Property buyers and sellers will be impacted by the federal government’s new Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws, introducing mandatory identity verification and risk assessment frameworks effective from July 1st, 2026.
The purpose of this new legislation is to further deter, detect and disrupt money laundering practices within Australia and globally.
A range of service providers in the real estate and financial sectors are now required to undertake due diligence on buyers and sellers before providing a service by verifying identities, assessing risk, and screening individuals against sanctions and politically exposed persons lists.
This means that real estate agents, conveyancers, lawyers, accountants and trust and company service providers are now legally required to request photographic identification showing your full name, residential address and date of birth before they can engage in the services you require.
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By Wendy Chamberlain
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