New Property Identification Requirements Coming to Australia from 1 July 2026
As part of significant reforms to Australia's anti-money laundering and counter-terrorism financing (AML/CTF) framework, new legal requirements will apply to all property transactions from 1 July 2026.
These changes are designed to strengthen the integrity of the Australian property market and align the real estate industry with the identity verification standards already used by banks and other financial institutions.
What Is Changing?
Under the new legislation, real estate agencies will be required to verify the identity of all buyers and sellers involved in property transactions.
This means that before a property transaction can proceed, clients will need to complete a simple identity verification process. The requirement applies to all property transactions across Australia, regardless of the property's value or type.
What Will Clients Need to Do?
The process is straightforward and will form part of the standard transaction procedure.
Clients may be asked to provide:
A current government-issued photo identification document, such as a passport or driver's licence
Additional supporting documentation where required
Information necessary to satisfy regulatory obligations
All personal information will be collected, stored, and managed securely in accordance with privacy and compliance requirements.
Our team will provide clear guidance throughout the process and advise clients of any documentation required well in advance.
How The One Prestige Is Preparing
To ensure a seamless transition ahead of the 1 July 2026 commencement date, The One Prestige has implemented a comprehensive AML/CTF compliance framework, including:
Completion of specialised AML/CTF training across our team
Appointment of a dedicated AML Compliance Officer
Registration with AUSTRAC as a reporting entity
Implementation of a formal AML/CTF Compliance Programme
Adoption of technology solutions to streamline identity verification and compliance processes
What This Means for Buyers and Sellers
For most clients, the change will simply involve completing an identity verification check before their transaction proceeds.
The process is similar to the identification requirements commonly encountered when opening a bank account or applying for finance.
While these new obligations introduce additional compliance requirements for real estate professionals, our goal is to make the experience as simple and efficient as possible for our clients.
Looking Ahead
These reforms represent an important step in safeguarding Australia's property market and strengthening public confidence in property transactions.
The One Prestige remains committed to providing transparent, professional, and trusted advice throughout every stage of the buying and selling process.
If you would like more information about the upcoming AML/CTF requirements or how they may apply to your property transaction, please contact our team.