Anti-Money Laundering (AML) & Customer Identification Requirements
Our Legal Obligations
From 1 July 2026, Australian real estate agencies providing designated services must comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and its associated Rules.
As part of these obligations, Rich & Oliva Real Estate may need to complete Customer Due Diligence (CDD) before providing certain real estate services. This process requires us to collect and verify information about our clients and, where relevant, the individuals or entities connected with a transaction.
Why We Need This Information
Australian law requires us to take reasonable steps to:
- Verify the identity of our clients.
- Confirm who we are acting for.
- Understand the ownership and control of entities involved in property transactions.
- Help prevent the misuse of real estate for money laundering, terrorism financing, proliferation financing and other serious financial offences.
These requirements may apply to vendors, purchasers and any company, trust or other entity involved in a property transaction.
Identification Information
To meet our legal obligations, we may ask you to provide:
- Full name
- Date of birth
- Residential address
We may also request identification documents, including:
- A current Australian or overseas passport
- A current driver's licence or other approved photographic identification
- Proof of your residential address, such as a recent utility account or bank statement
Companies, Trusts and Other Legal Entities
Where a company, trust, partnership, self-managed superannuation fund or other legal structure is involved, we may also need information regarding:
- Directors
- Shareholders
- Trustees
- Beneficiaries
- Beneficial owners
- Individuals who exercise ownership or control
Depending on the circumstances, supporting documentation may also be required to verify this information.
Privacy
Rich & Oliva Real Estate is committed to protecting your personal information and handling it responsibly in accordance with the Privacy Act 1988 (Cth) and the Australian Privacy Principles.
Any information collected for AML/CTF purposes is used only to satisfy our legal obligations. We take reasonable steps to protect your personal information from unauthorised access, misuse or disclosure and will only disclose information where permitted or required by law.
For further details about how we collect, store, use and disclose personal information, please refer to our Privacy Policy.
Vendors
Before providing certain services relating to the sale of a property, Rich & Oliva Real Estate may be required to verify the identity of the vendor and, where applicable, determine the ownership and control of any company, trust or other entity involved.
This process assists in protecting Australia's property market from financial crime.
Purchasers
Where Rich & Oliva Real Estate provides designated services to a purchaser, we may also be required to verify the purchaser's identity and, where applicable, confirm the ownership and control of any legal entity involved in the transaction.
Your assistance allows us to comply with Australian legislation while ensuring a smooth transaction.
When We Can Act
In some circumstances, legislation prevents us from providing certain designated services until Customer Due Diligence has been completed.
This may include services associated with:
- Listing a property for sale
- Marketing a property
- Assisting with the sale or purchase of real estate
- Providing designated real estate services under the AML/CTF legislation
To minimise delays, we recommend providing the requested identification documents as early as possible.
Thank You
Rich & Oliva Real Estate appreciates your cooperation and understanding as we implement these important legal requirements.
If you have any questions about our customer identification process or Australia's AML/CTF obligations, please speak with your Rich & Oliva Real Estate representative or refer to the Australian Transaction Reports and Analysis Centre (AUSTRAC).