Understanding the new Anti-Money Laundering obligations
From 1 July 2026, Australian real estate businesses delivering designated services must comply with the requirements set out in the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006.
As part of these obligations, Brady Residential may need to undertake Customer Due Diligence (CDD) prior to providing certain services related to property transactions. This may involve collecting and verifying information about our clients, as well as, in some cases, individuals or entities connected to the transaction.
These requirements apply across the real estate industry and are intended to protect Australia’s financial system by reducing the risks of money laundering, terrorism financing, and other serious financial crimes.
Why do we collect this information?
Customer Due Diligence enables us to:
- Verify the identity of our clients;
- Understand who we are engaging with;
- Confirm ownership and control of entities involved in transactions; and
- Comply with our legal obligations under Australian law.
These requirements may apply to vendors, purchasers, and any entities acting on their behalf where Brady Residential provides a designated service.
What information may be required?
Depending on the transaction, we may request:
- Full name;
- Date of birth; and
- Residential address.
To verify these details, you may be asked to provide:
- A current passport or driver’s licence; and
- Proof of address, such as a utility bill or bank statement.
Companies, trusts, and other entities
Where a transaction involves a company, trust, partnership, self-managed super fund, or other legal entity, we may also be required to obtain information regarding the ownership and control of that entity.
This may include details of:
- Directors;
- Shareholders;
- Trustees;
- Beneficiaries; and
- Beneficial owners or any individual who ultimately owns or controls the entity.
Additional supporting documentation may be required depending on the circumstances.
For vendors
Before providing certain designated services in connection with the sale of a property, we may be required to verify the vendor’s identity and, where relevant, establish the ownership and control of any associated entity.
For buyers
Similarly, prior to providing designated services relating to a property purchase, we may need to verify the purchaser’s identity and confirm the ownership and control of any company, trust, or other entity involved.
When can services commence?
Under the AML/CTF Act, Brady Residential may not be able to commence certain designated services until Customer Due Diligence requirements have been satisfied.
This may include services relating to:
- Listing a property for sale;
- Marketing a property;
- Facilitating a sale or purchase transaction; or
- Providing other designated real estate services.
To minimise delays, we recommend providing any requested documentation as early as possible.
Protecting your personal information
BRADY Residential is committed to safeguarding your privacy and handling personal information in accordance with the Privacy Act 1988 and the Australian Privacy Principles.
Any information collected for AML/CTF purposes will only be used to meet our legal obligations.
Frequently Asked Questions
Why am I being asked to provide identification?
From 1 July 2026, real estate businesses are required to undertake Customer Due Diligence under the AML/CTF Act. These checks help confirm client identities and support the integrity of Australia’s financial system.
What documents will I need to provide?
In most cases, you will be asked to provide a current government-issued photo ID, such as a passport or driver’s licence. Additional documents may be required depending on the transaction, including proof of address or documentation confirming ownership and control of an entity.
Do these requirements apply to both buyers and sellers?
Yes. These obligations may apply to vendors, purchasers, and entities acting on their behalf when Belle Property is providing a designated service.
Will this affect my credit score?
No. AML/CTF identity verification is not a credit check and will not impact your credit score.
I’ve worked with Brady Residential before. Will I still need to complete these checks?
Possibly. Depending on the transaction and regulatory requirements, we may need to collect and verify your information again to ensure our records remain accurate and up to date.
What happens if I choose not to provide the requested information?
As these checks are a legal requirement, Brady Residential may be unable to provide certain services or proceed with a transaction until Customer Due Diligence obligations are met.
How will my information be protected?
We take your privacy seriously. All personal information collected for AML/CTF purposes is managed in accordance with Australian privacy laws and used solely to meet our compliance obligations.
We appreciate your cooperation as these industry-wide requirements come into effect. If you have any questions regarding the identification process or our obligations under the AML/CTF Act, please contact our Brady Residential office on +613 9603 1400.