Important information about the new Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements.
From 1 July 2026, Australia’s expanded Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation now applies to include the real estate sector.
Under federal requirements, designated services within our business require completion of client due diligence before we commence those services.
The client due diligence process may include:
- Verifying client identity through ID checks
- Verifying entities involved in acquisitions and disposals through documentation and identity checks
- Assessing the risk of money laundering or terrorism financing
- Monitoring client activity and transactions
- Reporting suspicious matters and certain transactions to the Australian Transaction Reports and Analysis Centre (AUSTRAC)
These requirements are administered and enforced by AUSTRAC and are designed to strengthen Australia’s ability to detect, deter, and disrupt financial crime. They also help protect our clients, support the integrity of transactions, and maintain confidence in Australia’s professional and financial systems.
Our Compliance Approach
Wakelin Property Advisory has partnered with First AML, a secure compliance platform that streamlines identity verification and client due diligence processes. Our staff have all completed AML/CTF compliance training.
This allows us to meet our legal obligations while ensuring the process remains as efficient, secure, and straightforward as possible for our clients.
Privacy & Data Handling
We take the handling of personal information seriously. All information is managed in accordance with:
- Australian privacy laws
- Our professional confidentiality obligations
- AML/CTF regulatory requirements
Individual and entity information is used solely for identity verification, compliance checks, and client onboarding purposes.
Final Note
We appreciate your cooperation and understanding. These requirements apply across many professional service industries in Australia and are designed to protect clients and ensure the integrity and transparency of financial and property transactions.
For more information
If you would like to know more about the new AML/CTF reforms for the real estate industry, please visit the AusTrac website at austrac.gov.au