The AML Shake Up: What Commercial Owners Need to Know

Australia’s expanding AML laws will change how property is bought and sold, 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 you can buy or sell property. Depending on your situation you may need to provide:

• ID (such as a licence or passport)
• Company, Trust, or SMSF details (if buying or selling from these entities)
• 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 Timelines

Since agents need to complete additional verification steps and risk assessments, the sales process may take a little longer. The delays aren’t dramatic, but buyer and sellers 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.

Verification Process

Sellers will need to provide the required documents before signing an agency agreement. Purchasers will need to provide the information within 28 days of exchanging contracts.

In most cases, our agents will send you a secure web link to upload the required documents and will let you know if any additional information is needed.

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.