AML/CTF Compliance
Why additional identity verification is now required
From 1 July 2026, Australian real estate agencies are required to comply with the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006.
These laws are designed to help prevent criminal activity, including money laundering, terrorism financing, fraud, tax evasion and the concealment of illegally obtained funds through property transactions.
As part of these legal obligations, we are required to verify the identity of all relevant clients and complete customer due diligence checks before providing certain real estate services. These requirements apply to all clients and transactions and are not discretionary.
You can read more about the reforms on the AUSTRAC website.
Why we are requesting your information
Under Australian AML/CTF legislation, we are legally required to:
– Verify the identity of our clients
– Identify individuals who own or control companies, trusts or other entities
– Assess and manage money laundering and terrorism financing risks
– Maintain records required by law
To comply with these obligations, we are required to collect and verify certain information and documentation.
You will need a smartphone to complete the verification process.
Information and documents we are required to collect
Depending on the ownership structure and transaction type, we/our AML provider may be required to collect and verify different information:
Individual Clients will need driver’s licence or passport, proof of residential address, date of birth and contact details
Companies require company extract or registration details, director and shareholder information, identification for directors and beneficial owners
Trusts and SMSFs require trust deed or SMSF documentation, trustee details, identification for trustees, appointors, beneficiaries and beneficial owners
Other Information may be asked for, including details regarding the source of funds or source of wealth, and where required, information regarding the nature and purpose of the transaction.
Where a company, trust or other entity is involved, we are legally required to identify and verify the individuals who ultimately own, control or benefit from that entity.
Why additional checks may sometimes be required
Certain transactions, ownership structures or circumstances may require enhanced due diligence under AML/CTF laws.
This can include situations involving:
– Complex ownership structures
– Foreign individuals or entities
– High-value transactions
– Higher-risk industries or jurisdictions
– Unusual transaction activity
Where additional verification is required, we will explain the process and guide you through the requirements.
How your information will be handled
We only collect information required to comply with our legal obligations under AML/CTF and privacy legislation.
Your information will be:
– Handled securely and confidentially
– Stored using secure systems and technology providers
– Used only for compliance, verification and regulatory purposes
– Accessed only by authorised personnel and approved service providers
Information may be disclosed to government agencies, regulators, identity verification providers or other parties where required or permitted by law.
Service disruptions
Under the AML/CTF Act, Betschwar & Co may be unable to commence certain designated services until the required customer due diligence has been completed. This requirement may apply to vendors, purchasers and entities acting on their behalf where Betschwar & Co is providing a designated service.
Depending on the circumstances, this may include designated services connected with:
– Listing a property for sale
– Marketing a property
– Facilitating a sale or purchase transaction
– Providing certain real estate services
To avoid delays, we encourage clients to provide the requested identification documents as early as possible.
Our commitment to you
We are committed to making this process as straightforward and efficient as possible.
We will:
– Clearly explain what information is required
– Assist you through the verification process
– Protect your personal information
– Only request information required by law
– Handle your information professionally and securely
If you have any questions regarding the AML/CTF process or the information required, please contact our team or your solicitor.
Disclaimer: The information on this page is general in nature and has been prepared to assist clients in understanding Betschwar & Co’s obligations under the Anti-Money Laundering and Counter-Terrorism Financing laws. It is not intended to be legal, financial or professional advice. AML/CTF requirements may vary depending on the client, ownership structure, transaction type and any risk factors identified during the verification process. Betschwar & Co may request additional information or documentation where required to meet its legal and regulatory obligations. While every effort has been made to ensure the information on this page is accurate and up to date, requirements may change from time to time. Clients should seek their own independent advice if they have questions about how AML/CTF obligations may apply to their specific circumstances.
