Our Regulatory Obligations
What is the AML/CTF Act?
Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act is designed to stop illegal funds from entering the financial system. AUSTRAC estimates more than $68 billion worth of crime-related money is laundered through Australia every year. This legislation aims to stop the flow of crime money and bring us in line with the rest of
the world.
That’s why from 1 July 2026, professional services firms, including law, accounting and real estate, will be required to:
- Verify client identity
- Assess the risk of money laundering or terrorism financing
- Monitor client activity and
- report suspicious behaviour
It’s not about ticking boxes. It’s about keeping crime out of our communities, professions and country.
What it means for you
At Facey Property, we are committed to running transparent, secure and professional transactions.
You may start to notice some changes in the information we ask for when buying or selling property. These changes are part of new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements being introduced across the real estate industry.
This is not unique to Facey and is a legal requirement across all real estate agencies.
Why these changes are happening
Real estate transactions often involve significant amounts of money. As a result, the industry can be targeted for illegal financial activity.
The AML/CTF framework is designed to protect the integrity of the property market by ensuring that:
- people involved in transactions are properly identified
- funds used in transactions are legitimate
- unusual or suspicious activity can be identified and reported
In short, it is about safeguarding both clients and the broader market.
What this means for you
To meet these requirements, we may ask you to provide additional information, such as:
- identification documents (for individuals)
- company or trust details (where applicable)
- information about the nature of your transaction
These checks will apply to both sides of a transaction, including sellers and buyers.
In most cases, the process is straightforward and can be completed quickly online.
What you may be asked for
- A form of photo ID (e.g. passport or driver’s licence)
- Proof of address (e.g. utility bill or bank statement)
- Company, trust or SMSF documentation (if relevant)
- Details about ownership or control of complex entities
- Source of funds information (for higher-risk transactions)
We use a technology platform called First AML; an automated verification and workflow management tool, to comply with the AML laws with the goal of making the process as quick and easy as possible.
How your information is handled
We understand that providing identification documents is sensitive. Protecting your information is a priority. Facey Property uses a secure, ISO-certified identity verification provider (First AML) to verify your identity.
Importantly:
- your documents are securely submitted and verified
- Facey Property does not retain copies of your identity documents
- only the information required to meet our legal obligations is recorded
- access is restricted to authorised personnel
This approach allows us to meet our compliance obligations while minimising the amount of sensitive information we hold.
What happens next
In most cases, no.
Our systems have been set up to make the process as simple and efficient as possible.
The key is completing verification early, so there are no delays later in the transaction.
Our team will guide you through what is needed and when.
Our approach
While these requirements introduce an additional step, they are now a standard part of how real estate transactions are conducted in Australia.
Our focus is to:
- keep the process simple and practical
- minimise disruption to your transaction
- ensure your information is handled securely
- support you every step of the way
What happens next
We’ll guide you through the process step by step. If anything is unclear, just ask.
If you have any questions about what’s required or why, please reach out to our team. We are here to make the process clear, straightforward and as seamless as possible.
AML/CTF Compliance Officer
Name: Mark Bond
Job Title: Managing Director
Email: mark.bond@faceyproperty.com.au
Phone Number: 03 9701 4455
Secondary AML/CTF Compliance Officer
Name: Julie Lunt
Job Title: General Manager
Email: julie.lunt@faceyproperty.com.au
Phone Number: 03 9701 4455
Frequently Asked Questions
Why do I need to do this for a property transaction?
Buying or selling property is considered higher risk for money laundering. By law, we must verify your identity and understand where funds are coming from before the transaction can proceed.
Will this delay my sale or purchase?
It doesn’t have to. Most checks can be completed quickly if documents are provided on request. Delays usually only happen if information is missing or needs clarification, so it’s best to complete this as soon as possible.
What if I’m buying via a trust, company or buying with others?
We’ll need to identify and verify the people who ultimately own or control the entity, not just the named buyer or seller. We’ll guide you on exactly what’s needed depending on your structure.
Why are you asking about my source of funds?
For some transactions, we’re required to understand how the money was obtained (e.g. savings, property sale, inheritance). This helps ensure the funds are legitimate and the transaction can proceed.