True Conveyancers
AML & CTF CHANGES 2026
What buyers, sellers and agents need to know
From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing laws will apply to many property professionals in Australia, including lawyers, conveyancers, accountants, buyers’ agents and sales agents. These laws are often called AML/CTF laws.
For most everyday buyers and sellers, the process should be straightforward. In some matters, however, MAP Lawyers may need to ask extra questions about where money is coming from, who is involved in the transaction, and whether anyone else controls or benefits from the transaction.
THIS PAGE EXPLAINS:
- What is AML/CTF and why are the changes being introduced?
- What Is Changing?
- Will every client need extra checks?
- Additional Information required for Buyers
- Additional Information required for Sellers
- What evidence may be required?
- When will the information be requested?
- Information for Real Estate Agents
- How MAP Lawyers can take the pain out of AML/CTF for agents
WHAT IS AML/CTF AND WHY ARE THE CHANGES BEING INTRODUCED?
AML/CTF means Anti-Money Laundering and Counter-Terrorism Financing.
The purpose of the laws is to stop criminals using property transactions to:
- hide illegal money;
- move money through legitimate transactions;
- disguise who really owns or controls property;
- fund terrorism or other serious crime; or
- use Australian property to launder funds from overseas or other sources.
Property transactions often involve large sums of money. Because of this, property can be attractive to people trying to hide or move illegal funds. The new laws are intended to make it harder for that to happen.
WHAT IS CHANGING?
From 1 July 2026, property professionals will need to complete extra checks on certain clients and transactions.
These checks may include:
- confirming a client’s identity;
- checking who really owns or controls a company, trust or other entity;
- asking where purchase money is coming from;
- asking why a transaction is structured in a certain way;
- checking whether a transaction has higher-risk features;
- keeping records of the checks completed; and
- reporting certain suspicious matters where required by law.
These checks are called Customer Due Diligence, or CDD.
WILL EVERY CLIENT NEED EXTRA CHECKS?
No, not necessarily. Many clients will be assessed as low risk after the initial checks (ie. mum and dad buying a home and obtaining a loan). In those matters, MAP Lawyers may not need to ask detailed questions about source of funds or source of wealth unless something changes later.
ADDITIONAL INFORMATION REQUIRED FOR BUYERS
If buying property, MAP Lawyers may ask for:
- full legal name, date of birth, residential address, identification documents, details of the lender (if finance is being used), details of the deposit, details of who is contributing money, details of any company, trust or SMSF involved and evidence of funds, if required.
Extra questions may be required in the following circumstances, noting that this list is not exhaustive:
- the buyer is purchasing without finance;
- the buyer is young and purchasing a high-value property;
- the deposit is a large gift from family;
- funds are coming from overseas;
- a company, trust or SMSF is buying;
- money is coming from a business;
- money is coming from cryptocurrency;
- funds are coming from several people; or
- the transaction does not match the buyer’s known circumstances.
ADDITIONAL INFORMATION REQUIRED FOR SELLERS
If selling property, MAP Lawyers may ask for:
- full legal name, date of birth, residential address, identification documents, mortgage payout details, bank account details for settlement funds, authority for where sale proceeds are to be paid, company, trust or estate documents (if relevant) and details of anyone else who controls or benefits from the sale.
Extra questions may be needed where:
- a seller is overseas;
- sale proceeds are being paid to someone other than the seller;
- a company, trust or estate is involved;
- there are unusual instructions;
- the seller’s identity or authority is unclear; or
- another person appears to be controlling the transaction.
WHAT EVIDENCE MAY BE REQUIRED?
Depending on each scenario, common examples of evidence or supporting evidence we may require include:
- bank statements;
- loan approval letters;
- contracts of sale;
- settlement statements;
- gift letters;
- statutory declarations;
- executor letters;
- probate documents;
- payslips;
- tax returns;
- accountant letters;
- company financial statements;
- trust deeds;
- SMSF documents;
- overseas transfer records;
- cryptocurrency exchange records; and
- identification documents for people contributing funds.
MAP Lawyers will only request information that is relevant to the transaction and the required checks.
The purpose of these checks is not to make the process difficult. It is to comply with the new laws, protect the integrity of the transaction and ensure that clients know what information may be required so you are prepared.
WHEN WILL THE INFORMATION BE REQUESTED?
MAP Lawyers will usually require AML/CTF information early in the matter, often as part of our onboarding process. For buyers, this may be shortly after we are engaged to act on the purchase. For sellers, this may be shortly after we are engaged to prepare a Form 2 Seller Disclosure or act on the sale.
In some matters, further questions may be asked later if new information becomes available or the transaction changes. AML/CTF checks are not a tick and flick exercise, and we are obliged to continually monitor the transaction until settlement.
It is critical that the requested information is provided as soon as possible. It is important because MAP Lawyers may not be able to complete certain work until the required checks are finalised and delays may impact on our ability to open or continue the matter and ultimately, settlement may be jeopardized.
If the information is not provided to us, we may be unable to continue acting.
These requirements are not optional and are part of the legal obligations that apply to property professionals from 1 July 2026. MAP Lawyers will aim to make the process as simple as possible by asking for information clearly, explaining why it is needed, and only requesting documents that are relevant to the transaction and the required checks.
INFORMATION FOR REAL ESTATE AGENTS
Real estate agents will also be affected by the AML/CTF changes from 1 July 2026.
MAP Lawyers is open to working with real estate agencies that want a practical process for AML/CTF checks and to ensure that clients are not completing the checks several times throughout the same transaction.
In suitable cases, MAP Lawyers may enter into a reliance agreement with an agency.
A reliance agreement may allow the agency to rely on the AML/CTF checks completed by MAP Lawyers, where the law allows it and the process is properly documented. Agents should however be aware that a reliance agreement does not remove their own obligations and MAP Lawyers will only share AML compliance checks under a Reliance Agreement once MAP Lawyers has been formally engaged for a sale or purchase conveyance.
MAP LAWYERS TAKING THE PAIN OUT OF AML/CTF FOR AGENTS
Agents interested in working with MAP Lawyers on AML/CTF reliance arrangements should contact us by email to contact@maplawyers.com.au with the following:
- your agency’s full business name;
- office address;
- ABN or ACN;
- principal/licensee details;
- nominated AML/CTF contact person;
- best email address for AML/CTF communications;
- best phone number for AML/CTF communications.
We will then send through a reliance agreement for signing. Once set up in our system, we will be able to securely share AML checks with your agency.
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