New AML and CTF laws for property
Why identity checks are becoming part of Australian property transactions, what may be requested and how to prepare.
What is changing
Australia is extending anti-money laundering and counter-terrorism financing obligations to real estate professionals and other gatekeeper services. The practical effect is that agents must know who they are acting for, understand some ownership structures and keep evidence of completed checks.
These checks are not a judgement about a client. They are a legal process applied consistently across relevant transactions.
What you may be asked for
Individuals
Usually current photo identification, personal details and sometimes evidence of residential address.
Companies
Company details, authorised representatives and the people who ultimately own or control the entity.
Trusts
Trust documents and information about trustees, appointors and beneficial owners may be required.
Higher-risk circumstances
An agent may need to ask reasonable questions about the transaction or source of funds and wealth.
A simple preparation checklist
Privacy and record keeping
Identity information should be collected only for a clear purpose, protected from inappropriate access and retained only as required by law. Ask how the verification service works before sending identification through an unfamiliar channel.
At TONYLAWSON, the process is explained before information is requested so clients understand what is needed and why.
Advice for your property, not a generic market.
Contact Tony Lawson to apply the evidence to your plans.