If you’re buying or selling property in NSW, you may notice something new during your conveyancing process — we may ask you for more identification and information than before.
This is due to upcoming changes to Australia’s anti-money laundering laws, known as Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF laws).
Here’s what that means for you — in plain English.
Why are these laws changing?
Property is one of the easiest ways for criminals to move and hide money.
The government is tightening the rules to:
- Prevent money laundering through real estate
- Reduce fraud and identity crime
- Improve transparency in property transactions
In short — it’s about protecting the system (and you).
What will be different for you?
You’ll likely notice a few changes when working with us:
1. More ID checks
We’ll need to properly verify your identity.
This may include:
- Passport or driver’s licence
- Proof of address
- In some cases, biometric or electronic verification
2. Questions about your funds
We may ask where your money is coming from.
For example:
- Savings
- Sale of another property
- Gift from family
- Loan or inheritance
This isn’t us being difficult — it’s a legal requirement.
3. Ongoing monitoring
We may need to confirm details more than once during your matter, especially if something changes.
Is my information safe?
Yes.
We are legally required to:
- Keep your information secure
- Only use it for compliance purposes
- Not share it unless required by law
What happens if I don’t provide the information?
This is the part most people don’t realise:
If we cannot verify your identity or funds, we may not be able to act for you.
That could delay or even stop your transaction.
Does this mean property transactions will take longer?
Not necessarily — if you’re prepared.
You can avoid delays by:
- Providing documents early
- Being clear about where your funds are coming from
- Responding quickly to requests
What we’re doing to make this easy
We’re putting systems in place to:
- Make ID checks fast and secure
- Minimise unnecessary paperwork
- Keep the process as smooth as possible
The bottom line
These changes are coming whether anyone likes it or not.
For you, it simply means:
- A bit more paperwork
- A few extra questions
- A safer property system overall
We’ll guide you through it — that’s our job.
Need help?
If you have questions about what’s required or want to get prepared early, get in touch.
The earlier we start, the smoother your transaction will be.