Information about Australia's Anti-Money
Laundering and Counter-Terrorism Financing
(AML/CTF) Laws
Why is my agent asking for more information?
The Australian Government has introduced new laws to help prevent criminals
from using property transactions to launder money or fund terrorism.
As a result, real estate agents across Australia are now required to collect
and verify certain information from their clients when buying or selling
property.
These requirements apply to all real estate agencies and are set out in
Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF)
laws.
What information will I be asked to provide?
Your real estate agent may ask for information and documents to:
Confirm your identity
Understand where the funds for the transaction are coming from
Determine whether you hold, or are closely related to someone who holds,
a prominent public position (known as a Politically Exposed Person or PEP)
A PEP may include senior government officials, judges, military leaders, or
other people in significant public positions.
If you are buying or selling through a company, trust, partnership, or another
entity, your agent may also need information about the people who own or
control that entity.
What happens if I do not provide the information?
If you choose not to provide the required information, or if your identity
cannot be verified, the agency may be unable to act for you or continue with
the transaction.
These requirements apply to all real estate agencies in Australia.
Will my information be reported to the government?
In some circumstances, the law requires agencies to report certain
transactions or activities to the Australian Transaction Reports and Analysis
Centre (AUSTRAC).
The law may also prevent the agency from telling you if a report has been
made.
Are there any costs involved?
There may be costs associated with identity verification, company searches,
or other checks required under the AML/CTF laws.
Your real estate agency will advise you if any of these costs are payable by
you.
Need more information?
If you have any questions, please speak
with your real estate agent.