From 1 July 2026, Australia's Anti-Money Laundering and Counter-Terrorism Financing laws expanded to include certain real estate services, introducing new compliance requirements that affect both property sellers and buyers.
If you're thinking about selling your home, purchasing a property or making an offer, you may notice your real estate agent asking more questions than they have in the past.
You might be asked to verify your identity, provide information about your occupation or countries you're connected to, explain the purpose of your transaction or, as a buyer, provide information about the source of funds for your purchase.
These aren't questions real estate agents have simply chosen to start asking.
They are part of significant new legal requirements that came into effect for the Australian real estate industry on 1 July 2026.
So, what exactly has changed, and what does it mean if you're buying or selling property in Mackay?
What are the new AML/CTF laws for real estate?
AML/CTF stands for Anti-Money Laundering and Counter-Terrorism Financing.
Australia has had AML/CTF laws for many years, applying to industries including banking, financial services, gambling and payment providers. The framework has now expanded to include certain services provided by real estate professionals, lawyers, accountants and other newly regulated professions.
The purpose is to help uncover, deter and disrupt serious financial crimes, including money laundering, terrorism financing, fraud and proliferation financing.
For real estate agencies, this means there are now additional legal obligations to know who their customers are, understand certain aspects of a transaction and complete appropriate customer due diligence.
In practical terms, buying or selling property now includes an additional compliance step.
What does AML/CTF mean for property sellers?
If you're selling a property, you should expect to provide additional information as part of engaging your real estate agent.
Depending on your individual circumstances, you may be asked about:
Your identity and occupation
Countries you're connected to
The nature and purpose of your property transaction
Whether you are, have been, or are closely associated with a politically exposed person, commonly known as a PEP
Company, trust or other ownership structures, where applicable
The ultimate beneficial owners of a company or trust and supporting documentation
The REIQ's seller guidance explains that these assessments go beyond traditional identity verification. Sellers may be required to answer additional questions and provide supporting documents depending on their circumstances and ownership structure.
For many straightforward individual sellers, the process may be relatively simple. More complex ownership structures, such as companies and trusts, can require additional information.
The important thing to understand is that these questions are now part of the compliance process and don't mean that an agent suspects anything unusual about you or your transaction.
What does AML/CTF mean for property buyers?
Buyers are also affected by the changes.
If you're purchasing property, you may be asked to provide personal information and details about your intended purchase.
Depending on your circumstances, this could include:
Your identity and occupation
Countries you're connected to
The purpose and intended nature of your purchase
The source of funds being used for the transaction
Whether you are, have been, or are closely associated with a politically exposed person
Company or trust information, where applicable
Details and supporting documents identifying ultimate beneficial owners
The REIQ's buyer guidance explains that AML/CTF assessments can go beyond the normal verification of identity and may require buyers to provide additional information and documentation relating to their intended purchase.
This is an important change for buyers to understand, particularly because the request may come at a time when they're already managing contracts, finance, building and pest inspections and other important deadlines.
Why am I being asked these questions?
This will understandably be one of the most common questions from buyers and sellers.
The answer is simple: real estate agents now have legal AML/CTF obligations.
The information being requested helps the agent complete the customer due diligence required under the new regime.
Not every client will necessarily be asked for exactly the same information or documentation. Requirements can vary depending on factors such as whether the client is an individual, company or trust and the circumstances of the transaction.
For most buyers and sellers, the best approach is to provide the requested information promptly and ask your agent if you're unsure about what is required.
I've already verified my identity with my bank or solicitor. Why do I need to do it again?
We understand why this can be frustrating.
A property transaction can involve a bank, solicitor or conveyancer, accountant and real estate agent and several of those professionals may have their own AML/CTF obligations.
The REIQ's guidance explains that this can result in duplication of checks across different service providers. Although information sharing may be possible in some circumstances, it can be complicated and isn't always available.
So even if you've already completed identification or other checks with your bank or solicitor, you may still be required to complete a separate process with your real estate agent.
Can I opt out of AML/CTF checks?
In short, no.
Where the AML/CTF requirements apply, they're legal obligations rather than an optional agency policy.
The REIQ's guidance for both buyers and sellers confirms that real estate professionals providing designated services must comply with the new laws and complete the required AML/CTF assessments.
The best way to help avoid unnecessary delays is to respond promptly when information or documents are requested.
What does this mean for buying and selling property in Mackay?
For Mackay buyers and sellers, AML/CTF compliance is now simply another part of the property journey.
The process is new. The questions may feel unfamiliar. And there may be occasions when additional information is required.
But understanding these requirements early can make the experience much easier.
If you're thinking of buying or selling, don't be surprised if your agent asks more questions than they would have before 1 July 2026. These checks are now part of the way regulated real estate services are provided in Australia.
Next week, we'll look more closely at what to expect during the AML/CTF process, why completing your checks promptly matters and how Gardian Real Estate is working closely with its partners to support buyers and sellers through these significant industry changes.
Frequently asked questions
Do all property buyers and sellers have to complete AML/CTF checks?
Where a real estate agent provides a designated service covered by the AML/CTF regime, relevant customer due diligence requirements apply. The exact checks and documentation required can vary according to the customer and transaction.
Why does my real estate agent need to know my source of funds?
For buyers, information about the source of funds may form part of the AML/CTF assessment. The purpose is to help regulated professionals understand the transaction and manage financial crime risk.
Does being asked additional questions mean something is wrong?
No. AML/CTF checks are now a standard part of providing regulated real estate services. Additional information may be required depending on your individual circumstances.
Thinking of buying or selling property in Mackay?
The Gardian Real Estate team is here to help you understand what to expect from the new AML/CTF requirements as part of your property journey.
Thinking of making your next move? Talk to Gardian Real Estate about buying or selling property in Mackay.
Gardian Real Estate | With you, at every step.
Sources and data notes
This article was informed by the REIQ's AML/CTF and Real Estate Laws: What They Mean for Buyers and What They Mean for Sellers information sheets.
This article provides general information only and does not constitute legal, financial or compliance advice. AML/CTF requirements can vary depending on the customer, transaction, ownership structure and individual circumstances.
