As part of these changes, settlement agents, conveyancers, lawyers, and other property professionals will have additional obligations to verify client information and better understand the source of funds involved in certain transactions.
For most buyers and sellers, the process will remain straightforward. However, you may notice some information being requested earlier in your settlement journey than in the past.
What changes can I expect?
Depending on your circumstances, we may need to:
- Verify your identity at the beginning of your transaction
- Request information about the source of funds being used for a purchase
- Obtain supporting documentation earlier in the settlement process
- Complete additional compliance checks before settlement can proceed
These requirements are being introduced nationally and will apply across the property industry.
Why are AML/CTF changes being introduced?
The new AML/CTF framework is designed to help protect the Australian property market from fraud, money laundering, and other financial crimes.
By strengthening identity verification and customer due diligence, record keeping and reporting obligations, the reforms aim to create a more secure and transparent environment for property transactions.
Will this make my settlement more complicated?
For most clients, no.
The main difference is that some information may need to be collected earlier than before. In many cases, the additional requirements will have little impact on the overall settlement process.
Our goal is to gather any required information as early as possible so your settlement can proceed smoothly and without unnecessary delays.
How is Strand preparing for AML/CTF?
At Strand Legal & Conveyancing, we have been preparing for these changes well ahead of their commencement. We have enrolled with AUSTRAC as a reporting entity ahead of the 1 July 2026 commencement date, and our compliance obligations are in place.
Our team has undertaken additional training, reviewed our procedures, and implemented systems designed to make compliance as seamless as possible for our clients.
With more than 50 years of experience and over 55,000 successful settlements across Western Australia, we remain committed to delivering the same efficient, professional service our clients have come to expect.
Further information
For more information about the new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) reforms, please visit the Australian Transaction Reports and Analysis Centre (AUSTRAC):
- About AML/CTF Reforms
- Designated Services for Newly Regulated Entities
- Real Estate Designated Services
Questions about the new AML/CTF requirements?
If you’re buying, selling, transferring property, or settling a business purchase and would like to understand how these changes may affect you, our settlement and conveyancing team in Perth or Manjimup is here to help.
Perth: +61 8 9381 0500
Manjimup: +61 8 9777 2324
Or contact us online to speak with one of our settlement specialists.
