Are the new AML laws creating gaps in your insurance?
From 1 July 2026, Australia’s Anti-Money Laundering (AML) laws expanded significantly, bringing many real estate businesses, accountants, lawyers, conveyancers and other professional service firms under AUSTRAC regulation for the first time.
If your business is affected, the changes may involve new compliance obligations, increased regulatory oversight and greater accountability for business owners and directors.
Why this matters
If something goes wrong, the consequences can extend well beyond fixing a compliance issue.
Depending on the circumstances, businesses may face:
- Regulatory investigations by AUSTRAC
- The cost of responding to investigations and defending allegations
- Civil penalties where permitted by law
- Claims arising from failures in professional services or client due diligence
- Increased scrutiny of directors and senior management over governance and compliance
While insurance won’t cover intentional wrongdoing or money laundering itself, the right insurance program may respond to certain regulatory investigations, defence costs or professional negligence claims, depending on the policy wording and the circumstances.
Has your insurance kept pace?
Many insurers have updated their Management Liability and Professional Indemnity policies to reflect these legislative changes, making now a good time to review your cover.
We’d like to help you answer questions like:
- Does your current Management Liability policy still meet your needs?
- Are your Directors & Officers adequately protected?
- Could your Professional Indemnity policy respond if a client alleges negligence relating to AML obligations?
- Have your business operations changed in ways your insurer should know about?
A 15-minute review can help identify whether your insurance still aligns with your business and its current regulatory environment. Contact Bell Partners Insurance for an obligation free discussion about whether you’re adequately covered at info@bellpartnersap.com
123 Insurance Pty Ltd ABN 67 621 727 722 ATF for 123 Insurance Unit Trust ABN 46 332 885 229 trading as Bell Partners Insurance is an authorised representative number 1259573 of Community Broker Network Pty Ltd ABN 60 096 916 184 AFSL 233750. This advice has been prepared without taking into account your personal objectives, financial situation or needs. You should therefore consider the appropriateness of the advice, in light of your objectives, financial situation or needs before following the advice. Please obtain a copy of, and consider the Product Disclosure Statement applicable to the general insurance product before making any decision.
