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A new purpose-built solution by PEXA will simplify AML/CTF compliance for property professionals ahead of upcoming laws, identifying risks throughout the entire transaction cycle.
PEXA Group has announced a new purpose-built solution to prepare the real estate industry for new anti-money laundering and counter-terrorism financing (AML/CTF) laws, set to come into force later this year.
PEXA Clear will be rolled out in July 2026, coinciding with new obligations requiring property professionals to identify and report money laundering and terrorism financing risks in real estate transactions.
From 1 July, financial crime compliance obligations will apply to companies that conduct services related to the sale, purchase, and transfer of real estate.
As part of Tranche 2 reforms, real estate professionals must develop an AML/CTF compliance program that includes reporting suspicious activity to prevent money laundering.
According to PEXA Group, the new tool, developed in partnership with FrankieOne, will embed compliance processes into existing property transaction workflows while ensuring consistent recording of outcomes.
The company said that the tool will include features such as identity verification, Know Your Business (KYB) and Know Your Customer (KYC) checks, and screenings to detect potential connections to criminal activity.
PEXA Clear will also consider changes to the supplied information when assessing risk levels in a transaction, provide actionable guidance on mitigating risk, and provide reporting and audit trails.
In partnership with the Real Estate Institute of Queensland (REIQ), PEXA will also support upskilling for real estate agents and training for conveyancers and legal practitioners to strengthen their understanding of their AML/CTF obligations.
PEXA head of customer growth and solutions, Amelia Howell, said the company had a comprehensive view of the property settlement journey and was continuing to innovate to provide compliance for the industry.
“Purpose-built for the Australian property industry, PEXA Clear is underpinned by the same trusted data security standards customers expect from wider PEXA Group solutions,” Howell said.
“With PEXA Clear, we’re empowering practitioners and real estate professionals to meet their compliance obligations efficiently, consistently and with confidence.”
FrankieOne CEO Simon Costello said PEXA Clear marked a step forward for the industry, enabling businesses and individuals to be verified in an automated, seamless way.
“This reduces friction for designated service providers, while ensuring strong, consistent compliance outcomes as Tranche 2 obligations come into effect,” Costello concluded.
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