Understanding the New Anti-Money Laundering (AML) requirements and what that means for you – our client
From the 1st July 2026, Australian real estate agencies providing designated services are required by law to comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006.
These requirements apply Australia wide across the real estate industry and are designed to help protect Australia’s financial systems and property market from money laundering, terrorism financing, fraud and other serious financial crimes.
As part of these legal requirements, Phillip Daidone Realty must complete Customer Due Diligence (CDD – identifying and verifying our clients) before providing certain services associated with property transactions.
This means we will need to collect and verify information about our individual clients, and, in some circumstances, any trusts, companies or other entities involved in a
property transaction.
Why do we need to collect this information? Customer Due Diligence assists us in:
- Verifying the identity of our clients
- Confirming we are dealing with the correct person or entity
- Understanding who we are dealing with in terms of ownership (companies, trusts or other entities that may be involved in a transaction)
- Meets our legal obligations under Australian Law
These requirements will apply to vendors, purchasers and anyone acting on their behalf where Phillip Daidone Realty is providing a designated service.
What information will be required?
Depending on the transaction, we will ask you to provide:
- Your full name
- Date of birth
- Residential address
To verify this information, you will be asked to provide:
- A current Australian driver’s licence or passport
- Documents confirming your residential address, such as a utility bill or bank statement
Depending on your circumstances, we may also request information regarding the source of funds used to purchase a property, including supporting documentation such as bank statements, loan approval letters or confirmation from your financial institution.
For Vendors:
Before we can provide certain services pertaining to the sale of your property, you will be required to verify your identity and, where applicable, confirm the ownership an control of any entity involved in the transaction.
For Purchasers:
Before we can provide certain services pertaining to the purchase of your property, you will be required to verify your identity, and where necessary, obtain information about how your purchase is being funded.
This will include requesting evidence of available funds or finance approval from your bank, lender or financial institution, to satisfy our obligations under the AML legislation.
For Companies, Trusts and Other Entities:
Where a property transaction involves a company, trust, partnership, self-managed super fund (SMSF) or another legal entity, we will be required to identify the individuals who own or control that entity.
This will include information relating to:
- Directors
- Shareholders
- Trustees
- Beneficiaries
- Beneficial owners or any individual who ultimately owns or controls the entity Supporting documentation will also be required depending on the circumstances. When can services commence?
Under the AML/CTF Act, Phillip Daidone Realty may not be able to commence certain designated services until the required Customer Due Diligence (CDD)has been completed.
This will include services such as:
- Listing a property for sale
- Marketing a property
- Facilitating a property sale or purchase
- Providing other designated real estate services
To avoid unnecessary delays, we encourage all clients to provide any requested information as early as possible.
Protecting your privacy:
Phillip Daidone Realty are committed to protecting your privacy and personal information.
All information collected is handled securely and in accordance with the Privacy Act 1988 and the Australian Privacy Principles.
Information collected as part of our AML/CTF obligations is used only for the purpose of compliance as required by law.
Questions you may have:
Why am I being asked for identification?
From 1st July 2026, real estate agencies are legally required to conduct identity and verification checks as part of our Customer Due Diligence. These assist the Australian Government in preventing financial crime.
What documents will I need to provide?
Clients will be asked to provide a government issued photo identification document such as a driver’s licence or passport.
Depending on your circumstances, we may also request proof of your residential address, finance approval, proof of available funds or documentation pertaining to a company, trust or other entity.
Do these requirements apply to both buyers and sellers?
Yes. The AML/CTF legislation applies to vendors, purchasers and entities acting on their behalf whenever Phillip Daidone Realty are providing a designated service.
Will this affect my credit score?
No. Identity verification conducted for AML/CTF purposes is not a credit check and will not affect your credit score.
What happens if I don’t provide the requested information?
As theses checks are required by law, Phillip Daidone Realty may be unable to provide certain services or proceed with a transaction until the required Customer Due Diligence has been completed.
What if I’ve bought or sold through Phillip Daidone Realty previously? Will I still need to complete these checks?
Potentially. Depending on the transaction and our legal obligations, we may need to verify your identity again to ensure our records remain accurate and compliant with current legislation.
How will my information be protected?
Protecting your privacy is extremely important to us. All personal information collected is handled securely and in accordance with Australian privacy laws and is only used to meet our legal obligations under the AML/CTF Act.
We appreciate your understanding and cooperation as these important changes are introduced Australia wide across the real estate industry. If you have any questions about our verification process or our obligations under the Anti-Money Laundering and Counter Terrorism Financing Act, please speak with your Phillip Daidone Realty representative, who will ne more than happy to assist you.