Understanding the new anti-money laundering requirements
From 1 July 2026, Australian real estate businesses providing designated services will be required to comply with obligations under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006.
As part of these requirements, Hockingstuart may need to undertake Customer Due Diligence (CDD) before providing certain services associated with a property transaction. This means we may be required to collect and verify information about our clients and, in some circumstances, entities and individuals connected with a transaction.
These requirements apply across the industry and are designed to help protect Australia's financial system and reduce the risk of money laundering, terrorism financing and other serious financial crime.
Why do we collect this information?
Customer Due Diligence helps us to:
- Verify the identity of our clients;
- Understand who we are dealing with;
- Confirm ownership and control of entities involved in transactions; and
- Meet our legal obligations under Australian law.
These requirements may apply to vendors, purchasers and entities acting on their behalf where Hockingstuart is providing a designated service.
What information may be required?
Depending on the nature of the transaction, we may request:
- Your full name;
- Date of birth; and
- Residential address.
To verify these details, you may be asked to provide:
- A current passport or driver's licence; and
- Documentation confirming your residential address, such as a utility bill or bank statement.
Companies, trusts and other entities
Where a transaction involves a company, trust, partnership, self-managed super fund or other legal entity, we may also need to collect information relating to the ownership and control of that entity.
This may include details regarding:
- Directors;
- Shareholders;
- Trustees;
- Beneficiaries; and
- Beneficial owners or other individuals who ultimately own or control the entity.
Supporting documentation may also be required depending on the circumstances.
For vendors
Before providing certain designated services in connection with the sale of a property, we may be required to verify the identity of the vendor and, where applicable, establish the ownership and control of any entity involved.
For buyers
Similarly, before providing certain designated services in relation to a purchase transaction, we may be required to verify the identity of the purchaser and confirm the ownership and control of any company, trust or other entity involved.
When can services commence?
Under the AML/CTF Act, Belle Property may be unable to commence certain designated services until the required Customer Due Diligence has been completed.
Depending on the circumstances, this may include services relating to:
- Listing a property for sale;
- Marketing a property;
- Facilitating a sale or purchase transaction; or
- Providing other designated real estate services.
To help avoid unnecessary delays, we encourage clients to provide any requested information as early as possible.
Protecting your personal information
Hockingstuart is committed to protecting your privacy and handling personal information in accordance with the Privacy Act 1988 and the Australian Privacy Principles.
Any information collected as part of our AML/CTF obligations is used solely for the purpose of complying with applicable laws.
Frequently asked questions
Why am I being asked to provide identification?
From 1 July 2026, real estate businesses are required to undertake Customer Due Diligence under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. These checks help verify the identity of clients and support the integrity of Australia's financial system.
What documents will I need to provide?
In most cases, clients will be asked to provide a current government-issued photo identification document, such as a passport or driver's licence. Depending on the circumstances, additional documents may be required to verify your address or establish the ownership and control of a company, trust or other entity.
Do these requirements apply to both buyers and sellers?
Yes. The requirements may apply to vendors, purchasers and entities acting on their behalf where Belle Property is providing a designated service.
Will this affect my credit score?
No. Identity verification undertaken for AML/CTF purposes is not a credit check and will have no impact on your credit score.
I've worked with Hockingstuart before. Will I still need to complete these checks?
Possibly. Depending on the transaction and regulatory requirements, we may need to collect and verify your information again to ensure our records are accurate and up to date.
What happens if I choose not to provide the requested information?
As these obligations are required by law, Belle Property may be unable to provide certain services or proceed with a transaction until the necessary Customer Due Diligence requirements have been satisfied.
How will my information be protected?
Protecting your privacy is a priority. Personal information collected for AML/CTF purposes is handled in accordance with Australian privacy laws and is used solely to meet our legal obligations.
We appreciate your understanding and cooperation as these new requirements are introduced across the Australian real estate industry. If you have any questions regarding the identification process or our obligations under the AML/CTF Act, please contact your local Hockingstuart office.