New Anti-Money Laundering Laws from July 1, 2026 — What St George Buyers & Sellers Need to Know

What's Changing from July 1, 2026?

From 1 July 2026, Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws are being extended to cover real estate agents and property developers. This is part of what's known as the "Tranche 2" reforms — bringing our industry in line with the same compliance standards that banks, accountants, and financial advisers have followed for years.

In plain English: your agent will now be required by federal law to verify your identity before a property transaction can proceed.

This applies whether you're buying or selling, and it applies to every agent in Australia — not just Century 21 Bayview. It's federal legislation, and the penalties for non-compliance are severe (up to $33 million for agencies).

The good news? For anyone doing a straightforward, legitimate property transaction — which is 99.9% of my clients — this adds one simple step at the beginning and nothing else changes.

What This Means If You're Selling Your Home

If you're selling a property in St George after July 1, here's what the process now looks like:

Step-by-Step: Selling Under the New AML Laws

Step 1 — Choose your agent and sign the agency agreement Same as always. We meet, discuss your property, agree on a marketing strategy and commission, and sign the agency agreement.

Step 2 — Identity verification (NEW) Before marketing begins, I'll need to verify your identity. This is a quick, one-time process:

• Photo ID — current driver's licence or passport
• Proof of ownership — your rates notice or title deed confirms you are the registered owner
• If selling through a company, trust, or SMSF, I'll need to confirm who the beneficial owners are (i.e., the actual human beings behind the entity)

This takes 5–10 minutes. We can do it digitally or in person at the office.

Step 3 — Property preparation and marketing Styling, photography, floorplans, copywriting — all unchanged. We prepare your property exactly as before.

Step 4 — Campaign launch Your property goes live on Domain, realestate.com.au, and all major portals. Open homes, private inspections, and buyer negotiations proceed as normal.

Step 5 — Offer or auction We negotiate the sale or take it to auction. No change here.

Step 6 — Exchange and settlement Your solicitor or conveyancer handles exchange and settlement. The new AML laws don't change the legal conveyancing process — that's between your solicitor and the buyer's solicitor.

The only new step is Step 2. Everything else is business as usual.

→ What does it cost to sell? Use the selling costs calculator → Sell my house in Rockdale → Sell my house in Brighton-Le-Sands → Sell my house in Arncliffe

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What This Means If You're Buying a Property

Buyers are also subject to identity checks under the new laws. Here's what the buying process looks like from July 1:

Step-by-Step: Buying Under the New AML Laws

Step 1 — Get your finance sorted Talk to a broker or your bank. Get pre-approval so you know your budget. This hasn't changed.

Step 2 — Start inspecting properties Attend open homes, request private inspections, shortlist properties. No change.

Step 3 — Identity verification before making an offer (NEW) Before you submit a formal offer or register to bid at auction, the selling agent will need to verify your identity:

• Photo ID — driver's licence or passport
• Source of funds — your pre-approval letter, evidence of savings, or documentation showing where the purchase funds are coming from (e.g., savings statement, inheritance documentation, loan approval)
• If buying through a company, trust, or SMSF, the agent needs to confirm the beneficial owners

This is a standard KYC (Know Your Customer) check — the same thing your bank already does when you apply for a mortgage.

Step 4 — Make your offer or bid at auction Nothing changes here. You negotiate the price or bid at auction as normal.

Step 5 — Exchange contracts Your solicitor reviews the contract, you pay the deposit (usually 10%), and contracts are exchanged. Standard process.

Step 6 — Settlement Your solicitor and the vendor's solicitor complete settlement. You get the keys. Nothing new.

Again — the only addition is the ID check at Step 3. If you've already gone through a mortgage pre-approval, you've done something very similar with your bank.

→ First home buyer? Check the stamp duty calculator → Rent vs buy calculator → First home buyer guide for St George

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3 St George Examples — What You'll Need

Example 1: Maria selling her family home in Rockdale ($1.85M)

Maria is a retired school teacher selling the family home she's owned for 30 years. She owns it outright in her own name.

What Maria needs to provide:

• Her driver's licence or passport
• A rates notice showing her as the registered owner

That's it. 5 minutes. Maria's sale proceeds exactly as it would have before July 1.

