New anti-money laundering laws: What agents need to know about upcoming obligations

Canberra agents will soon be part of a national push to target and prevent money laundering and terrorism financing in real estate transactions. 

Federal legislation has passed creating new obligations for real estate professionals, including agents, buyer’s agents and property developers. 

The Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act, due to come into effect on July 1, 2026, will require real estate professionals to enrol with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to monitor and report suspicious activities in their transactions.

Australia was one of only a handful of countries that had not yet complied with the global Financial Action Task Force requirements for industries such as real estate and conveyancing.

Real Estate Institute of the Australian Capital Territory (REIACT) chief executive Maria Edwards says the industry welcomes the federal government’s fight against financial crimes. 

“The introduction of the legislation in 2026 will bring major changes to the way real estate businesses operate,” she says.

“Consumers will be required to provide increased levels of identification, and there will be costs associated with compliance for agencies, no doubt a portion of which will be passed on to consumers.”

Edwards says that while the new reforms will not come into effect for another year, the changes are significant and the compliance obligations will require careful planning and timely action.

“Before the implementation of the reforms, all agencies will need to come up with new internal policies and risk management activities, as non-compliance will attract significant penalties,” she says.

To support industry compliance, REIACT is launching a series of online and in-person briefings from July 22 to help real estate agents prepare for the reforms.

A webinar series will cover key components of the legislation, including understanding the core obligations for agencies, lessons from other jurisdictions, and how technology can help to streamline compliance.

Edwards says the training will be delivered in partnership with regulatory technology solutions provider First AML to provide REIACT members with the knowledge and tools required to identify money laundering and terrorism financing activities, and meet compliance requirements.

“Along with our national body REIA and other state [associations], we have been proactive in attending consultation meetings with AUSTRAC for the past 12 months to ensure that practical realities of the real estate sector are taken into account in the rollout of the AML/CTF reforms,” she says.

“REIACT and First AML will also offer practical implementation advice and provide ongoing support as businesses move toward full compliance.”