New Obligations Arising Under the New Anti-Money Laundering and Counter-Terrorism Financial Framework

Information Sheet for Clients

New Client Identification Requirements

From 1 July 2026, the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act) will apply to some services provided by real estate agencies. This typically includes activities such as buying or selling property, handling sale proceeds or trust account transactions, acting on behalf of buyers, sellers, or investors.

The AML/CTF Act requires real estate agencies to collect and verify certain information about you (the client). This will generally happen before the agent provides you with their services, however it may also occur during the course of your matter.

1. Information a Real Estate Agent May Ask You to Provide

Generally, your agent will ask you to confirm who you are, by asking for your full name, residential address, and date of birth.

Your agent will also ask for documents to verify those details, which may include:

• identity documents with your photograph, such as your driver’s license or your passport,
• documents without your photograph, such as a birth certificate or citizenship certificate, or
• other documents, such as payslips or bank statements.

Your agent may request other information, including:

• why you are seeking the service you have requested,
• whether you, a family member, or a close business associate is or has been, a member of parliament, a member of a court, or a high-ranking member of a government body,
• the purpose of the property transaction, and
• details about the source of funds (e.g. how the purchase is being financed)

If you are acting on behalf of someone, you will also be asked to provide evidence of authority, for example, an appointment letter, power of attorney, or other authorisation document.

2. Your Agent May Require You to Provide Additional Information

Depending on your matter and circumstances, your agent may ask you for further information. For example, your agent may be required to ask you questions regarding your source of wealth or source of funds, details about company, trust, self-managed superannuation funds, and their beneficial owners, including documentation to verify this information. The agent will let you know if further information is necessary, and the type of information required.

3. What If I Refuse to Provide Information?

If you do not provide information required by the AML/CTF Act, the agent may be unable to provide you with your requested service. If work has commenced, your agent may be required to terminate their services.

4. How Much Will This Cost?

In certain circumstances, your agent may pass on costs to you, for example, where they:

• use a third party to conduct electronic identity verification,
• conduct verification of company or registry searches or title searches to confirm ownership or control, or
• verify identity or authenticate documents for overseas clients.

The professional fees charged by your agent may include an amount to cover administrative costs resulting from obligations under the AML/CTF Act and other related regulatory frameworks.

If you have any questions about these costs, you can speak with your agent. You should also refer to your agreement (if applicable) for more information regarding your rights in relation to legal costs and billing.

5. Protecting Your Privacy

Your personal information collected for compliance with the AML/CTF Act will be handled in line with the Privacy Act 1988 (Cth), which regulates how personal information is used, collected and disclosed.

We will only collect information necessary for compliance and store your information securely.

Your agent will provide you with a copy of their privacy policy.

6. Further Information

If you would like to find out more about the new laws, please visit the AUSTRAC website .

If you would like more information about our AML/CTF obligations or how these requirements may apply to your transaction, please contact us using the contact details on this website. We are happy to answer your questions and provide further guidance.