McGrath - AML obligations
Customer Identification and Anti-Money Laundering Requirements
From 1 July 2026, real estate businesses that provide designated services in Australia will be required to comply with obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and associated Rules.
As part of these obligations, McGrath may be required to carry out customer due diligence (CDD) before providing certain designated services in connection with real estate transactions. This means we may need to collect and verify information about our clients, and in some cases about entities and individuals connected with a transaction.
Why we collect this information
The purpose of CDD is to
- Verify the identity of our clients
- Understand who we are dealing with
- The risk of property transactions being misused for money laundering, terrorism financing, proliferation financing, or other serious financial crime
These obligations may apply where McGrath is providing a designated service in relation to a real estate transaction, including for vendors (sellers), purchasers (buyers) and entities acting on their behalf. We appreciate your cooperation in helping us meet our legal obligations and support the integrity of Australia’s property market.
Information we may request
When you engage with McGrath, we will request information such as:
- Your full name
- Date of birth
- Residential address
To verify these details, you may be asked to provide:
- Acceptable photo identification (such as a current passport or driver’s licence)
- A document showing your residential address (for example, a recent utility bill or bank statement).
Companies, Trusts and Other Entities
Where a transaction involves a company, trust, partnership, self-managed super fund, or other legal entity, we may also need to collect information about the entity, its ownership and control, and the individuals associated with it.
- Directors
- Shareholders
- Trustees
- Beneficiaries
Depending on the type of entity and the circumstances, we may also need information about beneficial owners or other individuals who own or control the entity, together with supporting documentation.
Privacy and use of personal information
McGrath is committed to protecting your personal information and handling it in accordance with the Privacy Act 1988 (Cth) and the Australian Privacy Principles.
Any personal information collected as part of our AML/CTF and CDD obligations is used solely for the purpose of complying with applicable laws, including the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 (Cth). We take reasonable steps to ensure that personal information is held securely and is only accessed or disclosed where permitted or required by law.
Further information about how McGrath collects, uses, stores and discloses personal information, and how you may access or correct your information, is available in our Privacy Policy.
For vendors (sellers)
Before McGrath provides certain designated services in relation to the sale of a property, we may be required to verify the identity of the vendor and, where applicable, identify the beneficial ownership and control of any entity involved. This helps reduce the risk of property assets being used to conceal, transfer or facilitate the movement of illicit funds.
For purchasers (buyers)
Before McGrath provides certain designated services in relation to a purchase transaction, we may be required to verify the identity of the purchaser and, where applicable, confirm the ownership and control of any company, trust or other entity involved. Your cooperation helps us meet our legal obligations and comply with Australian law.
When services can commence
Under the AML/CTF Act, McGrath may be unable to commence certain designated services until the required customer due diligence has been completed. This requirement may apply to vendors, purchasers and entities acting on their behalf where McGrath is providing a designated service.
Depending on the circumstances, this may include designated services connected with:
- Listing a property for sale
- Marketing a property
- Facilitating a sale or purchase transaction
- Providing certain real estate services
To avoid delays, we encourage clients to provide the requested identification documents as early as possible.
Thank You
We appreciate your understanding and cooperation as we implement these important compliance requirements.
If you have any questions about the identification process or McGrath’s obligations under the AML/CTF Act, please speak with your McGrath representative or visit the AUSTRAC website.