IMPORTANT INDUSTRY UPDATE
The Anti-Money Laundering/ Counter Terrorism Financing Act (Aml/Ctf) Comes Into Effect On 1 July 2026
WHAT DOES THIS MEAN
As part of new Australian Government Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) reforms, real estate agencies will be required to verify the identity of vendors and purchasers involved in property transactions.
NEXT STEPS
Verifying Your Information
From 1 July 2026, clients transacting property will be required to complete an identity verification process, and where applicable, the ownership structures of the entities.
REVIEW
Depending on nature and risk level of the transaction, CPG may be required to gather and verify further information, and, in some cases, we may need to understand the source of funds.
When Does This Happen
For Vendors, this process will happen when a selling agency agreement is executed.
For Purchaser, this process will happen when there is an offer and acceptance for the property transaction.
The Verification Process
CPG has engaged an external specialist compliance provider to assist with these requirements and to ensure the process is completed securely and efficiently.
All data collected is fully protected under the Privacy Act.
A verification fee will be charged to the Vendor and Purchaser for this service.
FOR ANY QUESTIONS REGARDING THE VERIFICATION PROCESS
Please contact your CPG representative.
Disclaimer:
This communication is intended to provide general information only regarding upcoming regulatory changes and does not constitute legal, financial, or compliance advice. While CPG takes reasonable care to ensure the accuracy and currency of the information provided, regulatory requirements may change and their application may vary depending on individual circumstances.