AML/CTF Policy

Privacy Policy AML Policy Dispute Resolution
 

MELBOURNE SOTHEBY'S INTERNATIONAL REALTY - AML/CTF POLICY

​​​​​Effective: 1/07/2026​​​​​​
UNDERSTANDING AML/CTF, AND WHAT IT MEANS FOR YOU

From 1 July 2026, Australian real estate agents come under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, as part of the Federal Government's Tranche 2 reforms. In short, real estate agencies are now held to the same standards as banks and other financial institutions.

Property has long been recognised by AUSTRAC, Australia's financial intelligence agency, as an area that needs closer oversight. As your agent, we are now what the legislation calls a Reporting Entity, which means there are a few steps we will work through with every client we represent, including you.
 

WHAT THIS LOOKS LIKE IN PRACTICE

There are a handful of things we are required to do as we work together:

  • Confirm your identity before we begin any agency work
  • Collect Know Your Customer (KYC) information about you and the property
  • Carry out Customer Due Diligence (CDD), and in some cases Enhanced Due Diligence (EDD)
  • Keep a light ongoing check in place through the listing and sale
  • Report certain matters to AUSTRAC where the law requires it
  • Hold your records securely for a minimum of seven years
WHO DO AGENTS NEED TO VERIFY?

We identify and verify:

  • the client;
  • each beneficial owner of the client; and
  • anyone acting on the client's behalf, along with their authority to do so, for example a lawyer or representative giving instructions for someone else.
WHAT INFORMATION WILL WE ASK FOR?

To begin, we collect:

  • the person's full name;
  • the person's date of birth;
  • where the person is not the client, their relationship to the client;
  • any further information required by the regulations.

This can be done a few ways. Much like opening an account with a bank, we will usually ask to see identity documents such as a passport, driver licence or a recent utility bill.

UNDERSTANDING THE PURPOSE OF THE RELATIONSHIP

We are also asked to understand the nature and purpose of our work together. Put simply, this means knowing what you are hoping to achieve, the scale of what is involved, and how often we are likely to be in contact.


A final word of reassurance

This is not about any assumption regarding you. These steps are in place to protect everyone involved, and we are required to follow them under the law. We will make them as straightforward as possible, and we are always happy to talk anything through.