What Are the New AML Requirements?
From 1 July 2026, important changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will introduce new compliance obligations for conveyancers.
These changes are designed to help detect and prevent financial crime, including money laundering and the financing of terrorism. As a result, all conveyancers will be required to complete additional identity verification and due diligence processes before proceeding with certain property transactions.
While these new requirements may involve a few extra steps, they are an important part of protecting both clients and the integrity of Australia’s property market.
Why Are These Changes Being Introduced?
The new AML regulations have several important objectives:
- Prevent financial crime by ensuring money used in property transactions has a legitimate source.
- Increase transparency throughout the buying and selling process.
- Protect clients and conveyancers by reducing the risk of property transactions being used for illegal activities.
- Strengthen confidence in Australia’s property market through improved regulatory oversight.
Although these requirements are new for conveyancers, similar AML obligations have existed for banks and other financial institutions for many years.
What Will Change During Your Conveyancing Matter?
From 1 July 2026, your conveyancer may ask for additional information and documentation before your transaction can proceed.
This may include:
Identity Verification
We will need to verify the identity of all clients involved in the transaction using approved identification documents.
Source of Funds Information
You may be asked to provide information about where the money being used to purchase the property has come from. This helps demonstrate that the funds have been obtained through legitimate means.
Enhanced Due Diligence
Depending on the circumstances of your transaction, we may need to ask additional questions or obtain further documentation to satisfy our legal obligations.
What Does This Mean for You?
If you are buying or selling property after 1 July 2026, you should expect:
- Additional questions during the onboarding process.
- Requests for identification documents and information about your source of funds.
- Slightly longer processing times while the required compliance checks are completed.
These requirements apply to all conveyancing firms across Australia and are part of the new legal framework, not unique to eConvey.
How eConvey Is Preparing
At eConvey, we have been preparing for these changes to ensure the transition is as smooth as possible for our clients.
Our team has implemented new systems and procedures designed to meet our AML obligations while keeping your conveyancing transaction moving efficiently. We understand that providing additional information can sometimes feel unfamiliar, and our experienced team will guide you through each step of the process, explaining exactly what is required and why.
Our goal is to make compliance simple, minimise delays wherever possible, and continue delivering the professional, efficient service our clients expect.
Need Advice?
If you have questions about the new Anti-Money Laundering requirements or you’re buying or selling property after 1 July 2026, we’re here to help.
Contact eConvey today on 03 5976 2700 to speak with our experienced conveyancing team and ensure your property transaction proceeds as smoothly as possible.