Why Am I Being Asked to Complete an AML Check?

If you're buying or selling property, you may have noticed some additional identity and compliance checks being requested. Here's why they're required, what they involve and what they mean for your property transaction.

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What Is AML/CTF?

AML stands for Anti-Money Laundering, while CTF stands for Counter-Terrorism Financing.

In simple terms, these are Australian Government laws designed to help prevent criminals from using legitimate businesses and transactions to hide illegally obtained money or fund criminal activity.

Property is one of the areas these laws are designed to protect. Because property transactions often involve significant amounts of money, they can be attractive to people attempting to move or disguise the proceeds of crime.

The checks help property professionals confirm who they're dealing with, understand the nature of a transaction and identify potential risks.

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When Did These Requirements Come Into Effect?

Australia has had AML/CTF laws for many years, particularly across the banking and financial services industries.

On 1 July 2026, these requirements were expanded to include certain services provided by conveyancers, real estate professionals and other professional service providers.

This means the additional checks you're being asked to complete aren't something YMC has introduced independently. They're part of a broader Australian Government reform, regulated and enforced by AUSTRAC, Australia's financial intelligence agency and AML/CTF regulator.

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Which Property Professionals Are Affected?

The changes extend to certain services provided by:

• Conveyancers and property lawyers who assist with property transactions.
• Real estate agents who are required to complete AML/CTF checks for both sellers and buyers involved in a property transaction.
• Buyers' agents who help clients find and purchase property.
• Other professional service providers, including certain accountants and trust and company service providers.

Banks and other financial institutions have also been subject to AML/CTF obligations for many years.

Because these professionals have their own legal responsibilities, you may be asked to provide similar information to more than one business during your property journey.

We understand this can feel repetitive, particularly when you've already completed an identity check elsewhere.

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What Will I Need to Do?

For most clients, the process is straightforward.

You'll generally be asked to:

• Verify your identity using current identification documents.
• Confirm some personal details.
• Answer a few questions about your circumstances and the transaction.
• Provide additional information if it's required.

At YMC, we've made the process available online so you can complete the initial checks from your phone or tablet, usually in around 10 minutes.

In some circumstances, we may need to ask further questions or request additional documents to meet our obligations.

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Will This Slow Down My Property Transaction?

These requirements aren't designed to stop people from buying or selling property. They're designed to help protect the integrity of property transactions.

We understand that buying or selling property can already involve a lot of paperwork, deadlines and moving parts. The last thing anyone wants is another unnecessary complication.

Under the new legislation, we're legally required to complete the necessary AML/CTF checks before we can begin acting for you.

That's why we've made the process as straightforward as possible, with online verification that typically takes around 10 minutes to complete.

In some circumstances, additional information or checks may be required, but our team will guide you through anything that's needed.

Our focus is on meeting these legal requirements while making sure your property transaction can keep moving.

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Why Does YMC Need This Information?

As a licensed conveyancing firm, YMC has legal obligations to carry out customer due diligence, maintain records and meet applicable monitoring and reporting requirements.

These responsibilities are separate from the usual conveyancing work involved in preparing contracts, reviewing documents and managing settlements.

They're also ongoing obligations, which means our responsibilities don't necessarily end once your initial identity check is completed.

We take these requirements seriously, while recognising that for most clients, this is simply another step in their property journey.

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We're Here to Help

We know that new requirements can sometimes raise questions, particularly when you're being asked to provide information you haven't had to provide in previous property transactions.

Our team is here to explain what's needed, help you through the process and keep things moving.

Already received your AML verification link?

Read our [Completing Your AML Compliance and Identity Check] guide for step by step instructions and help with common issues.

Or contact our team on 1300 857 335 or team@ymc.com.au.

We're here to make your property journey clearer, easier and as straightforward as possible.

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