Example 2: The Nguyen family buying a townhouse in Kogarah ($1.45M)

David and Lisa Nguyen are upgrading from a unit in Hurstville. They have mortgage pre-approval from ANZ.

What the Nguyens need to provide:

• Driver's licences for both David and Lisa
• Their ANZ pre-approval letter (which they already have)

Straightforward. They were already carrying this documentation to open homes.

Example 3: A family trust purchasing an investment unit in Arncliffe ($780K)

The Papadopoulos Family Trust wants to buy an investment unit. George Papadopoulos is the trustee.

What the trust needs to provide:

• George's driver's licence (as trustee)
• The trust deed identifying the beneficiaries
• Documentation showing the source of purchase funds

Slightly more paperwork than an individual purchase, but nothing your accountant can't prepare in advance.

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What Doesn't Change

Let me be clear about what stays the same:

• Property management and standard leases — not affected by these laws
• The auction process — runs exactly the same (ID check happens before, not during)
• Your conveyancer/solicitor process — unchanged
• Marketing, photography, open homes — all identical
• Commission structures — no change
• Cooling-off periods — no change
• Settlement timelines — no change

The new laws add a single compliance step at the beginning of the transaction. For prepared buyers and sellers, it adds zero delay.

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How Century 21 Bayview Is Handling This

I believe in keeping things simple. Here's my approach:

• We complete the KYC check early — at the listing appointment for sellers, or before offer submission for buyers. No last-minute surprises.
• We use secure digital verification — your documents are handled through encrypted channels, not sitting in an email inbox or a filing cabinet.
• We've been preparing since March 2026 — our team is AUSTRAC-enrolled and trained. We're not scrambling on July 1.
• We keep it to what's required — I verify your identity as the law requires, and we get on with selling or buying your property.

My job is to get you the best price on your property — not to create unnecessary paperwork. The KYC process takes minutes, and then we focus on what matters: your result.

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FAQ

What are the new AML laws for real estate in Australia?

From 1 July 2026, real estate agents and property developers are classified as "reporting entities" under Australia's Anti-Money Laundering and Counter-Terrorism Financing Act. Agents must verify the identity of buyers and sellers before transactions proceed.

When do the new anti-money laundering laws start?

The laws take effect on 1 July 2026. Real estate agents were required to enrol with AUSTRAC by late April 2026.

Do I need to show ID to sell my house?

Yes. From July 1, your agent is legally required to verify your identity before marketing your property. You'll need photo ID (driver's licence or passport) and proof of ownership.

Do buyers need to show ID too?

Yes. Buyers must have their identity verified before making a formal offer or registering to bid at auction. You'll need photo ID and evidence of your source of funds (e.g., mortgage pre-approval).

What if I'm selling through a company or trust?

The agent must identify the "beneficial owners" — the actual human beings who ultimately own or control the entity. Your accountant or solicitor can help prepare this documentation.

Will this slow down my property sale?

No. For prepared sellers, the ID check adds 5–10 minutes at the beginning of the engagement. It does not affect marketing timelines, auction dates, or settlement periods.

Does this affect property managers or renters?

No. Standard property management and residential leases under 30 years are not covered by these laws.

What does AUSTRAC do?

AUSTRAC (Australian Transaction Reports and Analysis Centre) is the federal agency that oversees anti-money laundering compliance in Australia. Real estate agents now report to AUSTRAC, similar to banks and financial advisers.

How does Michael Kalinovski handle AML compliance?

Century 21 Bayview completed AUSTRAC enrolment ahead of the deadline, appointed an AML Compliance Officer, and uses secure digital identity verification. The KYC check is completed early in the process — at the listing appointment for sellers, before offer submission for buyers.

Are the new AML laws the same in every state?

Yes. These are federal laws under the AML/CTF Act, so they apply identically in NSW, Victoria, Queensland, and every other state and territory.

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Ready to Buy or Sell After July 1?

The new laws don't change what I do — I still focus on getting you the best result for your property. The only difference is a quick ID check at the start.

If you're thinking about selling in St George, let's chat. I'll walk you through exactly what you need to bring, and we'll get your property on the market with zero delays.

Call Michael Kalinovski: 0411 818 171

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