From 1 July 2026, new Australian Government laws require real estate agencies to verify the identity of buyers and sellers as part of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act.
These new laws are designed to help prevent criminals from using property transactions to launder money or finance illegal activities. Australia is expanding these requirements to include real estate professionals as part of nationwide reforms administered by AUSTRAC.
For most people, the buying or selling process will remain much the same. The main difference is that we’ll need to complete identity verification before providing certain real estate services.
These new obligations apply to businesses involved in transactions where financial crime may exist, including:
Real Estate Agencies
Lawyers
Conveyencers
Accountants
Property Developers
Trust and company service providers
Dealers in precious metals and stones
If you’re buying or selling property through South Coast Realty, we’ll ask you to provide some additional information to verify your identity.
Depending on your circumstances, this may include:
- A current Australian or overseas passport
- Australian driver’s licence
- Proof of your residential address
- Information confirming who ultimately owns or controls a company or trust (where applicable)
- Additional information if required under the legislation
Most clients will only need to complete this process once during their transaction.
The Australian Government has introduced these requirements to:
- Help combat money laundering
- Reduce organised crime
- Prevent terrorism financing
- Protect Australia’s property market
- Align Australia with international financial crime standards
Property transactions involve significant amounts of money, making them attractive targets for criminal activity. These reforms help ensure Australia’s real estate industry remains safe and transparent.
In most cases, no.
If identification is provided promptly, the verification process is quick and should not delay your transaction.
Providing your identification early helps us keep your sale or purchase moving smoothly.
Absolutely.
Protecting your personal information is extremely important to us.
Any identification and personal information collected is handled in accordance with Australian privacy laws and is used only for meeting our legal obligations under the AML/CTF legislation.
Why hasn’t this been required before?
Real estate agencies are now joining banks and other financial institutions that have been subject to AML/CTF laws for many years. These reforms extend similar requirements to property transactions.
Who needs to provide identification?
Anyone buying or selling property will be required to complete identity verification. This includes individuals as well as representatives of companies, trusts and other entities.
What if I don’t provide identification?
Unfortunately, the law requires us to complete identity verification before providing certain real estate services. If we’re unable to verify your identity, we may not be able to proceed with your transaction.
Will every client go through this process?
Yes. These requirements apply to all real estate agencies providing designated services under the legislation.
We’re Here to Help
We understand this is a new process for many people.
Our team is committed to making the experience as simple and straightforward as possible. If you have any questions about the new AML/CTF requirements or the identification process, please don’t hesitate to contact us.
(08) 8552 3744