Australia Introduces New Anti-Money Laundering Measures for Property Sector

Australia's $12 trillion property market has been identified as a significant area for money laundering activities. To address this, comprehensive new reforms are scheduled to commence, aiming to counter financial crime within the sector.

Reforms Set to Begin July 1

These crucial reforms are scheduled to commence on July 1. Their primary objective is to significantly counter financial crime across the sector.

"New reforms are scheduled to commence on July 1, aiming to counter financial crime within the sector."

Expanded Information Gathering Requirements

The forthcoming changes will mandate various professionals within the property sector to collect detailed information from both buyers and sellers during transactions. This includes real estate agents, conveyancers, buyer's agents, and lawyers nationwide.

Required Personal Details and Identification

Individuals participating in property sales will be asked to supply their full name, address, and date of birth. Additionally, they will need to present identity documents, such as a driver’s license or passport.

Reporting Suspected Financial Crime

In instances where wrongdoing is suspected, agents may be required to submit reports to the relevant financial crimes watchdog.