AML/CTF laws are now in effect for Australian real estate transactions across Australia. New anti-money laundering and counter-terrorism financing (AML/CTF) laws are expanding to include real estate agents, and if you are buying or selling property in the Noosa Hinterland region, here is what you need to prepare for.

What is Changing?

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 has governed banks, gambling services, and payment providers for nearly two decades. Now, the federal government is extending these requirements to real estate agents, lawyers, accountants, and other professional service providers.

The goal is straightforward: detect and disrupt money laundering, terrorism financing, and fraud. Real estate has long been identified as a sector vulnerable to these activities, and Australia is aligning with international standards by bringing property transactions under the AML/CTF framework.

What This Means for You

Whether you are selling your hinterland acreage or purchasing a Noosa beachside apartment, you will be asked to provide more information than you might be used to. This is not a simple ID check - expect questions and documentation requests covering:

•       Your identity, occupation, and any countries you are connected to
•       The source of your funds for the purchase or details about the property sale
•       Why you are engaging the agent’s services
•       Whether you (or close relatives/associates) are or have been a “politically exposed person” - such as a senior government official
•       Beneficial ownership details if you are transacting through a company or trust

Can You Opt Out?

No. Agents are legally prohibited from acting on your behalf until they have completed their AML/CTF assessment - for both their own client and the other party in the transaction. Every real estate professional in Australia must comply.

Privacy and Data Storage

Agents must retain your personal information for a minimum of seven years and handle it in accordance with the Privacy Act 1988. If you have concerns about how your data will be stored and protected, ask your agent directly about their processes.

Why the Duplication?

If you have already completed identity and source-of-funds checks with your bank or solicitor, you might wonder why you are doing it again. Unfortunately, the Act requires each professional to conduct their own assessment. While the law does allow for some information sharing between providers, it is not always practical - so expect to repeat the process.

The bottom line: These new requirements add a step to the property transaction process, but they are designed to protect the integrity of Australia’s real estate market. If you are planning to buy or sell in the coming months, gather your documentation early and speak with your agent about what they will need from you.

For more information, contact your local Hinternoosa real estate professional or visit the AUSTRAC website.

What is AML/CTF? AML/CTF refers to the Anti-Money Laundering and Counter-Terrorism Financing scheme governed by the Anti-Money Laundering and Counter-Terrorism Financing Act (Cth) 2006
Source REIQ AML/CTF – factsheet for sellers/buyers