Understanding Australia’s New AML Laws
From 1 July 2026, buying or selling property in Australia will include an additional identity verification step. Below is a clear overview of what is changing, why it matters, and what buyers and sellers can expect when working with Bellarine Property.
Australia’s Anti-Money Laundering and Counter-Terrorism Financing laws are expanding to include real estate agents across Australia.
These changes are part of what is commonly referred to as the Tranche 2 reforms. From 1 July 2026, real estate agencies will be legally required to verify the identity of buyers and sellers before a property transaction can proceed.
This requirement applies to every agency, every client, and every transaction. It is not specific to Bellarine Property, but is a nationwide legal obligation being introduced across the real estate industry.
Why Are These Changes Being Introduced?
Property has historically been identified as a sector at risk of being used for money laundering. These changes are designed to help prevent illegally obtained funds from moving through the Australian property market.
By introducing identity verification requirements, the reforms aim to make property transactions more transparent, secure, and aligned with international compliance standards.
What Does This Mean For Buyers And Sellers?
When buying or selling property with Bellarine Property, you may be asked to complete a secure identity verification process before the transaction can proceed.
The process is digital and is designed to be simple. In most cases, it should take less than five minutes to complete.
You may be asked to provide:
- A photo ID, such as a driver’s licence or passport
- Proof of your current residential address
- If acting on behalf of a company or trust, basic entity details and information relating to beneficial owners
You will not need to visit our office or post documents. The verification process will be completed through a secure digital link sent directly to you.
How Is Your Information Protected?
Bellarine Property uses AML Assured, a compliance platform built specifically for Australian real estate, to manage identity verification.
Your information is encrypted, stored securely in Australia, and handled in accordance with Australian privacy requirements. It is only used for compliance purposes and is not sold or used for marketing.
Information is retained for the legally required period and then securely deleted.
What Happens If Details Are Not Provided?
As identity verification will be a legal requirement, Bellarine Property may not be able to proceed with a property transaction until the required details have been provided and verified.
This is a compliance obligation that applies across the real estate industry, regardless of how long we have worked with a client or how well we know them.
The Bigger Picture
These changes are being introduced to protect honest buyers, sellers, and the broader property market from the risks associated with financial crime.
While the process adds one small step to a property transaction, it plays an important role in supporting a safer, more transparent Australian property market.
If you have any questions about the upcoming requirements, please contact Paul from Bellarine Property on 03 5254 3100 or email operations@bellarineproperty.com.au.