Understanding Australia’s AML Requirements
From 1 July 2026, Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations apply to real estate agencies, law firms and accounting practices across Australia.
These regulations are designed to help protect the integrity of Australia’s financial and property markets by preventing the use of legitimate transactions for illegal activity.
As part of these requirements, we are obligated to:
· Verify the identity of our clients
· Understand ownership and control structures
· Assess the risk of money laundering or terrorism financing associated with a transaction
· Monitor certain aspects of client activity where required by law
· Report certain matters to the relevant authorities where legislative obligations apply
These obligations apply to all clients and transactions and are now a standard requirement across the Australian property, legal and financial services sectors.
What information may be required?
Depending on your circumstances, we may ask you to provide:
· A form of photo identification, such as a passport or driver’s licence
· Proof of residential address, such as a utility bill or bank statement
· Company, trust or SMSF documentation (where applicable)
· Details about ownership or control of complex entities
· Source of funds information for certain transactions
The information required will vary depending on the nature of the transaction and ownership structure involved.
How the process works
To make the process as simple and efficient as possible, we use First AML, a secure verification platform that helps us meet our regulatory obligations.
Through this platform, you will receive a request to verify your identity and provide supporting documentation. Most checks can be completed quickly online.
How your information is protected
We understand the importance of privacy and confidentiality.
Any information collected as part of the verification process is handled securely and in accordance with applicable privacy and regulatory requirements. To help protect your information, we use First AML, a secure verification platform that:
· Encrypts data both in transit and at rest using bank-grade security standards
· Stores Australian client data securely within Australia
· Is independently audited and certified to recognised international security standards
· Undergoes regular security and penetration testing
· Collects identity documents through a secure webform, rather than email
· Maintains strict access controls and audit logs to monitor and protect information
Your information is used only for purposes required under applicable legislation and is treated confidentially at all times.
Frequently asked questions
Why do I need to complete these checks for a property transaction?
Property transactions are subject to enhanced regulatory requirements because of their value and complexity. By law, we are required to verify identity and understand the source of funds before a transaction can proceed.
Will this delay my sale or purchase?
In most cases, no. The process is designed to be straightforward and can usually be completed quickly once the required information is provided. To avoid delays, we encourage clients to complete verification requests
as received.
What if I’m buying or selling through a trust, company or with others?
Additional information may be required where a company, trust or other structure is involved. We are required to identify and verify the individuals who ultimately own or control the entity. Our team will advise exactly what documentation is needed.
Why are you asking about my source of funds?
For some transactions, legislation requires us to understand
how funds were obtained, such as through savings, employment income, the sale of an asset or an inheritance. This forms part of our regulatory obligations and helps ensure transactions can proceed smoothly.
I’ve already provided this information to my bank or lawyer. Why do I need to provide it again?
Each party involved in a property transaction has separate obligations under the AML/CTF legislation and is required to undertake its own verification process.
Support
If you have any questions about the verification process or the information requested, please email compliance@kayburton.com.au.
For more information, please visit https://www.austrac.gov.au/general-public/why-you-might-be-asked-id