If you have bought or sold property in South Australia since July 2026, you will have noticed your conveyancer asking for more than they used to. That is the AML/CTF reforms at work. Here is what actually changed and what it means for you.
What do AML and CTF stand for?
Anti-Money Laundering and Counter-Terrorism Financing. The rules come from the Commonwealth Anti-Money Laundering and Counter-Terrorism Financing Act 2006, which is administered by AUSTRAC, the federal financial intelligence agency.
Banks and financial institutions have operated under this regime for years. From 1 July 2026 it was extended to cover conveyancers, lawyers, accountants, real estate agents and dealers in precious metals and stones. Property is an attractive way to move large sums quietly, which is why the sector was brought in.
Why is my conveyancer asking for more than my driver’s licence?
Because there are now two separate identity processes, and they do different jobs.
Verification of Identity has applied in South Australia for years. It comes from the Registrar-General’s Verification of Identity Requirements and the South Australian Participation Rules for electronic conveyancing. Its job is to confirm you are the person entitled to deal with the title, so nobody sells your house out from under you. Our post on Verification of Identity covers it.
AML/CTF is a Commonwealth obligation that sits on top of it, and it asks different questions: who you are, who is behind you if you are buying through a company or trust, and whether the transaction makes sense. Passing your VOI check does not satisfy the AML/CTF requirements, which is why you may be asked for things you were not asked for before. As part of our procedures you will see this as two steps: an onboarding form, then an identity check.
What will you be asked to provide?
What the AML/CTF checks require depends on who is on the contract. For an individual, identification and enough information for us to understand the nature and purpose of the transaction.
If you are buying or selling through a company, trust or SMSF, more is needed. AUSTRAC requires us to identify the beneficial owners, meaning the people who ultimately own or control the entity, following the ownership chain until we reach individuals. A trust deed or ASIC extract is usually part of that.
Expect to be asked where your money is coming from. We ask every client that. What changes is whether we need documents to back the answer up.
Under the AUSTRAC customer due diligence rules, formally establishing source of funds and source of wealth, with evidence, applies to politically exposed persons and to anyone where enhanced due diligence is required. For most clients the question is part of understanding the transaction, not a request for paperwork.
When do the checks have to be done?
Before we start acting for you, in most cases. There is a limited allowance to begin work on a purchase and finish the checks shortly after, but they must be done within 28 days of the contract being executed or at least three days before the agreed settlement date, whichever comes first. The obligation is ours and we cannot waive it.
We do not leave it that late. The onboarding form is provided to you at the very start of a matter, and once it comes back we send you a link for the identity check. Two steps, both at the beginning of the overall process.
If something cannot be resolved, we may not be able to act for you, and it is far better for all concerned to know at the start rather than three days before settlement is due.
Does this apply to me if my sale is straightforward?
Yes. The AML/CTF obligations are not triggered by anything suspicious about you. They apply to every client receiving a designated service, which for a conveyancer means assisting with a sale, purchase or transfer of real estate and holding or disbursing money for it.
We also keep the records for seven years, maintain a compliance program, and report certain matters to AUSTRAC. None of that changes the work itself. It does mean the information we collect at the start is more detailed than it was before July 2026.
What this means in practice
Return the onboarding form promptly, and tell us up front if a company, trust or SMSF is on the contract. Those take longer to process. If money is coming from an unusual source, such as a family gift or an overseas transfer, mention it early.
None of this is discretionary and the AML/CTF rules apply the same way at every company you might use, so a conveyancer who asks fewer questions is not doing you a favour.
The AUSTRAC conveyancers page sets out the regime in full. If you have a transaction coming up and want to know what we will need from you, get in touch here or call us on (08) 8261 5092.