Anti-Money Laundering (AML/CTF) Compliance
From 1 July 2026, all Australian real estate agencies are required to comply with new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws. These regulations are designed to help prevent criminals from using property transactions to launder money or finance illegal activities.
As part of these requirements, Frost Real Estate must verify the identity of buyers and sellers and, in some circumstances, ask additional questions about a transaction before providing our real estate services.
This means you may be asked to:
- Verify your identity using a secure online verification process.
- Confirm who ultimately owns or controls an entity, trust or company (where applicable).
- Provide information about the source of funds or source of wealth if required.
- Answer questions about the nature and purpose of the transaction where legislation requires us to do so.
These checks are now a standard part of buying and selling property in Australia and are required of all regulated real estate agencies. They help protect our clients, our community and the integrity of Australia's property market.
We understand that providing personal information can feel unfamiliar. Any information you provide is handled securely, treated confidentially and used only for the purposes of meeting our legal obligations.
If you have any questions about why we're requesting information or how it will be used, our team is happy to explain the process.
When will these checks be completed?
An agent must complete initial CDD for the seller/transferor before you start providing them with a designated service (before signing the Exclusive Sales Authority).
An agent may complete initial CDD on the buyer/transferee 28 days after the exchange of contracts, or at least 3 days before the initially agreed day for settlement (whichever is earliest).
If you’re providing professional services related to the sale, purchase or transfer of real estate, you can start helping a buyer or transferee in a real estate transaction. This can occur before you complete initial CDD.
Frequently Asked Questions
Why do I need to provide ID?
Australian law now requires real estate agencies to verify the identity of buyers and sellers before providing certain real estate services.
Is everyone required to complete these checks?
Yes. These requirements apply to all clients involved in transactions where the legislation requires identity verification.
Is my information secure?
Yes. We use secure verification systems and handle your information in accordance with privacy laws and our legal obligations.
Will this delay my sale or purchase?
Not if completed promptly. We encourage clients to complete their verification as soon as requested to help keep the transaction moving smoothly.