In this blog/video we discuss how anti-money laundering rules will shake up the Queensland real estate market.

We discuss the new Anti-Money Laundering Counter-Terrorism Finance (AMLCTF) laws, that will  oblige real estate agent professionals to take steps to have a compliance program, verify client identity, report anything suspicious to AUSTRAC & more...

Prefer to watch/listen? Click here to consume this content via YouTube!

Hi everybody - George Sourris, Empire Legal.

Today's topic: This will DISRUPT the QLD real estate industry - new Anti-Money Laundering Rules coming soon...

From the 1st of July 2026, new Anti-Money Laundering and Counter-Terrorism Financing, (AML/CTF) rules will apply to businesses in certain industries, including - real estate professionals, buyers agents, sellers agents, developers, dealers in precious stones, metals, and related products, lawyers and conveyancers, accountants, and trust and company service providers, just to name a few. 

Additionally, businesses dealing with virtual assets like cryptocurrency will need to follow these rules, starting 31st of March 2026. Yes, that's right, just a year away. Sounds like a long time in the future, however, as we all know, time creeps up on us quickly. Remember when the new property Sellers Disclosure laws were ages away? Well guess what guys, they're less than 5 months away. 

Special shout out to our friends at AUSTRAC for providing today's content. 

You might be thinking, alright George, what's AUSTRAC?

Well, AUSTRAC is the Australian Transaction Reports and Analysis Centre. So, it's an Australian Government Financial Intelligence Agency, responsible for monitoring financial transactions, to identify money laundering, organised crime, tax evasion, welfare fraud and terrorism financing. 

Alright, but how do I check if these new AML/CTF  rules apply to me?

To see if your business needs to comply with the new regulations, AUSTRAC has an online tool to check if you will be affected. We have a link available now in our blog, so you can click and check that out. Also, you can visit AUSTRAC's website on newly regulated industries.

If your business is included, AUSTRAC will provide guidance and educational materials to help you understand and meet your obligations. Expect more details later this year in 2025, including a breakdown of the new rules, how to implement them into your business, and specialised resources for small businesses to make compliance easier.

Alright, so, if your business is affected, you must register with AUSTRAC. So this applies to all newly regulated businesses. Virtual asset businesses must also apply before starting operation & set up an AML/CTF compliance program. This means having policies in place to prevent money laundering and financial crime.

Professionals will need to verify customer identities, so you'll need to check  who your customers are, assess risk levels, and flag any suspicious activity. That's going to be a big one for real estate agents. So, that verification of identity process - there's going to be AML/CTF regulation to make sure you're compliant.

Then, reporting suspicious transactions. So this includes reporting large cash transactions, unusual activity, overseas money transfers, etc. And keeping records for seven years. So you've got to store key documents including customer verification, transactions and compliance reports. 

Okay, so what is next?

AUSTRAC is going to release more guidance for us throughout 2025. These new laws will start on the 1st of July 2026 for those professional services I listed before, namely the real estate agents and the lawyers. And, of course, you can stay up to date best on AUSTRAC's website. These changes aim to protect businesses from financial crime whilst ensuring compliance with Australia's AML/CTF laws.

Alright, so guys, this is a massive change to real estate agents and the way they do business. The goal of the AML/CTF is to crack down on Australian properties as a vehicle for money laundering, amongst other things. So it's going to oblige the real estate agent professional to take steps to have a compliance program, verify client identity, and then report anything suspicious to AUSTRAC.

We are acting as the eyes and ears for the Government. We will make more information available to our network at Empire Legal as we gain additional guidance. So, the best way to manage that guys is to subscribe to our blog and/or our YouTube. There's a link below on how to get signed up to that weekly updates.

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Guys, that's it for this week. Thank you so much. We've just hit 750 followers on our YouTube. As you know, our goal is 1,000. This is free content. Please share it with people. Subscribe. Helps us find more people to help. Obviously, Empire Legal, Conveyancing, Queensland wide.

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If you have any questions, you can email me: george@empirelegal.com.au. 

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Thanks for reading everybody. See you on the next one.

Ladies and gentlemen, please keep in mind that all advice is general in nature and does not constitute legal advice. This is authorised by George Sourris, Empire Legal, Brisbane, Queensland, Australia.

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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.