Barry Plant completes AML readiness ahead of deadline

Barry Plant has completed anti-money laundering readiness across its network, with every office prepared three weeks before Australia's new compliance deadline.

All offices have enrolled with AUSTRAC, joined the My DataBoss compliance platform, and completed the documentation, policies and procedures required under the anti-money laundering and counter-terrorism financing reforms.

The change comes as Australian real estate businesses adjust to one of the biggest regulatory shifts to affect the sector in recent years. The reforms impose new obligations on agencies to strengthen checks, record-keeping and internal processes designed to detect and deter illicit financial activity.

Barry Plant used a centrally led model with accountability at office level to implement the changes across its franchise network. The approach included formal support for anti-money laundering compliance officers, as well as training for sales staff, who are often the first point of contact for buyers and vendors.

Head of Operations Krystie Nolan said the work had taken place over many months and involved teams across the wider group.

"This milestone represents a mountain of work across the Barry Plant Group. Achieving 100 per cent AML preparedness is the result of a comprehensive, group-wide implementation program that has been underway for many months," Nolan said.

She said the program was designed to help franchisees, agents and support teams respond to the new rules.

"The program was carefully designed to support our franchisees, agents and support teams through one of the most significant regulatory reforms ever introduced to the Australian real estate industry. We knew it was essential to ensure every office was equipped with the knowledge, systems and processes needed to meet the new requirements."

Training focus

Alongside systems and documentation, Barry Plant created an AMLCO Bootcamp to train anti-money laundering compliance officers across the network. The initiative was intended to provide practical guidance, peer collaboration and hands-on education for staff handling office-level compliance obligations.

The group also introduced face-to-face training for agents, saying in-person preparation was necessary because sales teams would be expected to discuss compliance issues directly with clients. The shift reflects a broader operational challenge for estate agencies, which must now embed regulatory checks into routine customer interactions without disrupting transactions.

"Every day in real estate, we train agents on scripts, dialogues and client conversations because we understand the importance of confidence and consistency," Nolan said.

"AML should be no different. Our agents are the eyes and ears of our business. They are the people answering questions, identifying potential risks and guiding clients through the process. We believed it was critical that they received practical, in-person training rather than simply being directed to complete online modules."

Barry Plant also prepared marketing, communications and social media material for local offices to use with buyers, vendors and their communities. Those resources were designed to help explain the incoming changes and support conversations about how the new requirements would affect customers.

Operational shift

For estate groups, the next stage will be moving from implementation to day-to-day operation under the new regime. That means compliance officers, agents and support teams will need to apply the new processes consistently across listings, client onboarding and transaction management.

Nolan said the company aimed to support offices throughout the process rather than simply issue instructions from head office.

"We recognised early that our role was not simply to tell offices what needed to be done, but to walk alongside them throughout the process. The result is a network that is not only compliant but genuinely prepared."

The real estate sector has faced growing scrutiny over the risk that property transactions can be used to move or conceal illicit funds. The new framework is intended to tighten oversight in an industry where large transactions, multiple intermediaries and complex ownership structures can create vulnerabilities.

Barry Plant's priority is now supporting offices as the reforms become part of regular business practice across the network. It has framed the work as both a compliance exercise and a change-management program affecting front-line staff as much as back-office systems.

"While we are proud of reaching 100% readiness ahead of the deadline, the real achievement is the culture of compliance and consumer protection that has been established across our network," Nolan said.

"These reforms are about strengthening trust in Australian real estate. By investing in our people, our processes and our technology, we have positioned our offices to deliver a seamless experience for clients while meeting the highest standards of regulatory compliance."