Real estate agents may need to ask for more information

More information will be needed from buyers and sellers of real estate, following the introduction of the federal government's new anti-money laundering and counter-terrorism financing laws. The laws, which came into effect on July 1, mandate new processes accountants, conveyancers, lawyers and real estate agents must follow to prevent criminals from using property transactions to launder money or fund terrorism. Home buyers and sellers may be asked by their real estate agent to provide information and documents to confirm their identity; to show where the funds for the transaction are coming from; and determine whether they hold, or are closely-related to someone who holds, a prominent public position (known as a politically exposed person, or PEP). If buying or selling through a company, trust, partnership or another entity, information may also need to be provided about the people who own or control that entity. Real Estate Institute of Australia (REIA) chief executive officer Scott Rollason said the reforms marked a significant step in protecting the Australian property market from financial crime. "From 1 July, real estate professionals are required to take reasonable steps to identify and verify the identity of their customers," Mr Rollason said. "These are now standard legal requirements across the industry." The changes bring the real estate sector into Australia's anti-money laundering and counter-terrorism financing regime, aligning it with other designated services and international standards. Mr Rollason said while the changes were new for property buyers and sellers, they played an important role in protecting the community. "Money laundering is not a victimless crime. It is often linked to serious criminal activity including drug trafficking, corruption, child exploitation and human trafficking," he said. "These reforms are designed to make it harder for criminals to use property transactions to hide or legitimise illicit funds, and to strengthen the integrity of Australia’s economy." Mr Rollason said the checks required through the new laws were a normal process, and did not indicate any issue with a customer or transaction. "Even if you've bought or sold property before, or have an existing relationship with your agent, you can expect these processes to apply," he said. If buyers or sellers choose not to provide the required information, or if their identities cannot be verified, their agency may be unable to act for them or continue with the transaction. These requirements apply to all real estate agencies in Australia. There may be costs associated with identity verification, company searches, or other checks required by the AML/CTF laws, and real estate agencies will advise if any of these costs are payable by the buyer or seller. In some circumstances, the law requires agencies to report certain transactions or activities to the Australian Transaction Reports and Analysis Centre (AUSTRAC); the law may also prevent the agency from telling the buyer or seller if a report has been made. For more information about the new laws, visit austrac.gov.au

Real estate agents may need to ask for more information

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