The impact of Immigration

[facthunter]

 it would be different if he was seizing deposited money. Nev

[onetrack]

13 hours ago, old man emu said:

But how does a seller deposit hundreds of thousands of dollars in cash into a bank account. Here in NSW deposits of $10,000+ in cash must be documented. I remember having to do so when I was a cop and was depositing seized drug money at my local bank into the holding account that the police had.

As I said, there's currently no requirement for real estate agents, solicitors or conveyancers in the real estate business to meet the reporting requirements under AUSTRAC money laundering laws.

 

However, typical of Govts shutting the stable door after the horse has bolted - all of the above people will be obliged to fall into line with everyone else under the cash money reporting requirements, starting 1st July 2026.

 

QUOTE:

 

"Tranche 2 reporting entities are businesses in "gatekeeper" professions - specifically real estate professionals, lawyers, accountants, conveyancers, and trust/company service providers - that will be required to comply with Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act. These new obligations take effect from 1 July 2026, requiring them to register, conduct due diligence, and report suspicious activities to AUSTRAC."