What's changing and what it means for you
If you're planning to buy or sell property in Australia, you may have heard about new requirements coming into effect from 1 July 2026. Here's what you need to know in plain language.
Why the change?
The Australian government is introducing anti-money laundering and counter-terrorism financing (AML/CTF) laws to the real estate sector. These laws have existed in banking and finance for years, and now they're being extended to property sales.
The goal is simple: to protect Australian property markets from being used by criminals to hide or move illegal funds. Real estate has been identified as a channel that can be exploited for money laundering, and these reforms help close that gap.
What does this mean for you?
When you buy or sell property from 1 July 2026, we'll need to verify your identity before we can provide our services. This is similar to what happens when you open a bank account or apply for a home loan.
What we'll ask you for
The verification process is straightforward for most people. We'll typically need:
- A form of photo identification (driver's licence or passport)
- Proof of your address (such as a utility bill or rates notice)
- If you're buying or selling through a company or trust, we'll need information about the structure and the people who control it
In some situations, we may need to ask about the source of your funds or your source of wealth. This isn't about being intrusive, it's about meeting our legal obligations.
When you'll need to provide this
We'll ask for this information early in the process, whether you're listing your property for sale or making an offer to purchase. Getting this sorted upfront means there won't be any delays to your transaction later on.
Your privacy is protected
All information you provide is handled in strict accordance with Australian privacy laws. We only collect what we're legally required to, and it's stored securely. Your information will only be used for AML/CTF compliance purposes.
This applies to everyone
These aren't Richardson & Wrench rules, they're Australian law. Every real estate agency, buyer's agent, and property developer are required to follow the same process - it's the law and it’s a standard part of property transactions from July 1st 2026, just like conveyancing or building inspections.
What if you have questions?
We understand this is new, and you may have questions. Our team is here to guide you through the process and make it as simple as possible. We've been trusted advisers in real estate since 1858, and that includes helping you navigate new requirements like these.
The important thing to remember is that these changes are designed to protect you and the integrity of the Australian property market. While there's a bit more paperwork involved, the process is straightforward, and we're here to help every step of the way.
Need more information?
If you're thinking about buying or selling and want to know exactly what documentation you'll need, get in touch with our team. We're happy to answer your questions and ensure you're prepared when the time comes.
Richardson & Wrench
Trusted since 1858