In a bid to crack down on sophisticated criminal activity, new anti-money laundering rules took effect on 1 July 2026. This includes a range of conveyancing services now incorporated into Australia’s expanded financial crime prevention framework.
These rules are designed to protect you, whether you’re a seller, buyer, or investor – and to catch criminals.
WHY THE CHANGES NEED TO HAPPEN
Recently, a federal parliamentary inquiry reported that the Australian Criminal Intelligence Commission estimated that around $38 billion in criminal proceeds was available for laundering in Australia during 2023 and 2024. This extraordinary amount of money from criminal activity is looking for a place to hide – and real estate is an obvious hiding place.
AUSTRAC, Australia’s financial intelligence agency, has assessed the domestic real estate sector as having a very high vulnerability to money laundering.
Where the rules apply, conveyancing practices may need to:
- Verify identity: Check clients’ identities and, where required, identify relevant beneficial owners.
- Understand transactions: Obtain information about clients, ownership arrangements and relevant funding.
- Assess risks: Identify transactions or arrangements that require additional scrutiny.
- Report suspicious activity: Notify AUSTRAC when legally required.
- Maintain records and procedures: Keep required documentation and implement an appropriate AML/CTF compliance program.
WHAT THIS MEANS FOR BUYERS AND SELLERS
The vast majority of buyers and sellers will be unaffected. But when we don’t have clarity on certain aspects of the property sale or purchase, you may be asked to provide identification or additional information about your transaction.
Further questions may arise where property is purchased through a company or trust, another person provides the funds, or an unusual payment or ownership arrangement needs clarification.
Just to be clear, if you’re asked to provide additional information, this does not mean you are suspected of wrongdoing. (so please don’t take it personally). These checks are intended to help prevent legitimate property transactions from being exploited for criminal purposes.
Providing accurate information and responding promptly to requests can help avoid unnecessary delays.
If you need more help understanding the new compliance requirements and the information we’ll need from you, our team is happy to take you through it. For further information, visit the AUSTRAC website.
THERE’S A TRUCKLOAD OF REASONS TO CHOOSE C & R SETTLEMENTS IN MANDURAH.
Here at C & R Settlements in Mandurah, we’re renown for our hard work, attention to detail, and going the extra mile for our clients. We’re Mandurah’s Number One independent settlement agent with over 80,000 settlements under our belt (and still going strong). As an added bonus, when you choose C & R Settlements, you can use our free courtesy truck when it’s time to make the move. All you’ll need is a standard driver’s licence (and perhaps a few strong mates to lend a hand on moving day). Just be aware that our free courtesy truck is very popular, and bookings are essential. Just another reason to make the move to C & R Settlements in Mandurah. For details, call us on 9581 2148. Or email mandurah@crsetts.com.au