From 1 July, new Anti-Money Laundering laws will introduce mandatory identity verification requirements for real estate consumers across Australia.
The Australian Government has reformed the anti-money laundering and counter-terrorism financing (AML/CTF) laws to further deter, detect and disrupt money laundering practices within Australia and globally. As part of these changes, real estate agents will be required to verify the identity of both property vendors and purchasers as part of the buying and selling process.
What Has Changed?
Service providers in the real estate and financial sectors have a legal obligation to verify your identity before they can provide services to you. Members of the public will be asked to provide identification and may be asked questions about their circumstances when engaging services provided by:
- real estate professionals
- lawyers
- conveyancers
- accountants
- trust and company service providers
as part of the due diligence necessary to detect money laundering practices.
What Information Will You Be Asked For?
The type and amount of ID required depends on the institution and the nature of the transaction, but it is likely to be one form of photographic identification showing your full name, residential address and date of birth.
Vendors and purchasers who are also sole traders or business owners will be asked for additional details such as business names, addresses and ABNs.
Consumers should note that the information they provide is protected under the Privacy Act 1988, and at Boffo Real Estate our team are respectful of and fully compliant with privacy laws.
If you are thinking of buying or selling property in Adelaide and have questions regarding the new AML/CTF reforms, please give our friendly team a call or pop in and say hi… we’ll put the kettle on!
