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AML\u002FCTF Obligations","2026-06-10T00:33:09.218Z","2026-06-10T00:34:43.067Z","2026-06-10T00:34:43.081Z",185802707885647,"ae78599a-662a-4d21-b076-3f51f308bd9a",{"_uid":441,"body":442,"title":434,"noindex":373,"ogimage":740,"snippet":742,"component":743,"tag_list":744},"3788f1da-1081-4fa7-a380-f9dcd240da71",[443],{"_uid":444,"content":445,"component":738,"bottom_spacing":739},"b32192f5-142a-4e7c-af61-ea12bf0a3263",{"type":446,"content":447},"doc",[448,473,478,483,504,511,518,523,548,561,566,571,638,656,663,668,673,696,707],{"type":449,"attrs":450,"content":451},"paragraph",{"textAlign":376},[452,458,460,463,471],{"type":453,"attrs":454},"image",{"id":455,"alt":19,"src":456,"title":19,"source":19,"copyright":19,"meta_data":457},185802960112316,"https:\u002F\u002Fa.storyblok.com\u002Ff\u002F224482\u002F601x441\u002F524facb4e3\u002Fstock-laptop-pic.jpg",{},{"type":459},"hard_break",{"text":461,"type":462},"From 1 July 2026, most Australian real estate agencies will become “reporting entities” under the Anti Money Laundering and Counter Terrorism Financing (AML\u002FCTF) regime. AUSTRAC has confirmed that AML\u002FCTF obligations will apply to the ","text",{"text":464,"type":462,"marks":465},"real estate sector",[466],{"type":467,"attrs":468},"link",{"href":469,"uuid":376,"anchor":376,"target":470,"linktype":46},"https:\u002F\u002Fwww.austrac.gov.au\u002Fbusiness\u002Fhow-comply-guidance-and-resources\u002Fguidance-resources\u002Frisk-insights-and-indicators-suspicious-activity-real-estate-sector","_blank",{"text":472,"type":462}," from that date, supported by new “tranche 2” risk and indicator guidance.",{"type":449,"attrs":474,"content":475},{"textAlign":376},[476],{"text":477,"type":462},"Real estate has been assessed as a high money laundering risk sector, and agents will need to enrol with AUSTRAC, conduct customer due diligence and report suspicious activity, guided by AUSTRAC’s “Risk insights and indicators of suspicious activity for the real estate sector”.",{"type":449,"attrs":479,"content":480},{"textAlign":376},[481],{"text":482,"type":462},"This is a significant shift. A question we’re already hearing from principals is: “If we get something wrong on AML\u002FCTF, will our professional indemnity (PI) policy respond?”",{"type":449,"attrs":484,"content":485},{"textAlign":376},[486,491,493,498,500],{"text":487,"type":462,"marks":488},"“Over the last 12 months, AML\u002FCTF has gone from a ‘future issue’ to a front of mind concern for our real estate clients,”",[489],{"type":490},"italic",{"text":492,"type":462}," says ",{"text":494,"type":462,"marks":495},"Peter Lynch, Aon National Relationship Manager – Real Estate",[496],{"type":497},"bold",{"text":499,"type":462},". ",{"text":501,"type":462,"marks":502},"“Principals are asking very practical questions: What do we need to put in place, what is AUSTRAC expecting of us, and where does our PI insurance start and stop if something goes wrong?",[503],{"type":490},{"type":449,"attrs":505,"content":506},{"textAlign":376},[507],{"text":508,"type":462,"marks":509},"“From Aon’s perspective, the key message is that PI is an important part of your risk framework – but it’s not a substitute for a well-designed AML\u002FCTF program. The agencies that will manage this best are those treating AML\u002FCTF as a business change project, not just an insurance or legal issue.”",[510],{"type":490},{"type":512,"attrs":513,"content":515},"heading",{"level":514,"textAlign":376},2,[516],{"text":517,"type":462},"What PI Insurance Is Designed to Cover",{"type":449,"attrs":519,"content":520},{"textAlign":376},[521],{"text":522,"type":462},"PI insurance is primarily designed to:",{"type":524,"content":525},"bullet_list",[526,534,541],{"type":527,"content":528},"list_item",[529],{"type":449,"attrs":530,"content":531},{"textAlign":376},[532],{"text":533,"type":462},"Respond to civil claims alleging a breach of professional duty in your agency services",{"type":527,"content":535},[536],{"type":449,"attrs":537,"content":538},{"textAlign":376},[539],{"text":540,"type":462},"Pay defence costs in defending those claims",{"type":527,"content":542},[543],{"type":449,"attrs":544,"content":545},{"textAlign":376},[546],{"text":547,"type":462},"Sometimes, cover certain regulatory investigations, depending on the wording",{"type":449,"attrs":549,"content":550},{"textAlign":376},[551,553,559],{"text":552,"type":462},"AML\u002FCTF