Why are we asking for this information now?

Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act was designed to stop criminals from using financial systems to hide or move illegally obtained money. For years, it applied to banks and financial institutions. As of 1 July 2026 — as part of what the government calls Tranche 2 — it now applies to real estate agents across the country.

What will we ask for?

You should note questions relating to AML/CTF assessment go far beyond the normal verification of identity and you should expect to answer questions and provide documentation such as:

• Your identity, occupation and countries you are linked to;
• The source of your funds for the intended transaction;
• The services you are seeking from the agent and why;
• If you have ever been a politically exposed person or have relative or close associates who are or were politically exposed persons; and
• If you are selling the property under a company or trust, who the ultimate beneficial owners are and supporting document to demonstrate this.

You won't need to visit our office or post any documents. Everything is handled through a secure digital link we send directly to you.

Why was real estate included?

Property has historically been one of the most common vehicles for money laundering in Australia. AUSTRAC — the government body that oversees AML compliance — estimates that billions of dollars in illicit funds move through the Australian property market each year. These laws bring Australia in line with international standards already in place in the UK, EU, and New Zealand.

How is your data protected?

Leo & Co Real Estate uses Securexchange to manage identity verification. Your data is encrypted, stored securely in Australia, handled in compliance with the Privacy Act 1988, and never sold or used for marketing. It is retained for the legally required 7-year period, then securely deleted.

What does this mean for your transaction?

Leo & Co Real Estate is now legally required to verify the identity of every buyer and seller before a property transaction can proceed. This applies to every client, every time — regardless of how long we've worked together. It is a legal obligation, not a choice. Non-compliance carries serious penalties.

Can I opt-out of this?

No, an agent cannot act on your behalf until they have completed their AML/CTF assessment and those required in relation to the counterparty in the transaction. Every real estate professional in Australia providing a Designated Service must comply with these laws.

The bigger picture

These laws exist to protect honest buyers, sellers, and the broader property market from the damage caused by organised crime. Questions? Contact us at (07) 3356 2000 or sales@leoandco.com.au.