AML/CTF not a major addition for agents

The verification process will require agents to identify the parties using a driver’s licence or passport and ask a small number of standard questions, such as the reason for the sale or purchase.

Raine & Horne chief executive officer Chris Nicholl said the process will be “as simple as opening a bank account”, as consumers will already have everything they need to complete the process.

“There’s no reason for buyers or sellers to be concerned. These changes are simply another layer of protection being put in place by the government to make it more difficult for criminals and criminal enterprises from using property transactions to launder money,” Nicholl said.

“Most people will already have the required identification with them at all times, such as a driver’s licence.”

Nicholl said the process would take only a matter of minutes and could even be done via email or SMS.

He said the banks had faced the same identity verification requirements for years, and the process would not significantly delay the timeline for purchasing or selling a property.

According to Nicholl, the only time the AML/CTF measures would add a significant step to the process would be when property was or would be owned through trusts or a company structure.

In reality, he said the practical experience of buying and selling property would remain largely unchanged as the compliance rules come into effect.

“The process shouldn’t feel any different to a pre-1 July 2026 transaction – there is just a little more detail to complete when listing your property for sale.”

“For the purchaser, they will simply need to complete the same ID process as a vendor and answer a few simple standard questions about the purchase, most of which a good agent will be asking them already.”