obligations, by contrast, are statutory duties owed under the AML\u002FCTF Act and Rules and enforced by AUSTRAC, which issues sector specific guidance and indicators of ",{"text":554,"type":462,"marks":555},"suspicious activity",[556],{"type":467,"attrs":557},{"href":558,"uuid":376,"anchor":376,"target":470,"linktype":46},"https:\u002F\u002Fwww.austrac.gov.au\u002Famlctf-reform\u002Frisks-and-indicators-suspicious-activity",{"text":560,"type":462},".",{"type":512,"attrs":562,"content":563},{"level":514,"textAlign":376},[564],{"text":565,"type":462},"AML\u002FCTF Consequences – and Where PI Fits",{"type":449,"attrs":567,"content":568},{"textAlign":376},[569],{"text":570,"type":462},"When an AML\u002FCTF failing occurs, the consequences typically fall into four categories:",{"type":572,"attrs":573,"content":575},"ordered_list",{"order":574},1,[576,596,614,626],{"type":527,"content":577},[578],{"type":449,"attrs":579,"content":580},{"textAlign":376},[581,585,586,588,594],{"text":582,"type":462,"marks":583},"Regulatory fines and penalties",[584],{"type":497},{"type":459},{"text":587,"type":462},"AUSTRAC can impose substantial civil penalties for serious or systemic non-compliance where reporting entities breach their AML\u002FCTF obligations. (",{"text":589,"type":462,"marks":590},"austrac.gov.au",[591],{"type":467,"attrs":592},{"href":593,"uuid":376,"anchor":376,"target":470,"linktype":46},"https:\u002F\u002Fwww.austrac.gov.au\u002F",{"text":595,"type":462},") Most PI policies exclude fines and penalties, particularly where they are uninsurable at law or arise from deliberate or reckless conduct.",{"type":527,"content":597},[598],{"type":449,"attrs":599,"content":600},{"textAlign":376},[601,605,606,608],{"text":602,"type":462,"marks":603},"Remediation and uplift costs",[604],{"type":497},{"type":459},{"text":607,"type":462},"AUSTRAC may expect you to uplift systems, engage external advisors, retrain staff or undertake historical file reviews, aligned with your obligation to assess and manage money laundering\u002Fterrorism financing risk and monitor for suspicious activity. These expenses are generally treated as business costs and may not constitute insurable loss under PI. ",{"text":609,"type":462,"marks":610},"Learn more in AUSTRACs real state program starter kit.",[611],{"type":467,"attrs":612},{"href":613,"uuid":376,"anchor":376,"target":470,"linktype":46},"https:\u002F\u002Fwww.austrac.gov.au\u002Freforms\u002Fsector-specific-guidance\u002Freal-estate-guidance\u002Freal-estate-program-starter-kit\u002Freal-estate-program-starter-kit-getting-started",{"type":527,"content":615},[616],{"type":449,"attrs":617,"content":618},{"textAlign":376},[619,623,624],{"text":620,"type":462,"marks":621},"Third party financial loss claims",[622],{"type":497},{"type":459},{"text":625,"type":462},"A client, lender or other party may allege they suffered loss because you failed to apply appropriate AML\u002FCTF controls – for example, a transaction is unwound or funds are frozen. This is where PI may potentially respond, provided the claim arises from a covered breach of professional duty in your agency services and no relevant exclusion applies.",{"type":527,"content":627},[628],{"type":449,"attrs":629,"content":630},{"textAlign":376},[631,635,636],{"text":632,"type":462,"marks":633},"Investigation and legal costs",[634],{"type":497},{"type":459},{"text":637,"type":462},"As AUSTRAC increases engagement with new tranche 2 sectors, real estate agencies can expect enquiries and, in some cases, formal investigations. Some PI policies may include a regulatory investigation or inquiry extension, which may assist with legal representation costs in responding to official investigations. Coverage is wording specific and often subject to a sub limit.",{"type":449,"attrs":639,"content":640},{"textAlign":376},[641,645,647,651,652],{"text":642,"type":462,"marks":643},"“From an insurance wording perspective, it’s critical that agencies understand what PI can and cannot do in the AML\u002FCTF space,”",[644],{"type":490},{"text":646,"type":462}," notes ",{"text":648,"type":462,"marks":649},"Michael Gapes, Partner at Carter Newell Lawyers",[650],{"type":497},{"text":499,"type":462},{"text":653,"type":462,"marks":654},"“In most policies we see, civil penalties imposed by a regulator like AUSTRAC are expressly excluded, and remediation costs to uplift systems are treated as business expenses rather than insurable