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Western Australia’s peak body for real estate has appointed an anti-money laundering compliance provider as the deadline approaches for companies to comply with new regulations.
The Real Estate Institute of Western Australia (REIWA) has appointed First AML as its anti-money laundering and counter-terrorism financing (AML/CTF) compliance provider.
From 1 July 2026, financial crime compliance obligations will apply to companies that conduct services related to the sale, purchase, and transfer of real estate.
As part of the expansion, real estate professionals must develop an AML/CTF compliance program, which includes reporting suspicious activity to prevent money laundering.
REIWA President Suzanne Brown said that the new guidelines marked a massive change for the real estate industry, but the organisation would support its members during the transition to the new system.
“Our aim is to make the changes as seamless as possible and guide our members through the implementation,” Brown said.
First AML’s software platform will assist REIWA with compliance tasks such as identity verification, ownership structure analysis, automated risk assessments, ongoing monitoring and secure record keeping.
The platform will also give members access to integrated training and advisory support specific to the real estate sector.
“With the appointment of our compliance software provider, REIWA members are now able to plan and implement these regulatory changes with minimum impact on their day-to-day business and their clients,” Brown said.
She said that the platform would assist with saving time, effort, and reducing risk for agents.
As part of the new AML/CTF guidelines, real estate professionals must conduct initial and ongoing customer due diligence (CDD).
Initial CDD involves gathering specific information about individuals on reasonable grounds before providing them with designated services.
Ongoing CDD includes monitoring transactions and behaviours for suspicious activity and updating customer risk profiles in response to different triggers.
In addition, companies will be required to make and maintain accurate records for at least seven years, serving as evidence of the business’s compliance with obligations.
“From 1 July next year, REIWA members cannot list or sell without anti-money laundering checks on both seller and buyer, so I urge members to act now to make sure they are ready when the new laws are introduced,” she concluded.
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