New AML/CTF Requirements Now Apply to Property Transactions

PROPERTY TRANSACTIONS ARE CHANGING

Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements now apply to the real estate industry. If you are buying or selling property, you may notice an additional compliance step during your transaction. Real estate agencies must identify customers, verify required information and complete Customer Due Diligence when providing regulated real estate services. These requirements are designed to strengthen the integrity of property transactions and help prevent real estate from being misused for financial crime.

WHAT THIS MEANS FOR YOU

A new compliance step when buying or selling property.

You may be asked to complete an identity verification process and provide information relevant to your transaction. In some circumstances, we may also need further information about the people or entities involved. The information required will depend on your circumstances and the nature of the transaction. Our team will explain what is needed and guide you through the process.