New AML/CTF Requirements for Property Transactions

From 1 July 2026, Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws apply to certain ‘designated’ services provided by lawyers, conveyancers, real estate professionals, accountants, and other businesses involved in property transactions.

When lawlab provides a property conveyancing service (and some other legal services where monies are deposited into our trust account), we are legally required to collect information to identify and verify our client before we can progress that work.

What will clients need to provide?

For individuals, we will generally ask for: your full legal name; date of birth; residential address; identification documents, such as a passport or driver licence; and sometimes other information needed to assess whether any additional risk checks are required.

For companies and trusts, additional information may be required to identify and verify the entity’s beneficial owners and controllers. This may include: company searches or constitutions; trust deeds and amendments; details of directors, shareholders, trustees or appointors; and identification documents for relevant individuals.

In some matters, we may also need evidence showing source of funds of wealth, to explain where the money for the transaction is coming from and how a person accumulated their overall wealth. This may include bank statements, loan documents, sale agreements, financial records or other supporting documents.

Simple electronic verification

Lawlab uses specialist technology providers to make identity verification as straightforward as possible. Relevant individuals will usually receive a secure link by email or text message and can complete their checks electronically using identification documents such as a passport or driver licence. For straightforward matters, this process often takes only a few minutes.

In some matters, we may also need evidence showing source of funds of wealth, to explain where the money for the transaction is coming from and how a person accumulated their overall wealth. This may include bank statements, loan documents, sale agreements, financial records or other supporting documents.

How to avoid delays

Clients should provide all requested information, documents and verification promptly and also advise us as soon as possible of any changes to the parties to the transaction, the ownership or trust structure, or the source of funds.

Why this matters

Lawlab must complete the required customer due diligence for AML/CTF laws before providing the designated service to a client. If the required information or verification is not provided, we may be unable to commence or continue the relevant work and, in some cases, may be unable to act for a client.

Other professionals involved in a transaction, including agents, brokers and accountants, are likely to have their own separate AML/CTF obligations and may request similar information, meaning a property buyer or seller may have to do this on multiple occasions.