The AML Shake Up: What Commercial Owners Need to Know

Australia’s expanding AML laws will change how property is bought, sold, and leased, with new identity checks and compliance steps for owners and agents alike. From longer timelines to new compliance requirements, here’s what you can expect:

More Rigorous Identity Checks

Agents must now verify your identity before they can list or lease your property. That includes ID, proof of ownership, and details for any beneficial owners, not just company directors or the main contact. It’s a significant change from the simpler checks many owners were used to.

Longer Sales and Leasing Timelines

Since agents need to complete additional verification steps and risk assessments, both sales and leasing may take a little longer to begin. The delays aren’t dramatic, but owners should expect a more methodical, compliance‑driven start to the process.

Record‑Keeping and Possible Cost Flow‑Ons

Agencies must now store compliance documents for at least seven years, which means updates to agreements and privacy policies. Some businesses may also pass on small administrative or technology costs linked to meeting these obligations.

More Frequent Routine Monitoring

Even everyday activities, such as annual appraisals or updating your details, may involve quick ID refreshes or confirmation of ownership. Owners can expect occasional compliance requests throughout the year as part of normal ongoing monitoring.

While these changes introduce extra steps, they’re designed to strengthen the integrity and transparency of Australia’s property market. For owners, the new requirements are mostly small adjustments rather than major hurdles, and working with an informed agent will make the transition smooth. Greater safeguards ultimately mean greater confidence in every transaction.