loss.”",[655],{"type":490},{"type":449,"attrs":657,"content":658},{"textAlign":376},[659],{"text":660,"type":462,"marks":661},"“Where PI can be very important is in responding to third party claims alleging financial loss linked to an AML\u002FCTF failure, and in some cases assisting with the cost of regulatory investigations. Whether that cover is available in a particular scenario will turn on the detail of the policy – especially the definition of professional services and any exclusions for statutory breaches, dishonesty or intentional non compliance.”",[662],{"type":490},{"type":512,"attrs":664,"content":665},{"level":514,"textAlign":376},[666],{"text":667,"type":462},"PI Is a Backstop – Talk to Your Broker Now",{"type":449,"attrs":669,"content":670},{"textAlign":376},[671],{"text":672,"type":462},"Real estate professionals are now classed as a designated service under Australia’s reformed AML\u002FCTF framework, alongside other tranche 2 professions such as lawyers and accountants. PI insurance can help with certain downstream financial consequences, particularly third party claims and, in some cases, investigation costs. It will not:",{"type":524,"content":674},[675,682,689],{"type":527,"content":676},[677],{"type":449,"attrs":678,"content":679},{"textAlign":376},[680],{"text":681,"type":462},"Pay AUSTRAC fines and penalties",{"type":527,"content":683},[684],{"type":449,"attrs":685,"content":686},{"textAlign":376},[687],{"text":688,"type":462},"Fund your AML\u002FCTF program",{"type":527,"content":690},[691],{"type":449,"attrs":692,"content":693},{"textAlign":376},[694],{"text":695,"type":462},"Replace robust systems, training and risk culture",{"type":449,"attrs":697,"content":698},{"textAlign":376},[699,701,706],{"text":700,"type":462},"Now is the time to use ",{"text":702,"type":462,"marks":703},"AUSTRAC’s real estate guidance and suspicious activity indicators to build or uplift your AML\u002FCTF program",[704],{"type":467,"attrs":705},{"href":469,"uuid":376,"anchor":376,"target":470,"linktype":46},{"text":560,"type":462},{"type":449,"attrs":708,"content":709},{"textAlign":376},[710,712,713,714,720,724,729,733],{"text":711,"type":462},"To understand how your policy would respond to an AML\u002FCTF breach, speak with your broker or Aon adviser and review your PI insurance now, before the new regime goes live.",{"type":459},{"type":459},{"text":715,"type":462,"marks":716},"© 2026 Aon Risk Services Australia Limited ABN 17 000 434 720 | AFSL 241141 (Aon).",[717],{"type":718,"attrs":719},"textStyle",{"color":19},{"type":459,"marks":721},[722],{"type":718,"attrs":723},{"color":19},{"text":725,"type":462,"marks":726},"The information contained in this communication is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider your personal circumstances, as well as the relevant Product Disclosure Statement (if applicable), Target Market Determination and full policy terms and conditions available from Aon on request. All representations in this communication in relation to the insurance products Aon arranges are subject to full terms and conditions of the relevant policy. Please contact Aon if you have any queries.",[727],{"type":718,"attrs":728},{"color":19},{"type":459,"marks":730},[731],{"type":718,"attrs":732},{"color":19},{"text":734,"type":462,"marks":735},"This article provides general information about insurance-related considerations in the context of a legal process. It is not intended to constitute legal or other professional advice and should not be relied upon as such. Requirements and obligations may vary by jurisdiction and specific circumstances. You should seek advice from your own independent legal counsel regarding any concerns.",[736],{"type":718,"attrs":737},{"color":19},"TextContent","small",{"id":376,"alt":376,"name":19,"focus":376,"title":376,"source":376,"filename":19,"copyright":376,"fieldtype":370,"meta_data":741},{},"From 1 July 2026, most Australian real estate agencies will become “reporting entities” under the Anti Money Laundering and Counter Terrorism Financing (AML\u002FCTF) regime. AUSTRAC has confirmed that AML\u002FCTF obligations will apply to the real estate sector from that date, supported by new “tranche 2” risk and indicator guidance.","NewsDetail",[],"how-your-pi-insurance-responds-to-aml-ctf-obligations","our-industry\u002Fnews\u002Fhow-your-pi-insurance-responds-to-aml-ctf-obligations",-9200,376271414,"39b8cf9e-024d-42cf-b12a-c1fe9bc3d6ec",[],[],[]]