Real estate agents
From 2026, real estate agents buying/selling on behalf of clients become reporting entities under the AML/CTF reforms.
AML/CTF Amendment Act 2024 — Tranche 2 Reform
AML/CTF Obligations
Enrol with AUSTRAC before providing any designated real estate services
Implement a written AML/CTF program tailored to your business
Conduct CDD on both buyers and sellers at the commencement of the relationship
Verify the source of funds to be used in the property transaction
Identify beneficial owners of any corporate or trust purchaser
Lodge SMR reports within 3 business days of forming a suspicion
Maintain all CDD records for a minimum of 7 years
Real estate professionals must lodge SMR reports with AUSTRAC within 3 business days of forming a suspicion about a transaction, client, or property transaction. You must not disclose to the client that an SMR has been filed.
Typical Customer Risk Profiles
All-cash buyers — purchasers paying entirely in cash without a mortgage raise immediate ML risk flags. The source of funds must be documented and verifiable before you can proceed.
Foreign buyers with no Australian financial footprint — offshore purchasers, particularly from high-risk jurisdictions, who have no verifiable financial history in Australia require enhanced scrutiny.
Corporate and trust purchasers — when a company or trust is buying, the true beneficial owner must be identified. Complex offshore structures used to buy Australian property are a well-known laundering method.
Purchasers seeking rapid settlement — unusual urgency around settlement timing, combined with unclear fund sources, is a recognised red flag in property transactions.
Recommended Compliance Pack
Real Estate Pack
Pre-configured for Real estate agents — KYC rules, risk thresholds, AUSTRAC report templates, CDD workflows, and monitoring rules aligned to your obligations. Ready from day one.
View pack detailsWhat's included
System default — customisableGuided CDD workflows for both buyer and seller — identity verification and document collection in minutes
Beneficial ownership mapping tool for corporate and trust purchasers with UBO identification
Source of funds verification with document upload and review capability
PEP and sanctions screening integrated into the buyer and seller onboarding workflow
SMR preparation and case management for investigating suspicious transactions
Example workflow
Default — you can modify stepsListing accepted — buyer found
New transaction triggers a CDD check. Buyer and seller intake forms sent automatically.
Identity verified
Both parties complete digital ID verification. Documents uploaded and stored securely.
Buyer risk assessed
Buyer profiled — cash purchase? Foreign buyer? Corporate structure? Risk score assigned and EDD triggered if required.
Source of funds documented
Buyer provides bank statements or financial records confirming the legitimate origin of purchase funds.
Beneficial owners identified
If a company or trust is buying, VeriGo maps the ownership structure to identify the real people in control.
Transaction proceeds or is escalated
Clean transactions proceed. Red flags escalate to SMR preparation. Full audit trail retained for 7 years.
Pricing Recommendation
Recommended
Essential
Most real estate professionals need solid CDD, source of funds documentation, and SMR capability. The Essential plan covers these core obligations from day one. Scale to Professional if your volume or transaction complexity grows.
View full pricingReady to get compliant as a Real Estate?
Your Real Estate Pack is configured on day one. 7-day free trial — no credit card, no consultants, no configuration sprints.