INDUSTRIES | LEGAL & CONVEYANCING

At the intersection of money, property and ownership 

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INDUSTRIES
LEGAL & CONVEYANCING

At the intersection of money, property and ownership 

My-Databoss-Tranche-2-AML-Whitepaper-thmb-2

Lawyers, law firms and conveyancers become reporting entities when they provide services involving client funds, asset transfers or the creation and control of legal structures.

This covers core commercial and property work from suburban conveyancing to boutique trust work to corporate restructures.

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Whitepaper: Tranche 2 AML/CTF Reform in Australia 

What lawyers and conveyancers must know – and how to prepare

If you provide any of these services, Tranche 2 applies:

  • Acting for clients in buying or selling real estate or businesses
  • Conducting conveyancing or property settlements
  • Holding or transferring client funds through trust accounts
  • Establishing or managing companies, trusts or partnerships
  • Acting as a nominee director, shareholder or trustee
  • Providing registered office, correspondence or principal place of business services
  • Managing client assets or financial interests

Many lawyers and conveyancers are unfamiliar with the new AML obligations and are unprepared for the changes.

Your roadmap to compliance and beyond ​

From 1 July 2026, legal and conveyancing firms that provide one or more designated services are, for the first time, classified as reporting entities under the AML/CTF Act.

Key compliance steps:

  • Appoint an AML/CTF Compliance Officer
  • Enrol with AUSTRAC
  • Conduct a risk assessment
  • Maintain a formal AML/CTF program
  • Identify and verify clients – known as Customer Due Diligence (CDD)
  • Run risk-based client assessments
  • Monitor client behaviour and transactions
  • Report suspicious matters to AUSTRAC
  • Keep auditable records
  • Train staff in AML/CTF obligations
MyDataBoss_reg
From a regulator’s perspective, what you cannot prove did not happen.​
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We needed consistent compliance processes for every office and agent across the network, with one system that works the same way. My Databoss gives us that, as well as full confidence that we’ll be protected and audit-ready when Tranche 2 takes effect.”

Daniel O’Brien
Daniel O’Brien
Chief Executive Officer, X Commercial
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My Databoss has transformed how we handle client identity verification and compliance. It gives us confidence that obligations are being applied consistently, without disrupting how we work.”

Rolf Howard
Rolf Howard
CEO & Commercial Litigation Lawyer, Owen Hodge Lawyers
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My Databoss is a powerful solution that simplifies compliance across AML/CTF, privacy and cybersecurity – making life safer and easier for both professionals and clients.”

Agnieszka Szczepanik
Agnieszka Szczepanik
Founder & MD, LYRA Risk and Compliance
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My Databoss allows us to operationalise AML/CTF requirements at scale. It gives head office oversight, clear escalation pathways and a single source of truth for identity, risk and records while keeping the process simple for agents.”

Brent May
Brent May
Chief Operating Officer (COO), DiJones

The cost of getting it wrong

In Australia, non-compliance penalties can reach $22 million per breach, plus daily penalties of around $18,000. AUSTRAC and FATF expect group-wide consistency and accountability. Recent enforcement actions – including CBA ($700M) and Westpac ($1.3B) – demonstrate the regulator's posture.

Type of Failure

Financial Impact
Late or inaccurate reporting $50K–$200K per breach
System weakness or ongoing failure $1M–$30M+ potential penalties
Severe or systemic non-compliance Business-threatening enforcement

Figures based on current penalty-unit values.

 

In 2023–24, the cost of organised crime to Australia grew to $82.3 billion, a sharp $13.6 billion increase from $68.7 billion the previous year.*

 

Old way
Manual processes and fragmented tools

  • Policy documents in a folder
  • Identity stored in emails
  • Risk in someone’s head
  • Ad hoc monitoring
  • Manual spreadsheet reports
  • Training by word of mouth 

New way
Integrated, end-to-end AML/CTF workflows

  • Live compliance system
  • Verified identity records
  • Documented, scored risk ratings
  • Ongoing alerts and reviews
  • Logged, timestamped reports
  • Recorded, trackable training 

Meet My Data Boss

 

Greta-Menzies-CEO

Greta Menzies

CEO

Greta is an AI and data governance expert with nearly two decades of experience delivering enterprise-scale transformation across finance, government and universities. With a strong track record in machine learning adoption and data strategy, she has led complex programs for major banks, retailers and institutions. At My Databoss, Greta has assembled a high-calibre team to execute on a bold vision: redefining secure data management for the AI era, with a platform built for scale, compliance, and global impact.

James-Murphy-COO

James Murphy

COO

James is a seasoned executive and operations leader with over two decades of experience across financial services, technology and data platforms. As a founding executive and CFO of a high-growth fintech that successfully scaled and exited to an ASX-listed company, he brings deep expertise in SaaS operations, cybersecurity, risk management and compliance. James plays a pivotal role at My Databoss, ensuring the business is built on strong operational foundations and ready to scale with integrity and confidence.

Kelly-Ryan-CGO

Kelly Ryan

CGO

Kelly RyanCGOKelly is a seasoned executive with over 20 years of experience leading major national organisations across the sports, entertainment and real estate sectors. Known for her strategic vision and commercial acumen, she has driven the growth and transformation of high-profile brands through innovation and modernisation. At My Databoss, Kelly leads market expansion and strategic partnerships, ensuring the business continues to deliver game-changing solutions that empower organisations globally.

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You don’t have to figure this out alone

I'm here to help. Book a complimentary 15-minute AML risk profile assessment and I'll walk you through where your business stands today, what to prioritise and how to operationalise your obligations before 1 July 2026.

– Raji Lal, National Sales Executive

Call: 1300 512 387