New AUSTRAC Identification Requirements

Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws have expanded to include the real estate industry.

As part of these new legal requirements, real estate agencies are now required to verify the identity of both property buyers and sellers during the sale process.

These laws have been introduced to help combat money laundering, terrorism financing and other financial crimes, while improving transparency and protecting the integrity of Australia's property market.

What does this mean for you?

If you are buying or selling a property, you may be asked to provide identification and other supporting information as part of your transaction.

Depending on your circumstances, this may include:

• A current photo ID (such as a driver's licence or passport)
• Your full name, residential address and date of birth
• Information relating to the purchase or sale of the property
• Details if you are buying or selling through a company, trust or other legal entity
• Additional documentation where required under the AML/CTF legislation

These checks are now a standard legal requirement for real estate professionals, similar to the identification processes already completed by banks and other financial institutions.

AUSTRAC Identification Explained

To help buyers and sellers understand these new requirements, AUSTRAC has published a guide explaining why identification is required, what information may be requested, and how your information is handled: AUSTRAC Identification Explained

Thank you for your understanding and cooperation as we implement these important legislative changes. These requirements help protect buyers, sellers and the Australian property market while ensuring compliance with Australian law.