From 1 July, one compliance mistake could cost real estate agencies millions. The problem? Many still don’t realise the new rules apply to them.
On the REB Business Empowerment Showcase podcast, Liam Garman sits down with Visibl co-founder Kaan Yüksel to break down the new anti-money laundering (AML) laws now reshaping Australian real estate and why every agency needs to act before regulators come knocking.
The pair explain how Tranche 2 reforms extend AML obligations to selling agents, property managers, principals, directors, and buyer’s agents, with agencies now required to verify the identities of both buyers and sellers as part of every transaction.
The discussion explores why real estate has become a key target for money laundering, the costly compliance mistakes agencies are most likely to make, and how technology is helping businesses manage the growing administrative burden.
Finally, Garman and Yüksel warn that with penalties of up to $33 million per breach, AML compliance is no longer just another box to tick – it’s becoming one of the biggest operational risks facing Australian real estate businesses.
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