Around 6,000 licensed conveyancers operate in Australia (mostly NSW, VIC and SA) plus thousands of solicitors who do conveyancing as part of a general practice. The Tranche 2 obligations for the two cohorts are essentially identical.
The five things that change at the settlement desk
- Buyer ID verification before unconditional exchange — not just at settlement.
- Vendor ID verification where you act for the seller.
- Source-of-funds enquiries proportionate to deal size and risk indicators.
- Beneficial owner unwrapping for any non-individual party.
- SMR draft when third-party funds appear without explanation.
The practical software story
PEXA, Triconvey, LEAP Conveyancing and Smokeball all have AML connectors of varying maturity. The single biggest workflow win is putting CDD outcomes inside the matter file so support staff cannot complete the settlement steps without it. Without that gate, the program is theatre.