Vendor

Anti-money laundering & counter-terrorism financing

(AML/CTF) legislation

 

At McGrath, we are committed to supporting the integrity of Australia’s property market and complying with the Anti-Money Laundering and CounterTerrorism Financing (AML/CTF) legislation commencing 1 July 2026. These laws are designed to help prevent criminal activity, including money laundering and terrorism financing, through property transactions.

 

As part of these obligations, all compliance requirements are mandatory when selling or purchasing property. These checks are a legal requirement and form an important part of ensuring property transactions are conducted safely, transparently, and in line with Australian regulations.

 

Why we need to verify your identity twice

As part of selling your property, we are legally required to complete two separate identity verification processes being:

  1. NSW Fair Trading Verification of Identity (VOI) This process confirms you are the legal owner of the property and protects against fraud or unauthorised sales.
  2. Anti-Money Laundering (AML) compliance Under new Australian AML regulations, real estate agents must also verify your identity and assess the source of funds or ownership structure to help prevent financial crime, including money laundering and terrorism financing.

Please note: Physical copies of identification documents are required for verification purposes

 

What information we may request for both scenarios

To meet our compliance obligations, we may request a copy of the following

  • Government-issued photo identification (passport or driver licence)
  • Proof of address (rates notice)
  • Ownership documentation
  • Company or trust documents (if applicable)
  • Beneficial ownership details
  • Source of funds or wealth information where required

 

Who regulates these requirements?

Our agencies & agents are required to comply with:

  • NSW Fair Trading
  • Australian Anti-Money Laundering legislation
  • AUSTRAC or other designated regulatory bodies

If regulators request evidence of compliance, we are legally required to provide it.

 

Privacy & data security

Your information is handled in accordance with our Privacy Policy and Australian privacy laws.

Your data:

  • Is securely stored using approved systems
  • Is only accessed by registered staff members
  • Is used solely for compliance and transaction purposes

For 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 website - mcgrath.com.au/privacy

 

 

Purchaser

Purchasing property

Important Settlement Requirement

 

If you are purchasing a property, we are required to complete customer due diligence (CDD) 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.

 

Why identity verification is required

As part of purchasing property, particularly prior to exchange or settlement, buyers must complete AML and identity verification checks.

This helps:

  • Prevent fraud
  • Meet legal compliance obligations
  • Ensure settlement can proceed without delay

 

Important settlement requirement

Failure to complete required AML verification may impact the progression of your transaction, including exchange or settlement timeframes.

 

We strongly encourage all buyers to complete verification promptly upon request

 

Buyers may be required to provide:

  • Passport or driver licence
  • Residential address verification
  • Source of funds information
  • Trust/company documents where relevant
  • Beneficial ownership details