New Mandatory AML/CTF Requirements When Buying Or Selling Property In Queensland
- 12 minutes ago
- 4 min read
Buying or selling property in Queensland now involves a few more questions than usual, and there is a brand-new legal reason behind it.
From 1 July 2026, Australia’s anti-money laundering and counter-terrorism financing framework expanded to include the real estate and legal sector. Known as the "Tranche 2" reforms, these changes legally require conveyancers, solicitors and real estate agents to conduct formal identity and source-of-funds checks before acting on a property transaction.
While the new requirements sound complex, the process for everyday buyers and sellers is straightforward. Here is what you need to know about Queensland's new Anti-Money Laundering (AML) checks, why they are being introduced, and how to keep your settlement moving seamlessly.
In This Article:
Why Are Property Transactions Changing?
Historically, strict AML/CTF obligations applied primarily to financial institutions, casinos and money transfer services. However, real estate has long been identified globally as a primary vehicle for laundering illicit funds, often involving high-value transactions, complex company or trust structures and offshore funds.
Australia’s Tranche 2 legislation closes this gap by bringing legal practitioners, conveyancers, accountants, and real estate agents into the national regulatory regime managed by AUSTRAC.
These measures bring Australia in line with international standards, ensuring greater transparency across the property market.
Key Takeaway: These checks are an industry-wide requirement across Australia. They are not an accusation or a burden aimed at legitimate buyers, they are a mandatory regulatory checkpoint that every buyer and seller must complete. |
What Information Will You Need To Provide?
As part of our legal duty, RHC Solicitors, alongside your real estate agent or financier, will ask you to verify your identity and outline the origins of your transaction funds.
To ensure your contract and settlement remain on schedule, prepare to provide:
Photo Identification
Current Australian Driver’s Licence and Passport.
Proof of Residential Address
Recent utility bills, council rates notices, or bank statements.
Source of Funds Explanation
A straightforward description outlining where your purchase money or deposit originates (e.g., accumulated bank savings, proceeds from a previous property sale, an inheritance, or a family gift).
Corporate or Trust Documents
If you are buying or selling via a company, family trust, or Self-Managed Super Fund (SMSF), you will need to provide documentation identifying the ultimate beneficial owners (the actual individuals who own or control the entity).
How Identity Verification Works: Our Secure Digital Process
To make compliance as simple and stress-free as possible, RHC Solicitors will be using InfoTrack's leading identity platform trusted by legal and financial practices throughout Australia.
Receive Your Secure Verification Link
You will receive an automated, secure request via text directly from the InfoTrack platform on behalf of RHC Solicitors.
Complete Verification Remotely
Using your smartphone or tablet, you can complete the verification process in just a few minutes. You will need to upload a photo of your primary identification (such as a Driver’s Licence or Passport) and complete a quick facial biometric check.
Flexible Alternatives Available
We understand that remote verification may not suit every client or circumstance. If you prefer not to use the digital platform by yourself or encounter technical difficulties, simply contact our administration team to discuss alternative options to ensure your transaction remains completely on track.
How Is My Personal Data And Privacy Protected Under These New Checks?
It is completely understandable to be cautious about sharing personal financial and identity details. To balance security with individual privacy, Australian law includes strict statutory safeguards governing how your information is handled:
Strict Limits
Legal practices and real estate professionals can only collect information that is strictly necessary to comply with AUSTRAC obligations. They are legally prohibited from collecting excessive or unrelated personal data.
Mandatory Retention & Secure Destruction
Your identification and source-of-funds records must be stored securely for a minimum of seven years, after which they must be permanently and securely destroyed.
Privacy Act Governance
Many entities collecting this data now fall under the scope of the Privacy Act 1988 (Cth), subjecting them to legal standards regarding data protection, storage and cyber security.
Proportional Risk Assessment
Checks are scaled to match the transaction. A standard residential home purchase requires basic identity verification and a routine source-of-funds explanation, similar to what you would provide when applying for a home loan.
If you ever have concerns regarding how an entity manages your personal information, you retain the right to lodge a formal complaint with the Office of the Australian Information Commissioner (OAIC).
Tips To Guarantee A Smooth Settlement
The simplest way to avoid delays under the new AML/CTF rules is early preparation:
Organise Your Documents Early
Keep your ID and proof of address up to date and readily accessible before signing a contract. Contact our friendly team to understand exactly what documents you'll need.
Declare Complex Structures
If purchasing via a family trust, company or SMSF, notify the real estate agent and solicitor at the outset so appropriate checks can be completed without delaying contract signing or settlement dates.
Get Pre-Contract Legal Advice
Engaging a reputable solicitor (such as RHC Solicitors) before signing the Contract of Sale allows us to verify your documentation and review contract terms simultaneously, preventing avoidable delays down the line.
How RHC Solicitors Can Help
Navigating changes in property law doesn't need to be stressful. At RHC Solicitors, we provide clear, straightforward and compassionate guidance through every step of your property transaction. We handle the regulatory complexities in the background so you can focus on your move or investment with complete peace of mind.
If you are preparing to buy or sell property in Queensland, or if you have questions regarding how the new AML/CTF obligations may impact your upcoming transaction, get in touch with our team today to ensure your interests are fully protected from start to settlement.
Disclaimer: This publication is not intended to be comprehensive, nor does it constitute legal advice. We are unable to ensure the information is current and there is no guarantee in relation to accuracy. You should seek legal or other professional advice before acting or relying on any of the content of this publication. The views and/or opinions expressed in this publication is that of the author and may not necessarily represent the views and/or opinions of RHC Solicitors.
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