New AML Rules for Property from 1 July 2026: What They Mean for You

If you’ve bought or sold property recently, you may notice that your conveyancer or lawyer is asking a few more questions than ever before.

From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws came into effect, bringing the Australian property industry under stricter financial crime regulations.

While this might sound intimidating, the reality is simple: these changes are designed to protect consumers, businesses and the Australian property market from fraud, organised crime and money laundering.

So, what’s actually changed?

For the first time, conveyancers, lawyers and real estate professionals are required to comply with AML/CTF obligations when providing certain property-related services.

This means we’re now required to complete additional verification and due diligence before acting on your behalf.

What does this mean for you?

For most buyers and sellers, the process will still be straightforward. However, you can expect us to ask for some additional information throughout your transaction.

This may include:

• Verifying your identity using approved identification documents.

• Completing our Know Your Customer (KYC) verification process.

• If you’re buying or selling through a company, trust or other entity, completing additional Know Your Business (KYB) verification to identify the people who ultimately own or control that entity.

• Confirming where your funds have come from (known as your Source of Funds).

• Understanding how your wealth was accumulated where appropriate (known as your Source of Wealth).

• Asking additional questions where someone is acting on your behalf under a Power of Attorney or other legal authority.

Depending on your circumstances, we may also request supporting documents such as bank statements, trust deeds, company records or loan documentation.

Why are we asking these questions?

We completely understand that some of these questions can feel personal.

Please know that we’re not being nosey, and we’re certainly not suggesting you’ve done anything wrong.

These aren’t questions we’ve chosen to ask—they’re questions we’re now legally required to ask under Australia’s AML/CTF legislation.

Like all conveyancers and lawyers, we’re required to verify our clients’ identities, understand who we’re acting for, and carry out appropriate due diligence before proceeding with certain transactions. There are significant penalties for professionals and businesses that fail to comply with these legal obligations.

The law now requires us to better understand who we’re acting for and where money involved in property transactions comes from. Criminals have historically used real estate to hide illegally obtained money, and these reforms are designed to make that much harder.

By completing these checks, we’re helping protect not only the integrity of Australia’s property market, but also our clients from fraud, identity theft and financial crime.

Will my settlement be delayed?

Not if we receive everything we need early.

The best way to keep your transaction moving smoothly is to:

• Provide your identification promptly.

• Complete the required questionnaires as soon as you receive them.

• Return any requested supporting documents as quickly as possible.

• Let us know early if your circumstances are more complex, such as purchasing through a trust or company, receiving overseas funds, or using a family loan.

The earlier we complete these checks, the less likely they are to impact important contract deadlines or settlement.

Is my information secure?

Absolutely.

Any information you provide is handled in accordance with strict privacy obligations and is collected solely because we’re legally required to do so.

Your information is stored securely and only used for legitimate compliance purposes.

How Genuine Conveyancing is prepared?

At Genuine Conveyancing, we’ve already implemented comprehensive AML/CTF compliance systems, including secure KYC and KYB verification processes, staff training and robust risk management procedures.

While you may notice a few extra questions throughout your matter, we’ll guide you through every step, explain why we’re asking for certain information, and make the process as simple as possible.

Our commitment to you

The new AML requirements do introduce a few extra steps behind the scenes, but our commitment to you hasn’t changed.

We’re here to make your property transaction as smooth, stress-free and straightforward as possible.

Whether you’re buying your first home, selling an investment property, transferring ownership between family members or purchasing through a trust or company, you can trust that we’ll handle the compliance while keeping you informed every step of the way.

If you have any questions about the new AML requirements or you’re preparing to buy or sell property, we’d love to help. Contact our friendly team at Genuine Conveyancing to discuss your upcoming property transaction.