The Australian Government’s proposed reforms to the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) rules are being reviewed by the Auctioneers and Valuers Association of Australia (AVAA) to assess whether any unintended consequences may arise for auctioneers operating across diverse markets.
The exposure draft of the amendments introduces a range of technical changes intended to clarify obligations, reduce unnecessary regulatory burden in low-risk scenarios, and align Australia’s framework with international standards. While the amendments are not directed specifically at the auction sector, the breadth of auction activity, spanning art, collectables, vehicles, machinery, and other high-value goods, means it is important that potential flow-on effects are carefully examined.
The sector’s review is being undertaken by the AVAA Government Affairs Committee, with particular in provisions dealing with transfers of value, customer due diligence thresholds, exemptions for certain occasional transactions, and the treatment of trust accounts and professional services. Auction businesses frequently handle client funds, act as intermediaries between buyers and sellers, and facilitate payments under time-critical conditions. The Committee is therefore considering whether the proposed rules adequately reflect these operational realities and whether any aspects could create ambiguity or compliance challenges for auctioneers.
The AVAA Government Affairs Committee is also reviewing how the amendments interact with existing consumer law, trust account obligations, and professional standards already observed by auctioneers in the AVAA Professional Standards. Ensuring that regulatory settings remain proportionate to risk, without duplicating obligations or creating uncertainty, is a key consideration.
At this stage, AVAA’s review is exploratory and evidence-gathering. The AVAA Government Affairs Committee is not assuming that changes are required, but rather seeking to identify any areas where clarification, guidance, or minor adjustment may be warranted to ensure the auction sector is neither unintentionally captured nor disadvantaged.
If potential issues are identified, AVAA will consider whether it is appropriate to raise them with policymakers or contribute constructively to the consultation process. Any engagement would focus on practical outcomes, regulatory clarity, and maintaining strong AML/CTF safeguards while recognising the distinct way auction businesses operate.
Interested In Finding Out More?
For further information on AVAA’s engagement with the ACCC, please send an email to government.affairs@avaa.com.au or telephone 1300 928 165. You can also stay up to date by following AVAA on LinkedIn, X/Twitter and Facebook.
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