Important Legislation Update
From 1 July 2026, new anti-money laundering and counter-terrorism financing laws will apply to Conveyancers and other professionals in Australia.
These laws are designed to help prevent legal, property, business and financial services from being used to hide the proceeds of crime or fund terrorism.
For client’s this means that Conveyancing Firms and Law Firms will need to collect and verify more information before, and sometimes during a matter. These checks will be compulsory where the legal work falls within the new laws.
Clients will be asked to provide information such as:
- Full Legal Name;
- Date of Birth;
- Photo Identification;
- Proof of address;
- Details of where funds are coming from to complete the transaction;
- Information about companies, trusts or partnerships involved in the matter.
For example, a client buying a property may need to explain where the deposit and purchase funds came from.
Clients can expect these checks to become a normal part of dealing with Conveyancers, Lawyers, Accountants, Real Estate Professionals and other service providers covered by the new regime.
Preparing identification documents and information about funds early can help avoid delays. At all times, please do not hesitate to contact your Conveyancer should you have any concerns or enquiries.