New Anti-Money Laundering Requirements for Property Buyers and Sellers
The Australian Government is introducing new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws that will apply to the sale and purchase of all property from 1 July 2026.
These laws are designed to help prevent criminal activity such as money laundering, terrorism and to improve transparency in property transactions.
Real estate agents, conveyancers and lawyers involved in property transactions, will be required to carry out multiple comprehensive identity checks and other due-diligence on all sellers and buyers.
You may soon be asked to provide additional information and documentation to verify your identity, the nature of your transaction and the source of your funds.Transactions involving companies and trusts will require significant extra work which will increase the cost of your property settlement.
Please be aware that you will be required to answer all questions and provide all necessary documentation requested, if you wish to proceed with the sale or purchase of the property.
To ensure your settlement occurs on time, it is important that you provide all information and documentation as soon as possible.
Any delays may impact your settlement and could result in additional costs.
CS Legal will be commencing necessary checks prior to July 2026 as the new laws include settlements from 1 July 2026, regardless of whether the contract is dated prior to 1 July 2026.
We appreciate your cooperation and understanding with the introduction of these new laws and look forward to assisting you with your settlement.
For further information, please contact CS Legal on (08) 9476 4499, email info@cslegal.com.au or complete our online enquiry form.
