MCGRATH - AML OBLIGATIONS
Customer Identification and Anti-Money Laundering Requirements
At McGrath, we are committed to helping protect Australia’s financial system from misuse through money laundering and terrorism financing starting from 1 July 2026. These are serious crimes that can undermine the integrity of the property market and wider economy.
Under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 (Cth) and associated rules, McGrath is required to carry out Customer Due Diligence (CDD) on clients engaging in certain real estate transactions. This means we must collect and verify identification details for our clients before providing services.
Why we need this information
The purpose of CDD is to confirm your identity, understand who we are dealing with, and ensure our services are not being used for unlawful activity. These obligations apply to both vendors (sellers) and purchasers (buyers) in real estate transactions. We appreciate your cooperation in helping us uphold these standards.
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)
If you are acting on behalf of a company, trust, or other entity, we must also collect information about that organisation and the individuals associated with it, including company directors, shareholders, trustees, and beneficiaries. In some cases, we may need to request additional information or supporting documents.
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 anti‑money laundering 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)
If you are selling a property through McGrath, we are required to verify your identity and the beneficial ownership of any entity involved before listing or marketing the property. This helps ensure property assets are not used to conceal or transfer illicit funds.
For purchasers (buyers)
If you are purchasing a property, we are also required to complete due diligence before the transaction proceeds. This includes confirming your identity and, where applicable, the details of the organisation or trust making the purchase. Your cooperation enables us to meet our obligations to all parties and comply with Australian law.
When services can commence
Legally, McGrath cannot proceed with providing services, such as listing, marketing, or completing a property transaction, until the customer due diligence process has been completed. This requirement applies equally to both vendors and purchasers.
We thank you for your understanding and support in meeting these important compliance obligations. For more information about Australia’s AML/CTF regime, please visit AUSTRAC’s website.