We would like to let you know about significant changes to Australian legislation that will affect the way all real estate transactions are conducted from 1 July 2026.
The Australian Government has expanded the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation to include the real estate industry. These reforms are designed to strengthen Australia’s financial system by improving transparency and reducing the risk of money laundering, terrorism financing and other serious financial crimes.
As a result, real estate agencies, along with several other professions, are now required to undertake identity verification and customer due diligence as part of property transactions.
The reforms apply to:
• Real estate agencies and agents
• Legal practitioners
• Conveyancers
• Accountants
• Trust and company service providers
• Dealers in precious metals and precious stones
What does this mean for you?
Whether you are buying, selling or otherwise transacting in property, you may notice some additional compliance requirements during the sales process.
Depending on your circumstances, we may ask you to provide documentation such as:
• Government-issued identification (for example, a driver’s license or passport)
• Information about the source of funds used for a transaction
• Information relating to your source of wealth, where required
• Company, trust or self-managed superannuation fund (SMSF) documents, if applicable
• Details of individuals who ultimately own or control a company or trust
• Any other information required to satisfy our legal obligations
Some transactions may require additional verification depending on their nature and complexity.
Why are these checks necessary?
These requirements have been introduced under Commonwealth legislation and apply to all real estate agencies operating in Australia. They are intended to:
• Help protect the integrity of Australia’s property market
• Reduce the risk of financial crime
• Increase transparency in property transactions
• Ensure compliance with the requirements administered by AUSTRAC
Your privacy remains important
We understand that some of the information requested is personal. Any documentation you provide will be collected, stored and handled securely, used solely for compliance with our legal obligations, and managed in accordance with the Australian Privacy Principles and applicable privacy legislation.
Records will only be retained for the period required by law.
We’re here to help
Our team has been preparing for these legislative changes and will guide you through the process should these requirements apply to your transaction.
While there are some additional steps involved, we’ll do everything we can to make the experience straightforward and efficient.
If you have any questions about the new AML/CTF requirements or how they may affect your next property transaction, please don’t hesitate to contact us.
Thank you for your continued trust and support. We look forward to assisting you with your property needs.
