From 1 July, there are important changes to the way licensed conveyancers across Australia conduct property transactions.
These changes are part of Australia’s new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws, which now apply to conveyancers, lawyers, accountants and real estate professionals involved in property transactions.
So, what does this mean for you?
You May Be Asked for More Information
As your conveyancer, we now have additional legal obligations to verify who our clients are and better understand certain aspects of their property transaction.
This means we may ask you for:
- Proof of your identity
- Information about the source of your funds (where the money for your purchase has come from)
- Information about the purpose of the transaction
- Additional documents if you’re purchasing through a company, trust or SMSF
- Details about anyone acting on your behalf
While this may feel like more paperwork, these requirements are now part of the legal process for all conveyancing practices providing designated services.
Why Are These Changes Happening?
Unfortunately, criminals can attempt to use property transactions to disguise money obtained through illegal activities.
The new laws are designed to make Australia’s property market more transparent and help prevent money laundering, fraud and financial crime.
These reforms bring Australia into line with international standards and apply across many professional services—not just conveyancers.
Will This Delay My Purchase?
Not necessarily.
The best way to avoid delays is to provide any requested documents as early as possible.
If we have everything we need before key milestones in your transaction, we can continue working towards settlement without unnecessary interruptions.
What Hasn’t Changed?
Our commitment to you.
We’ll continue to guide you through your purchase or sale, explain every step of the process, and make your conveyancing experience as smooth and stress-free as possible.
The only real difference is that we’ll be asking a few more questions and requesting some additional documentation to meet our legal obligations.
How You Can Help
If you’re planning to buy or sell property, you can help by:
- Providing identification promptly.
- Responding to requests for information as soon as possible.
- Letting us know if your circumstances change during the transaction.
- Asking questions if you’re unsure why we need certain documents.
We’re always happy to explain the process.
We’re Here to Help
These new AML laws are designed to protect Australia’s financial system and the integrity of property transactions.
While there are a few extra steps involved, our goal remains the same—to provide professional, efficient and personalised service while helping you achieve a smooth settlement.
If you have any questions about the new requirements or are preparing to buy or sell property, please don’t hesitate to contact our team. We’re here to help every step of the way.