From 1 July 2026, real estate agents will be required to carry out customer due diligence (CDD) on buyers and sellers in accordance with new Anti-Money Laundering/Counter-Terrorism Financing legislation.
This will involve verifying your identity, and determining whether you are a politically exposed person or on sanctions lists. The agent may ask about your reasons for buying or selling the property, and, in some cases, will be required to ask about your source of funds or wealth.
If you are buying or selling a property via a trust or company, the agent will need to confirm the beneficial owners of the property.
These checks are legal requirements, imposed by the Australian government. For sellers, they will be carried out when you list a property to sell with an agent. You will be unable to advertise the property until CDD is complete.
For buyers, the agent will have to do customer due diligence once your offer to purchase a property is accepted. In some cases, the agent may be able to rely on customer due diligence done by your settlement agent.
If you have any questions about CDD, please speak to your real estate agent.
Below is an indication of some of the documents your real estate agent may ask you to present in person or as a certified document as part of the CDD process:
Individuals
Australian or foreign passport, Australian driver's license, Australian proof of age card, or a foreign identity card.
You may also be able to use an Australian birth certificate, citizenship certificate, Medicare card, concessions card or veteran card.
Trusts
The Trust Deed and, for key position owners and beneficial owners, the information required for individuals as noted above.
Companies
Details of the company, together with the information for individuals noted above for every beneficial owner (owns or controls 25 per cent or more of the company).
Note: The above information is not exhaustive and is indicative only. Your real estate agent will assist you with the specific requirements relating to your transaction.
