My Databoss signs Barry Plant as AUSTRAC rules loom

My Databoss has signed partnerships with Barry Plant, Di Jones, Owen Hodge Lawyers and X-Commercial as Australia prepares to bring up to 100,000 professional services firms under AUSTRAC supervision from 1 July 2026.

The Sydney-based regtech startup, founded in 2023 by Greta Menzies, is targeting real estate and legal firms that will be affected by the Tranche 2 anti-money laundering and counter-terrorism financing reforms. The changes will extend reporting obligations beyond traditional financial institutions and require a broader group of businesses to verify client identities, monitor transactions and report suspicious activity.

Early customer wins include some of the most visible names in residential and commercial property, alongside a law firm, giving My Databoss reference clients ahead of a broad compliance shift across the market. Its platform combines identity verification, risk assessment, ongoing monitoring and record-keeping in one system.

Sector Shift

The Tranche 2 reforms are widely seen as one of the biggest expansions of Australia's financial crime regime in recent years. Real estate agencies, lawyers and other professional services firms that provide designated services will face a new evidentiary burden once the rules take effect.

That burden is already shaping buying decisions. Barry Plant, one of the real estate groups to sign with My Databoss, chose to source and implement a solution across its network rather than leave individual franchisees to navigate the regulatory changes alone.

Chief executive Lisa Pennell said the group had spent 18 months assessing its options.

"Many in the real estate sector remain underprepared for the changes taking effect on 1 July 2026. The impact of Tranche 2 anti-money laundering legislation cannot be overstated - every office, from a small suburban agency to a large franchise group, will be held to the same evidentiary standard by regulators," Pennell said.

"At Barry Plant HQ, we're taking the bull by the horns with AML. We've spent the past 18 months investing significant time and resources to identify the right solution, so our franchisees are prepared, supported and able to manage AML requirements confidently without disrupting their day-to-day business. This is not a moment to put your head in the sand - consistency, clear documentation and audit readiness will be critical."

A centralised model would help standardise processes across franchise offices while avoiding a fragmented approach to compliance, an approach likely to appeal to larger networks seeking greater oversight as the reforms draw closer.

For My Databoss, the agreements suggest demand for systems that can document compliance actions over time rather than simply carry out a single check at the start of a client relationship. In property and legal services, firms may need to show regulators what actions were taken long after a transaction has been completed.

Audit Focus

Menzies said the changes should not be treated as a narrow administrative exercise.

"This partnership with Barry Plant highlights a critical shift in the professional services landscape," Menzies said.

"Tranche 2 isn't just a box-ticking exercise; it's a structural change that requires robust, purpose-built infrastructure.

"Unfortunately, a common misunderstanding is that it only applies to large or specialist operators. In reality, the law is not triggered by size, but by designated services that carry a higher risk of money laundering or terrorism financing."

She also pointed to the importance of retaining records that can withstand regulatory scrutiny.

"Our mission is to help businesses not just meet their AUSTRAC obligations but establish a defensible compliance framework they can manage with confidence, clarity and control," Menzies said.

"AUSTRAC judges compliance by evidence, not effort or intent. Even firms that understand and apply the law can fail if they cannot demonstrate, months or years later, what actions were taken. If they act now, organisations still have time to strengthen their compliance frameworks and ensure they are audit-ready."

Barry Plant said its approach includes support from a dedicated AML expert working with its head office team and support desk. It said this would help franchisees manage the new obligations without exposing the wider network to pooled liability.

"This is the benefit of being with a large, proactive real estate network. We're doing the heavy lifting on AML so that our franchisees don't have to. Importantly, we've adopted a considered, hybrid model that supports offices without exposing the network to pooled liability.

"Our partnership with My Databoss gives everyone in the Barry Plant network confidence that we will be ready when the new laws take effect, allowing us to focus on our clients while knowing our regulatory obligations are being managed appropriately and securely," Pennell said.

"We didn't want to partner with just another technology platform that simply acts as a container for identity checks. It was critical that we chose a partner that genuinely operates as an extension of our team and shares our values. To support that commitment, AML assistance will be built directly into our existing central Support Desk, with a dedicated AML expert working alongside our HQ team to ensure we deliver accurate, timely and practical guidance to our network."