From 1 July 2026, Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations apply to real estate agencies, law firms and accounting practices across Australia. These regulations are designed to help protect the integrity of Australia’s financial and property markets by preventing the use of legitimate transactions for illegal activity.

As part of these requirements, we are obligated to:
· Verify the identity of our clients
· Understand ownership and control structures
· Assess the risk of money laundering or terrorism financing associated with a transaction
· Monitor certain aspects of client activity where required by law
· Report certain matters to the relevant authorities where legislative obligations apply

These obligations apply to all clients and transactions and are now a standard requirement across the Australian property, legal and financial services sectors.

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‍Information That May Be Required

‍Depending on your circumstances, we may ask you to provide:
· A form of photo identification, such as a passport or driver’s licence
· Proof of residential address, such as a utility bill or bank statement
· Company, trust or SMSF documentation (where applicable)
· Details about ownership or control of complex entities
· Source of funds information for certain transactions

The information required will vary depending on the nature of the transaction and ownership structure involved.

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‍Your Privacy
‍We understand the importance of privacy and confidentiality. Any information collected as part of the verification process is handled securely and in accordance with applicable privacy and regulatory requirements. Your information is used only for purposes required under applicable legislation and is treated confidentially at all times.

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‍Frequently Asked Questions

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‍Why do I need to complete these checks for a property transaction?

‍Property transactions are subject to enhanced regulatory requirements because of their value and complexity. By law, we are required to verify identity and understand the source of funds before a transaction can proceed.

‍Will this delay my sale or purchase?

‍In most cases, no. The process is designed to be straight forward and can usually be completed quickly once the required information is provided. To avoid delays, we encourage clients to complete verification requests as received.

‍What if I’m buying or selling through a trust, company or with others?

‍Additional information may be required where a company, trust or other structure is involved. We are required to identify and verify the individuals who ultimately own or control the entity. Our team will advise exactly what documentation is needed.

‍Why are you asking about my source of funds?

‍For some transactions, legislation requires us to understandhow funds were obtained, such as through savings, employment income, the sale of an asset or an inheritance. This forms part of our regulatory obligations and helps ensure transactions can proceed smoothly.

‍I’ve already provided this information to my bank or lawyer. Why do I need to provide it again?

‍Each party involved in a property transaction has separate obligations under the AML/CTF legislation and is required to undertake its own verification process.

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‍Support

‍If you have any questions about the verification process or the information requested, please email kim@melboutiqueproperty.com.au.
‍For more information, please visit https://www.austrac.gov.au/general-public/why-you-might-be-asked-id