AUSTRAC’s recent enforcement actions show that AML/CTF breaches are not abstract risks — they carry real financial and personal consequences. Crown was fined A$450 million for systemic program failures, Westpac paid A$1.3 billion for 23 million reporting breaches, and proceedings against Entain and Mounties highlight that regulators now target digital and club sectors too. Even small firms have been penalised for late compliance reports. For Tranche 2 entities entering regulation, the message is clear: governance gaps, poor risk assessments, or weak oversight can be devastating. Robust, documented AML/CTF programs with board engagement and verifiable audit trails are no longer optional.

This post explains the five most common mistakes law firms make when preparing their first AML/CTF risk assessment under Australia’s Tranche 2 reforms. It shows why using generic templates, skipping AUSTRAC’s risk categories, or failing to link controls to real services can leave firms non-compliant. Each pitfall is paired with a practical, audit-ready fix that aligns with AUSTRAC’s expectations. The article also includes a free legal-sector risk-assessment template and checklist to help firms build a compliant, evidence-based AML/CTF Program.

Structuring or “smurfing,” is one of the most common money-laundering red flags in real-estate. It occurs when a buyer breaks up large cash payments into smaller deposits to avoid AUSTRAC’s $10,000 reporting threshold. This article explains why property transactions are a prime target, the warning signs agents should watch for, and how to respond when deposits don’t make sense. With My Databoss, agencies can detect structured payments automatically, verify buyers digitally, and stay compliant without slowing down the sale.

This post explains the five most common mistakes law firms make when preparing their first AML/CTF risk assessment under Australia’s Tranche 2 reforms. It shows why using generic templates, skipping AUSTRAC’s risk categories, or failing to link controls to real services can leave firms non-compliant. Each pitfall is paired with a practical, audit-ready fix that aligns with AUSTRAC’s expectations. The article also includes a free legal-sector risk-assessment template and checklist to help firms build a compliant, evidence-based AML/CTF Program.

As the real estate and legal sectors face increased scrutiny under Australia’s expanding AML/CTF regime, firms like Owen Hodge Lawyers are turning to platforms such as MyDataBoss to automate compliance and reduce risk. ‘Being proactive about these changes is critical,’ says Rolf Howard, Managing Partner at Owen Hodge Lawyers. ‘Tools like MyDataBoss allow us to stay ahead without slowing down our client service.

Our Founder Greta Menzies was recently interviewed on the EFTM podcast, sharing her insights on why Digital ID is key to protecting your data.

Australia’s AML/CTF regime is expanding and from 1 July 2026, professionals in the legal, real estate and accounting sectors will face new compliance obligations under Tranche 2. This guide explains who is affected, what “Designated Services” trigger regulation and the six key obligations every business must meet.

My Databoss, the compliance platform purpose-built for Australia’s regulatory landscape, is now open to professionals beyond legal — helping real estate, accounting, and advisory firms get Tranche 2-ready with ease.

Our Founder Greta Menzies was recently interviewed on the EFTM podcast, sharing her insights on why Digital ID is key to protecting your data.

AML reforms are coming in 2026—and law firms need to be ready. We share what’s changing and how My Databoss helps legal teams stay compliant without the admin overload.

Law firms are prime targets for banking email scams. We break down how they happen - and how My Databoss helps protect your clients with secure, automated verification.