What does AML and privacy compliance cost a conveyancer?
It depends on how you do it, not a sticker price. Getting AML and privacy compliant spans a spectrum: free government templates and DIY at one end, software subscriptions and consultants in the middle, and a bespoke lawyer at the other. The bigger point: compliance is ongoing, not a one-off purchase, so the real cost is keeping it current.
By Jon Oates, Founder of Privaproof · Last updated
‹ Conveyancer privacy compliance hub
General information, not legal advice. Your obligations depend on your circumstances.
Why is there no single number?
Two firms can spend very differently and both be compliant, because cost is driven by choices, not by a fixed price tag. The main variables are:
- How you resource it: do-it-yourself from templates, buy software, engage a consultant, or pay a lawyer to draft bespoke.
- AML and privacy are two workstreams. Most of the market sells the AML side (enrolment help, a compliance program, customer-due-diligence software). The privacy side (an APP 1 privacy policy, APP 5 collection notices, a data breach response plan) is a separate piece that AML vendors often don't cover.
- Your size and volume. A sole practitioner and a multi-office firm have different transaction volumes, and a lot of AML software is priced per verification or per transaction.
- One-off vs ongoing. A document you buy once is cheaper on day one than a subscription, but it goes out of date the moment the law moves.
The spectrum of options
| Approach | Roughly what it involves | Trade-off |
|---|---|---|
| DIY from free/gov templates | OAIC publishes a template privacy collection notice for AML/CTF reporting entities; you adapt the rest yourself | Cheapest up front; generic, not conveyancer-specific, and yours to keep current |
| Off-the-shelf template pack | A paid, sector-worded set of documents | Faster and tailored; check whether it's kept updated and who stands behind it |
| Compliance software / subscription | Ongoing tooling, often for the AML checks (CDD, screening) | Handles volume; usually priced per check/transaction; often privacy-light |
| Consultant | Someone to set up your AML program (and sometimes audit it) | Hands-on; higher cost; scope varies |
| Bespoke lawyer | Documents drafted for your firm | Highest assurance and highest cost; slower; not self-serve |
Many firms end up combining these: for example, software for the AML customer checks plus a separate step for the privacy documents.
What cost do most firms underestimate?
The single biggest misjudgement is treating compliance as a one-time purchase. It isn't. The rules are actively moving: the automated-decision-making disclosure rule (APP 1.7) commences on 10 December 2026, AUSTRAC guidance evolves, and privacy reform continues. A privacy policy or AML program that was correct in July can be out of date by December.
So the honest way to think about cost isn't "what does the document cost"; it's "what does it cost to stay compliant." A cheap one-off that silently goes stale can be more expensive than it looks, because an out-of-date compliance document is, in a dispute, close to no document at all.
How should you scope your compliance spend?
- Separate the two workstreams: budget for the AML side and the privacy side, and don't assume an AML product covers privacy.
- Prefer solutions that are kept current, not just cheap today.
- Match the tool to your volume: per-transaction pricing rewards low-volume firms and adds up for busy ones.
- Get professional advice where the stakes are highest; your retention schedule and your AML program are the places a mistake costs the most.
For what the privacy documents actually are, see Do conveyancers need a privacy policy in 2026? and Privacy policy vs collection notice. For the AML side, see AML Tranche 2 for conveyancers.
Common questions
Is there a free option?
Partly. The OAIC publishes a template privacy collection notice for AML/CTF reporting entities, and you can adapt documents yourself; the "cost" is your time, the risk of a generic fit, and keeping everything current as the law changes.
Why is AML compliance priced per transaction?
A lot of AML software charges per identity check or per verification, because that's what scales with your workload. It rewards low-volume firms and adds up for high-volume ones, so it's worth modelling against your settlement numbers.
Does buying AML software make me privacy compliant too?
Usually not. Most AML tools handle the customer checks but not the APP 1 privacy policy, APP 5 collection notices or breach response plan; those are a separate piece.
Is a one-off template cheaper than a subscription?
On day one, yes. Over time, a one-off document that isn't updated goes stale as the law moves, so the meaningful comparison is the cost of staying compliant, not just getting compliant once.
Is it any different for WA settlement agents?
No. The cost drivers are the same. A WA settlement agent has the same AML and privacy obligations as a conveyancer (only the title and state licensing differ), so the same spectrum of options and the same "keep it current" point apply. See our guide for WA settlement agents.
This is general information, not legal advice, and not financial or procurement advice. Privaproof provides privacy tools and general information; it is not a law practice and does not provide legal advice, and it does not assess your AML/CTF obligations, which are administered by AUSTRAC. Privaproof's conveyancer materials are self-authored and are not independently reviewed by a solicitor. Sources: OAIC, privacy guidance for reporting entities under the AML/CTF Act; OAIC, template privacy collection notice for AML/CTF reporting entities; AUSTRAC, professional designated services.