From 1 July 2026 when buying or selling property additional information will now be required to complete the transaction. New Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws have been introduced by the government to help protect the Australian property market and the people investing in it.
The changes aim to:
- Protect legitimate investors, reduce financial crime in property and increase transparency – historically real estate has been attractive to criminals to wash illicit funds through the transaction; provide greater transparency as to the seller and buyer and where the money involved in the transaction comes from.
- Align Australia with international standards – Introduction of the new legislation will bring Australia in line with global best practices and aims to reduce the risk of Australia being seen as a soft target for financial crime.
- Help ensure smoother and safer property transactions now and into the future – Identification and funding checks will occur earlier in all transactions for both buyers and sellers, conducting checks earlier will assist with a smoother transaction and avoid delays.
Agents, conveyancers and solicitors are now legally obligated to run checks and report concerns when a sales transaction is occurring for both the buyer and the seller. We will work with Solicitors and Conveyancers during this process to limit any cross over in checks.
In order to be prepared for any future sales transactions please ensure that you have the following documents handy – Trust deeds, loan documents, bank statements and personal identification.
Our team have undertaken multiple training courses, sourced quality software programs to assist with this process and will assist you every step of the way when the time comes to buy or sell. If you have any questions please do not hesitate to reach out to our office on 6882 6822.
Watch this short video of Jane Donald explaining the changes.