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If your property settlement falls after 1 July 2026, you are going to notice a few extra questions at the start of the process. No, we have not suddenly become nosy. New laws are the reason, and they apply to every conveyancer and solicitor in Australia, not just us at Peta Stewart Property Conveyancers.
For years, Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations have applied to banks and financial institutions. From 1 July 2026, those same obligations are being extended to legal and conveyancing professionals involved in property transactions.
Why property? According to AUSTRAC, real estate is commonly used for money laundering in Australia. Property is valuable, tends to increase in value over time, and can bring in income through rent or resale. Tax arrangements like negative gearing can also make property attractive to criminals looking to move money illegally. That is why regulators are putting additional safeguards in place to protect the integrity of the property market.
As part of these changes, conveyancers and solicitors must now have a formal AML/CTF program in place before they can even assist with the planning or execution of a property transaction. This is not a casual checklist. It is a structured, regulated program that every conveyancing practice in Australia is required to implement and maintain.
Every new file requires us to do three things.
This part is already standard, so there is no big change here. Expect the usual verification process, including photo ID and a biometric check. Yes, that means a selfie.
We need to know where your money is coming from. Savings, sale proceeds, a family gift, inheritance. We are not judging. We are documenting.
If you are buying through a company, trust or SMSF, we need to know the actual humans in control, not just the entity name.
These checks apply to everyone. It does not matter if we have acted for you ten times before or if you are a family member. The requirements are the same across the board.
Probably not! And if you are not doing anything illegal, you have absolutely nothing to worry about. The checks apply to every transaction because that is the only way to catch the small percentage that are not what they appear to be.
Think of it like airport security. You know you are not carrying anything you should not be, but you still take your belt off and go through the scanner. Same idea.
For most clients, this means a bit more paperwork upfront. That is genuinely the full extent of it.
Complete our verification request as soon as it arrives and your settlement timeline will not be affected. If you are buying through a structure, let us know early. If your deposit includes a gifted amount, have a short letter from the donor ready to go.
We have built these steps into our process so they run alongside the early stages of your matter. No delays, no drama.
“We know being asked about your finances feels personal and a bit uncomfortable – we feel the same way! But our job is to make that as painless as possible, and to explain clearly why we’re asking. We’ve been working hard behind the scenes to seamlessly integrate these new practices into our processes so the impact on you is minimal.”
— Charlotte Quinn, General Manager and Senior Conveyancer at Peta Stewart Property Conveyancers
We know that some of these questions feel more personal than what you are used to in a property transaction. That is completely normal. The questions are new for everyone, and no one should feel awkward about being asked them.
All checks are a legal requirement and apply to every client, no exceptions. Any information you provide is handled securely and in line with our privacy obligations.
If you have questions or feel unsure about anything, get in touch. We’re here to help walk you home.
