Reminder: New AML Rules Start 1 July for Real Estate

From 1 July, new anti–money laundering (AML) laws will apply to the real estate industry across Australia.

For buyers and sellers, this means real estate agencies will be legally required to complete extra checks during property transactions. You may be asked to provide proof of identification, along with information and documents showing where your funds or deposit money have come from.

These new laws are designed to help prevent illegal activity such as fraud and money laundering, and to make property transactions safer and more transparent for everyone involved.

As part of the changes, agencies will also be required to keep more detailed records and report suspicious activity when necessary.

While the process may take a little longer at the beginning of a sale or purchase, these checks will become a standard legal part of buying and selling property.