Important Information About New Identity Verification Requirements
Effective 1 July 2026
From yesterday, important changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation has come into effect. These reforms will apply to all real estate agencies across Australia, including O’Neill Estate Agents.
As part of these new legal requirements, real estate professionals must verify the identity of their clients and complete certain due diligence checks before providing a range of property services.
While this may be a new process within the real estate industry, similar identity verification requirements have been in place for many years across the banking, finance, legal and accounting sectors.
Why are these changes being introduced?
The Australian Government has expanded the AML/CTF regime to better protect Australia’s financial system and property market from criminal activity.
These reforms are designed to help prevent:
- Money laundering
- Organised crime
- Fraud and financial crime
- Terrorism financing
- The misuse of property transactions for illegal purposes
By extending these requirements to the real estate industry, the Government aims to improve transparency and strengthen the integrity of property transactions nationwide.
What does this mean for you?
If you engage O’Neill Estate Agents to buy or sell a property, we will be legally required to verify your identity before we can provide certain real estate services.
The information requested will depend on your circumstances but may include:
- Proof of identity
- Confirmation of your residential address
- Details relating to a company, trust or other ownership structure
Where a property is owned or purchased by a company, trust or other legal entity, we may also need to identify the individuals who ultimately own or control that entity.
How will the verification process work?
We understand that buying or selling property can already involve plenty of paperwork, so we’ve chosen a process that is simple, secure and convenient.
We hope to achieve this by engaging the services of Securexchange. Our clients will receive an email invitation to complete their identity verification through Securexchange, and the online process can be completed from your computer or mobile device and is designed to be quick and easy.
Once your verification has been completed, our team will review the information to ensure we have met our legal obligations before continuing with your property transaction.
How is my information protected?
Your privacy and security are extremely important to us.
All information submitted through Securexchange is transmitted using secure technology and handled in accordance with Australian privacy legislation.
Your personal information will only be collected for the purposes of complying with our obligations under the Anti-Money Laundering and Counter-Terrorism Financing legislation and will be managed with the highest level of care.
Although these new requirements introduce an additional step in the property transaction process, our commitment to delivering a five-star, stress-free experience remains exactly the same.
At O’Neill Estate Agents, our team is here to support you every step of the way, making the identity verification process as straightforward, secure and seamless as possible.
If you have any questions about the new AML/CTF requirements or what they mean for your property transaction, please don’t hesitate to get in touch. We appreciate your cooperation and look forward to continuing to assist you with your property goals.