From 1 July 2026, real estate businesses in Australia providing designated services are required to comply with statutory obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) and associated Rules.
As part of these legal obligations, Peel Valley Real Estate is required to conduct Customer Due Diligence (CDD) prior to providing designated services in connection with real estate transactions. This involves collecting and verifying information regarding our clients, transaction funding, and related entities.
Real estate transactions involve significant financial volume, making the sector vulnerable to financial crime. Australia’s expanded AML/CTF framework ensures transparency, trust, and integrity across the property market.
The primary objectives of Customer Due Diligence are to:
Verify the legal identity of vendors, purchasers, and entities acting on their behalf;
Understand the ultimate ownership structure and source of transaction funds; and
Assess and mitigate the risk of property transactions being misused for money laundering, terrorism financing, proliferation financing, or other serious financial crimes.
To satisfy our statutory requirements, our representatives may request the following from vendors, buyers, or authorised parties early in the transaction process:
Personal Details: Full legal name, date of birth, and current residential address.
Government-Issued Photo ID: Current Australian driver’s licence or passport.
Proof of Residential Address: A recent utility bill, council rates notice, or bank statement (issued within the last 3 months).
Source of Funds Information: General details regarding transaction funding (e.g., accumulated savings, home loan approval, inheritance, or asset sale proceeds).
Where a transaction involves a company, trust, partnership, Self-Managed Super Fund (SMSF), or other legal entity, we are required to verify its corporate structure, ultimate beneficial ownership, and control. We may request documentation relating to:
Company directors, officers, trustees, and settlors;
Shareholders and Ultimate Beneficial Owners.
Under the AML/CTF Act, Peel Valley Real Estate may be legally restricted from providing certain designated services until Customer Due Diligence has been completed. Depending on your role, CDD requirements apply prior to:
For Vendors: Listing or marketing a property for sale;
For Purchasers: Formalising a binding offer or executing a contract of sale;
General: Facilitating key real estate transaction or settlement steps.
To avoid unnecessary delays, we encourage clients to submit requested verification documents as early as possible.
Peel Valley Real Estate handles all personal and financial information strictly in accordance with the Privacy Act 1988 (Cth) and the Australian Privacy Principles (APPs).
Information collected for AML/CTF purposes is used solely to comply with legal obligations, including statutory reporting to AUSTRAC (Australia’s financial intelligence agency) where required by law. We maintain secure technical and administrative safeguards to protect your personal data.
These verification checks are designed to protect the Australian property market and ensure safer, more reliable transactions for all parties. While our team is required to follow correct statutory procedures, we are not regulators—our role is to guide you seamlessly through the compliance process.
If you have questions regarding the verification process or our obligations, please speak with your Peel Valley Real Estate representative or visit the official AUSTRAC Website.