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The second round of consultation currently underway re the AML\u002F CTF reforms.",[462],{"type":463,"attrs":464},"textStyle",{"color":465},"black",{"type":457,"content":467},[468,470,476,478,484],{"text":469,"type":455},"REIA is currently working with REIs on a submission to the Federal Government on the ",{"text":240,"type":455,"marks":471},[472],{"type":473,"attrs":474},"link",{"href":475,"uuid":376,"anchor":376,"target":376,"linktype":46},"https:\u002F\u002Fwww.ag.gov.au\u002Fcrime\u002Fanti-money-laundering-and-counter-terrorism-financing",{"text":477,"type":455}," legislation. ",{"text":479,"type":455,"marks":480},"As reported in the ABC",[481],{"type":473,"attrs":482},{"href":483,"uuid":376,"anchor":376,"target":376,"linktype":46},"https:\u002F\u002Fwww.abc.net.au\u002Fnews\u002F2024-07-09\u002Freal-estate-industry-focus-in-money-laundering-crackdown\u002F104076158?utm_source=sfmc&utm_medium=email&utm_campaign=abc_newsmail_am-pm_sfmc&utm_term=&utm_id=2383217&sfmc_id=391903052",{"text":485,"type":455},", there is concern from government bodies that Australia is becoming a prime target for global money laundering. The AFP has indicated that real estate accounted for 65 percent of the total assets confiscated through its anti-money laundering operations in 2023.",{"type":457},{"type":457,"content":488},[489,491,496,498,502,504,509],{"text":490,"type":455},"The Attorney General and AUSTRAC have committed to the AML Tranche 2 reforms through a Bill to Parliament later this year. AUSTRAC has listed real estate as an industry that is ‘",{"text":492,"type":455,"marks":493},"Very High Risk",[494],{"type":495},"italic",{"text":497,"type":455},"’ whilst real estate agents have been listed as ‘",{"text":499,"type":455,"marks":500},"Medium Risk",[501],{"type":495},{"text":503,"type":455},"’. These reforms would introduce compliance and reporting mechanisms for agents who become aware of suspicious transactions through their role. The report has indicated that real estate agents ",{"text":505,"type":455,"marks":506},"do not ",[507],{"type":508},"bold",{"text":510,"type":455},"have a direct role in being complicit with money laundering in the same capacity as lawyers or accountants.",{"type":457,"content":512},[513,515,521],{"text":514,"type":455},"The REIA’s June 2024 submission on the ",{"text":516,"type":455,"marks":517},"second stage consultation papers for the AML\u002FCTF reforms",[518],{"type":473,"attrs":519},{"href":520,"uuid":376,"anchor":376,"target":376,"linktype":46},"https:\u002F\u002Fwww.austrac.gov.au\u002Fconsultations\u002Fsecond-consultation-commences-amlctf-reforms",{"text":522,"type":455}," details the REIA’s concerns over the current legislation under government consideration.",{"type":457},{"type":449,"attrs":525,"content":526},{"level":451},[527],{"text":528,"type":455,"marks":529},"We are working closely with the Real Estate Institute of Australia (REIA) who are leading the real estate response to this matter.",[530],{"type":463,"attrs":531},{"color":465},{"type":457},{"type":449,"attrs":534,"content":535},{"level":451},[536],{"text":537,"type":455},"REIA recommendations to government",{"type":539,"content":540},"bullet_list",[541,552,562,572,582,592,602],{"type":542,"content":543},"list_item",[544],{"type":457,"content":545},[546,550],{"text":547,"type":455,"marks":548},"Recommendation 1",[549],{"type":508},{"text":551,"type":455},": The Attorney General’s Department clarifies the risk profile and specific pain points within a real estate transaction for AML.",{"type":542,"content":553},[554],{"type":457,"content":555},[556,560],{"text":557,"type":455,"marks":558},"Recommendation 2",[559],{"type":508},{"text":561,"type":455},": A comprehensive data audit is undertaken across all responsible parties and data points associated with the real estate transaction process.",{"type":542,"content":563},[564],{"type":457,"content":565},[566,570],{"text":567,"type":455,"marks":568},"Recommendation 3",[569],{"type":508},{"text":571,"type":455},": Establishment of a real estate regime focused on awareness and partnership through the development of a comprehensive industry-wide information dossier that is clear and transparent to better understand legal reporting obligations and associated procedures.",{"type":542,"content":573},[574],{"type":457,"content":575},[576,580],{"text":577,"type":455,"marks":578},"Recommendation 4",[579],{"type":508},{"text":581,"type":455},": Further consultations to be undertaken with real estate agencies to determine appropriate reporting timeframe and penalties associated with non-compliance.",{"type":542,"content":583},[584],{"type":457,"content":585},[586,590],{"text":587,"type":455,"marks":588},"Recommendation 5",[589],{"type":508},{"text":591,"type":455},": A cost-benefit analysis specific to real estate to be developed and made available for the public.",{"type":542,"content":593},[594],{"type":457,"content":595},[596,600],{"text":597,"type":455,"marks":598},"Recommendation 6",[599],{"type":508},{"text":601,"type":455},": An exemption for conducting customer due diligence in the real estate sector based on lower risk profile and duplication of existing reporting processes.",{"type":542,"content":603},[604],{"type":457,"content":605},[606,610],{"text":607,"type":455,"marks":608},"Recommendation 7",[609],{"type":508},{"text":611,"type":455},": Funding for capacity building and training from government to the industry to offset business costs borne by small businesses and customers.",{"type":457,"content":613},[614],{"text":615,"type":455,"marks":616},"Key links:",[617],{"type":508},{"type":539,"content":619},[620,632,657,672],{"type":542,"content":621},[622],{"type":457,"content":623},[624],{"text":625,"type":455,"marks":626},"REIA – AML\u002FCTF June 2024 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