there.

If you’re doing all of this yourself

The per-file admin that AML adds is real and it’s ongoing. For sole operators already at capacity managing all their own coordination and file administration, absorbing this on top is going to be felt.

The CDD tasks themselves, collecting and chasing documents, verifying them, maintaining records, don’t require your qualification as a conveyancer. They require accuracy and consistency and someone whose job it is to make sure they happen properly on every file.

If you don’t have that in place yet and you’re heading into July with an already full plate, that’s worth being honest with yourself about now rather than discovering the problem in August.

BMVA provides remote admin support built specifically for conveyancing practices across Australia. If getting support in place before July is still on your list, book a discovery call this week.

We’ll work out what’s actually possible and realistic for your practice right now.