22 Apr
For a while, AML has felt like something on the horizon. That’s no longer the case. From 1 July, real estate agents will be brought into Australia’s anti-money laundering and counter-terrorism financing regime.
That means new obligations around:
- Customer identification and verification
- Ongoing due diligence
- Reporting suspicious activity
- Record keeping and compliance frameworks
AUSTRAC has now opened enrolment for real estate agents, alongside lawyers and accountants, signalling a clear shift in how property transactions will be monitored and regulated.
This move to formally onboard the sector reinforces what many have been expecting for years: real estate is now a key focus in the national AML framework.
For agencies, this represents a structural change. Not just in compliance, but in how transactions are managed day to day.
To help agents get across what this means in practice, REIP and AMLHub have introduced a series of short informational webinars and will also be running a breakfast information session in Perth on 28 April.
The operational impact of AML compliance
While the legislation sets the requirement, the real challenge for agencies is how this plays out day to day.
Questions we’re hearing across the industry include:
- How do we verify clients without slowing down deals?
- What systems do we need in place?
- Who owns compliance internally?
- What happens if we get it wrong?
Left unaddressed, AML requirements can quickly become a bottleneck in transactions, a risk exposure for principals and an administrative burden for already stretched teams. Handled early though, it’s a different story.
The agencies getting ahead of this aren’t overcomplicating it. They’re taking a step back and working through:
- What needs to change in our process?
- What can we systemise?
- How do we make this consistent across the team?
That shift in approach is what turns AML from something reactive into something manageable – not just another compliance checkbox to deal with later.
Compliance support is available
To support the industry through this transition, REIP has partnered with AMLHub to provide practical guidance and implementation support.
AMLHub offers:
- End-to-end AML program setup
- Ongoing compliance management
- Tools and templates tailored to real estate
- Advisory support to ensure obligations are met
Importantly, AMLHub can manage the heavy lifting for agencies that don’t have the time or internal resources to build this from scratch.
REIP members also receive 25% off AMLHub’s standard monthly subscription, making it easier to get compliant without significant overhead.
You can explore AMLHub resources here: – https://amlhub.com.au/resources
You can watch series of short AML webinars here: https://reip.com.au/webinar-access/
If you’re in Perth, you can register for our breakfast session here: https://amlhub.com.au/events/amlhub-reip-amlctf-workshop-perth
While AML legislation will introduce new requirements, it doesn’t need to feel overwhelming. With the guidance, tools and support available through AMLHub, agencies can approach compliance with clarity, confidence and control.
Until next time,
Stay connected.
Sadhana Smiles
CEO, Real Estate Industry Partners
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