Understanding the new identity verification requirements for property vendors and purchasers.

From 1 July 2026, new Australian Government Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will apply to the real estate industry. The changes mean real estate agencies across the country are now required to verify the identity of buyers and sellers as part of all property transactions. 

These are the same kinds of checks already common across banking and financial services, so the process may already feel familiar to some. Here’s what the changes mean for you.

What are the new requirements?

Under the new laws, real estate agencies across Australia are required to complete identity and verification checks for vendors and purchasers. The laws are designed to help prevent crime and strengthen the security of Australia’s financial and property systems.

When you engage with our services, you may be asked to provide information or answer questions including but not limited to: 

• Verifying your identity
• Confirming your residential address and other relevant information
• Understanding the purpose and nature of the service or transaction
• Confirming how a property purchase or transaction is being funded
• Confirming who owns or controls a company, trust or other entity involved in the transaction
• Providing updated personal or business details
• Supplying additional documentation or information where required. 

These checks are now part of standard compliance obligations across the real estate industry. They align Australian laws with international standards and bring the real estate sector into step with verification processes already used by banks, lenders and other financial institutions. 

What does this mean if I’m selling a property?

Under the legislation, all vendors are required to complete an identity verification check. You may be asked to provide identification documents, confirm your details, and provide information about ownership, particularly if the property is held in a company or trust. 

This is a standard verification process used across a range of regulated industries, including banking and financial services. These checks help ensure property transactions are conducted securely and in accordance with Australian law.

What does this mean if I’m buying a property?

If you are purchasing a property, you will be asked to complete an identity verification check. You may also be asked for information about the source of funds being used for a property purchase as part of the buying process.

These checks are a standard compliance requirement and are commonly used by banks, lenders and other regulated industries. The purpose of these requirements is to help protect the integrity of Australia's property market and ensure compliance with Australian law.

How will my information be handled?

To meet our legal obligations under Australian law, your information will be collected by PexaClear. The information collected will be used solely for the purpose of fulfilling these legal obligations.

Your personal information will be handled in accordance with applicable privacy laws and strict confidentiality requirements. For more information, please refer to our Privacy Policy here.

Will the process delay property transactions?

The process is straightforward and completed early in the transaction. Providing requested information promptly will help avoid delays. 

Our team will guide you through the process and explain what documentation is required.

Where can I find more information?

Further information about Australia’s anti-money laundering reforms and customer identification requirements is available through AUSTRAC, the Australian Government Agency responsible for administering the AML/CTF laws. 

If you have any questions about what’s required for your transaction, please speak with your Jellis Craig agent.