Do WA settlement agents need a privacy policy and AUSTRAC enrolment in 2026?
Yes, from 1 July 2026, most WA settlement agents are caught too. The AML/CTF Tranche 2 designated service is defined by what you do, not your title, so a WA settlement agent handling property transactions is an AUSTRAC reporting entity, and under Privacy Act s 6E(1A) the Privacy Act applies to the AML data you collect, whatever your turnover.
By Jon Oates, Founder of Privaproof · Last updated
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General information, not legal advice. Your obligations depend on your circumstances.
Is it the same obligation under a different label?
Conveyancing terminology fragments by state. In NSW, Victoria, South Australia and Tasmania the work is done by licensed conveyancers; in Western Australia it's done by licensed settlement agents; in Queensland and the ACT it's largely done by solicitors. The professional label differs; the Commonwealth obligation does not.
That matters because almost all of the AML and privacy guidance published so far says "conveyancer." If you're a WA settlement agent, it's easy to read that and assume it isn't about you. It is. The reforms attach to the service, not the job title, so a WA settlement agent providing the property-transfer designated service is caught in exactly the same way a licensed conveyancer in NSW is.
Why doesn't "settlement agent" get you out of it?
The capturing service is Table 6, Item 1 of the AML/CTF Act (inserted at s 6(5B) by the AML/CTF Amendment Act 2024): assisting a person in the planning or execution of a transaction to sell, buy or otherwise transfer real estate, in the course of a business. AUSTRAC's governing principle is "it is what you do, not what you are, which is important." Preparing and lodging transfers, coordinating settlement, and holding and disbursing settlement funds are the core of what a WA settlement agent does, so most agents are squarely within the designated service.
From 1 July 2026 you are a reporting entity, and AUSTRAC enrolment must be completed within the window: 28 days from first providing a designated service. The reforms treat 29 July 2026 as the practical enrolment cut-off for firms already operating on 1 July 2026; confirm your firm's exact date with AUSTRAC.
Do WA licensing rules replace the Commonwealth ones?
WA settlement agents are licensed and regulated under the Settlement Agents Act 1981 (WA) and its regulations and Code of Conduct, administered by Consumer Protection (part of the Department of Energy, Mines, Industry Regulation and Safety). That regime already imposes trust-account, fidelity-insurance and professional-conduct duties on you.
None of that displaces the new Commonwealth obligations. Your WA trust-account rules are not the AML/CTF regime, and your existing licensing duties are not the Privacy Act. A WA settlement agent providing the Table 6 Item 1 service is a reporting entity under federal law and is brought under the Privacy Act by s 6E(1A) exactly like a conveyancer in any other state, on top of, not instead of, the WA rules you already follow.
At a glance
| Obligation | What it means for a WA settlement agent | Source |
|---|---|---|
| Reporting-entity status | Providing the property-transfer designated service makes you an AUSTRAC reporting entity from 1 July 2026 | AML/CTF Act Table 6 Item 1 / s 6(5B) |
| Privacy Act applies (AML data) | s 6E(1A) deems you an APP entity for the personal information you handle for AML/CTF, regardless of turnover | Privacy Act 1988 s 6E(1A) |
| Privacy policy (APP 1) | A clearly expressed, up-to-date privacy policy, a baseline document most agents won't have had before | OAIC (APP 1) |
| Collection notice (APP 5) | Given to the client at the point you collect their identity and source-of-funds data | OAIC (APP 5) |
| WA licensing unchanged | Your Settlement Agents Act trust-account and conduct duties continue, separately | Consumer Protection WA |
What does this mean for your practice?
Becoming a reporting entity is the switch. Under section 6E(1A) of the Privacy Act, the Act now applies to the personal information you handle for AML/CTF: the identity documents, KYC and beneficial-ownership records, PEP and sanctions results, and source-of-funds evidence you collect for customer due diligence. It does not automatically sweep in the rest of your practice's data; the coverage is targeted at that AML-connected information. Because in a settlement file the AML data and the transaction data overlap so heavily, many firms find it simplest to apply Privacy-Act-standard handling across the whole matter, a practical choice, not a legal requirement.
A couple of points specific to your world:
- Identity verification is two separate things. For electronic settlement you already take "reasonable steps" to verify identity under the ARNECC Model Participation Rules (Version 7), Schedule 8, a safe-harbour standard, not a mandatory one. AML customer due diligence is a separate identity obligation under AUSTRAC. They collect similar documents but are different requirements under different regulators; don't treat one as satisfying the other.
- You concentrate high-value data. Identity documents plus trust-account and settlement-money details are exactly the dataset that causes serious harm if it leaks, which is why a data breach response plan matters for settlement practices in particular.
What's the privacy half most AML guidance skips?
Nearly every Tranche 2 resource leads with the AML program, enrolment and customer checks, and stops there. The privacy consequence is the overlooked half: the same customer checks you're building for AUSTRAC are, themselves, the data the Privacy Act now regulates. For the detail on the documents involved, see Do conveyancers need a privacy policy in 2026? and AML Tranche 2 for conveyancers: the privacy half nobody mentions. The obligation is identical for WA settlement agents; only the label and your state licensing regime differ.
Common questions
Do WA settlement agents have to enrol with AUSTRAC?
If you provide the property-transfer designated service, yes, you are a reporting entity from 1 July 2026 and must enrol with AUSTRAC within 28 days of first providing a designated service. The reforms treat 29 July 2026 as the practical cut-off for firms already operating on 1 July 2026; confirm your exact date with AUSTRAC.
Are the privacy rules different for WA settlement agents than for conveyancers?
No. The obligation is defined by the activity, not the professional label, so it is identical; only the title "settlement agent" and your Western Australian licensing regime differ.
Does my WA settlement agent licence already cover the Privacy Act?
No. Your Settlement Agents Act 1981 (WA) licensing, trust-account and conduct duties are separate and continue unchanged; the Privacy Act obligation applies on top, via s 6E(1A).
Does the $3 million small-business threshold still protect me?
Not for your AML data. Section 6E(1A) applies the Privacy Act to the personal information you handle for AML/CTF regardless of turnover; the s 6D small-business exemption still stands for the rest of your practice.
This is general information, not legal 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: AUSTRAC, professional designated services; Privacy Act 1988 (Cth) s 6E(1A); OAIC, privacy guidance for reporting entities under the AML/CTF Act; Consumer Protection WA, settlement agents and conveyancers; Settlement Agents Act 1981 (WA).