Anti-money laundering and counter-terrorism financing (AML/CTF)

Real estate agents now have AML/CTF obligations

Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, businesses that broker the sale, purchase or transfer of real estate in Australia — such as a seller’s or buyer’s agent — provide a “designated service” and have AML/CTF obligations. AUSTRAC, Australia’s financial intelligence agency and AML/CTF regulator, explains this in its guidance on real estate designated services. AUSTRAC notes that newly regulated entities are subject to AML/CTF legislation for the first time from 1 July 2026.

AUSTRAC’s guidance also says that when an agent brokers a sale, both the seller and the buyer are treated as the agent’s customers for these purposes.

What this means for you

Regulated businesses must take steps to “know their customer” before or while providing these services. In practice, when Elite Sydney Property helps you sell or buy a property, we may ask you for:

• Identification, such as photo ID, for you and anyone you are acting with or for
• Details about a company, trust or other entity if one is buying or selling, including who owns or controls it
• Other related information needed to verify who you are

According to AUSTRAC, a seller’s agent typically starts providing this service to the seller when the agency agreement is signed, and to the buyer when it is reasonably expected that the sale will proceed — usually when an offer is accepted and the contract is signed.

These checks are a legal requirement that applies across the industry. They are not a reflection on you, and the information you provide is handled confidentially.

Questions?

This page is general information only and is not legal advice. For advice about your own situation, speak with your solicitor or conveyancer. If you have questions about what we may ask for on your sale or purchase, please contact our office on 1800 625 268 or admin@elitesydneyproperty.com.au.

Source: AUSTRAC, Real estate designated services and Real estate program starter kit: getting started.