The Journal · Selling

ID checks when you buy or sell: the new anti-money laundering rules, explained

Louie Maxwell · Raine & Horne Brisbane West · July 2026

From 1 July 2026, real estate agents across Australia are legally required to verify the identity of everyone in a property transaction — sellers before we list, buyers before settlement. Here's what changed, why it changed, and what it means for you when we work together.

01 · What changed

Agents are now regulated by AUSTRAC

Australia's anti-money laundering laws — the Anti-Money Laundering and Counter-Terrorism Financing Act and its supporting AML/CTF Rules — have covered banks, casinos and remitters for nearly two decades. As of 1 July 2026, that coverage extends to real estate professionals, lawyers, accountants and a handful of other industries. It's the biggest expansion of these laws since they were introduced in 2006.

In practical terms, my agency is now a "reporting entity". We're enrolled with AUSTRAC, the federal financial crime regulator, and we carry the same style of obligations your bank has carried for years: verify who we're dealing with, keep records, and report anything genuinely suspicious.

02 · Why it changed

Property is a well-known target for dirty money

Real estate is one of the most common ways criminal funds are washed — a house is a large, stable asset, prices are always moving, and until now nobody in the transaction chain was required to ask where the money came from. International bodies have pressed Australia on this gap for years; most comparable countries (the UK, New Zealand, Canada) brought their agents under equivalent rules long ago.

These reforms close that gap. They're not aimed at ordinary sellers and buyers — they're aimed at making Brisbane property a harder place to hide the proceeds of crime. That protects honest owners too: a cleaner market is a more trustworthy one.

03 · What it means for sellers

A short identity check with the listing paperwork

When you appoint me to sell, I now need to complete customer due diligence before providing the service. For most owners that means:

• Sighting photo identification — a driver licence or passport — for each person on the title.
• If you're selling through a company, trust or SMSF, the documents showing who stands behind it (company extract, trust deed) so I can identify the beneficial owners.
• Occasionally, a follow-up question or two if something needs clarifying — the law requires me to ask, and it's never personal.

04 · What it means for buyers

Verified once your offer is accepted

Buyers are checked too — usually once a contract is in play, and always before settlement. If you're buying a property I'm selling, expect me to ask for:

• Photo identification for each purchaser named on the contract.
• Entity documents if you're buying through a company, trust or SMSF, just as with sellers.
• In some cases, a question about the source of your deposit or purchase funds — this is the part the laws most directly target, and a plain answer ("savings", "sale of our last home", "a loan from Mum and Dad") is all that's usually needed.

None of this affects the price you offer or how your offer is considered. Records for both sides are kept securely for seven years, as the legislation requires, and are handled in line with privacy law.

05 · The short version

Every agent, every sale — not just me, not just you

This isn't an agency policy or an optional extra; it's federal law applying to every real estate transaction in the country from 1 July 2026, whichever side of it you're on. If an agent isn't asking for ID, that's now the red flag. My aim is to make the process as painless as the rest of the campaign: I'll tell you exactly what's needed up front, collect it once, and get on with the sale.

If you'd like to read further, AUSTRAC's guidance for the newly regulated industries is at austrac.gov.au. And if you have any questions about how it applies to your situation, call me — it's a five-minute conversation.

General information only, current at July 2026 — not legal or financial advice. Obligations under the AML/CTF Act depend on individual circumstances; refer to AUSTRAC's published guidance or seek independent advice.