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Australia’s new anti-money laundering and counter-terrorism financing (AML/CTF) rules are set to shake up the real estate industry, but the message from those on the front line is clear: don’t panic, prepare.
From 1 July, agents will be required to undertake basic AML checks on all parties to a property transaction, including verifying identities, tracking deposits, and reporting suspicious activity to the Australian Transaction Reports and Analysis Centre (AUSTRAC).
For many, the reforms sound complex. But one expert says the reality is far less confronting.
Rather than turning agents into investigators, the changes are about formalising processes that already exist in day-to-day transactions, and protecting agencies from risk.
Speaking on We Are Selling with Lee Woodward, Lucas McEntee from Riverstone Partners said compliance can be embedded directly into the existing listing-to-settlement workflow, without disrupting how agents operate.
You can listen to the podcast here.
Platforms like Riverstone’s AgencyAML are emerging to support that shift, allowing agents to meet compliance obligations without subscriptions or high upfront costs, starting at just $6 per check, while maintaining a clear audit trail.
“Agents are already doing much of the AML process during settlement,” McEntee said, pointing to its alignment with existing trust account processes.
“The AgencyAML solution simply digitises key parts of AUSTRAC’s AML starter kits, allowing the agencies to input the data, remaining compliant.”
Under the solution, every action is recorded, critical in a regulatory environment where, as McEntee warned, if it’s not documented, “it didn’t happen”.
Beyond documentation, the platform offers training insights to help agents navigate key pressure points, including risk identification, reporting obligations, and decisions around whether transactions can proceed.
So what does this mean for agents on the ground?
Put simply, their role isn’t to investigate crime. It’s to document standard processes and flag anything suspicious, maintaining accountability without slowing deals.
That distinction is key, according to Jeremy Moller from Norton Rose Fulbright, who said appointing a compliance officer is essential, even in smaller offices.
The role ensures AML responsibilities are managed day-to-day and that any issues are properly escalated to AUSTRAC.
While larger agencies may require more sophisticated systems, the combination of digital tools and human oversight is expected to make compliance manageable across the board.
McEntee stressed that while technology can automate tracking and reporting, it cannot replace experienced staff applying judgment in real time.
Embedding AML/CTF processes into daily workflows, he said, reduces resistance and shifts the mindset from fear to confidence.
And because of this, proactive agents who employ innovative tools and implement training regimens are likely to find the reforms far less daunting than initially feared.
To learn more about how you can keep your agency safe through AgencyAML, see more here.
