Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Laws

What you Need to Know

From 1 July 2026 conveyancers, lawyers and accountants must comply with new laws that require them to ask for more information from people involved in buying or selling property. These requests and the corresponding checks are legal requirements introduced by the Federal Government’s AUSTRAC Department.

The Anti-Money Laundering (AML/CTF) laws were brought into effect to protect the property sector from being used to hide or move illicit funds. Property transactions can be high value, and illegal transfers can look like legitimate transactions.

Cornerstone Conveyancing are committed to making this transition as smooth and transparent as possible for our clients and industry partners.

Property Buyers and Sellers

If you are buying or selling a home, these new laws mean you will experience a few extra steps at the beginning of your property journey.
The extra steps are designed to protect the integrity of your transaction and support a safe and secure financial system.

Cornerstone Conveyancing will only collect information necessary to meet its AML/CTF legal obligations. Information will be held for 7 years, stored securely and handled in strict confidence. If the information requested is not provided, we may be unable to proceed with your property transaction.

What to Expect

Enhanced Identity Verification

You will be asked for extra information when engaging us as your conveyancer. There may be additional ID documents requested to complete the identity check.

Politically Exposed Person

We need to determine whether you are a politically exposed person (PEP). These people can be a target for bribery or corruption due to the position they hold.

Title Matching

If you are selling a property, your verified identity must precisely match the details registered on the property’s Certificate of Title. Any historical administrative errors, maiden names, or other type of name changes must be legally reconciled.

Entity Transparency

If your transaction is being made through a company or a trust, you will need to provide documentation showing the natural persons who ultimately control or hold significant ownership interest (greater than 25%) in that entity.

Source of Funds

In higher-risk scenarios or complex transactions, you may be asked to confirm where the funds for the purchase originated.

Spotting the "Red Flags"

A core part of the new laws is identifying transaction patterns that look out of the ordinary. While many unusual requests are perfectly legitimate, the law requires us to take a closer look if we encounter:

Transactions where large sums are paid in physical cash or using complex, unexplained international transfers.
Properties bought and sold in unusually quick succession with no obvious commercial or personal reason.
Transactions where a buyer willingly pays significantly above market value, or a seller accepts far less than market value without a logical explanation.
The use of multiple shell companies or layers of trusts that seem designed to obscure who actually owns the property.

Our Commitment to You

Regulatory changes can feel overwhelming, but they don’t have to stall your property goals.

The team at Cornerstone Conveyancing are fully trained in the new laws and are ready to guide you through the paperwork and help make it as simple as possible for you.

Managing these requirements efficiently at the start of your property transaction, means your settlement can proceed without unnecessary delays.
If you have any questions about how these laws may apply to your upcoming sale or purchase, please don’t hesitate to get in contact with us.