The Australian Government requires certain industries — including real estate — to take active steps to detect and prevent money laundering and terrorism financing. These rules are set out in the Anti-Money Laundering and Counter-Terrorism Financing Act and are enforced by AUSTRAC, the national financial intelligence agency.
In simple terms, when you buy or sell property through a licensed agent, that agent must follow a set of identity checks and record-keeping steps before the transaction can proceed.
This isn't optional, and it isn't something we've chosen to do for our own purposes. Every licensed real estate agency in Australia providing regulated services is bound by these laws. At One Agency Townsville, we've built a simple, secure process to walk you through it and our team is always available to explain what's needed and why.
We'd rather be upfront about it than catch you off guard at a critical moment in your sale or purchase.
Before we can act on your behalf in a regulated transaction (such as a property sale or purchase), we're required to carry out an identity verification check. Here's what that typically involves:
1. Confirming who you are — We'll ask for your full legal name, date of birth, current residential address, and occupation.
2. Sighting an identity document — This is usually a current driver's licence or passport. We may ask for details from these documents to verify your identity through a secure process.
3. Understanding the transaction — We may need to understand the purpose and nature of the transaction, and in some cases, ask about the origin of the funds involved.
4. Identifying who's behind an entity — If the buyer or seller is a company, trust, or other legal structure, we'll need to establish who ultimately owns or controls that entity (known as beneficial ownership).
Not every transaction will require every step.
The level of detail depends on the nature of the transaction and the assessed risk profile. We'll always tell you exactly what's needed upfront.
Your identity
Full legal name, date of birth, home address, occupation
Supporting documents
Details from a driver's licence, passport, or equivalent government-issued ID
Entity details
Company or trust registration details, directors, trustees, or beneficial owners
Transaction background
The nature of the transaction, and where relevant, the source of the funds or wealth involved
We collect this information for one reason: to meet our legal obligations. Specifically, it allows us to:
- Confirm your identity as required by law
- Evaluate the risk profile of the transaction
- Ensure the transaction is lawful and above board
- Keep the records that AUSTRAC requires us to maintain
- File regulatory reports if and when the law requires it
We don't use this information for marketing. We don't share it beyond what is legally required. It exists purely for compliance purposes.
We take a minimal collection approach where only gather the personal information that is genuinely necessary to fulfil our AML/CTF obligations. Following guidance from the Office of the Australian Information Commissioner (OAIC), we do not keep copies of your full identity documents on file for AML/CTF record-keeping unless a separate law specifically requires it.
Your information is stored securely, handled with care, and managed in line with our Privacy Policy.
We completely understand that sharing personal details can feel uncomfortable, especially when you're already navigating the stress of a property transaction. We get it.
However, completing identity verification is a legal prerequisite before we can provide certain real estate services. If the required information isn't provided, we may be unable to proceed with the transaction until it is.
Here's our commitment to you: We'll never ask for more than what's legally required. We'll explain every step clearly. And if you have any questions or concerns at all, our team is just a phone call away.
📞 (07) 4755 6700 · ✉️ [email protected]
📞 0415 624 609 · ✉️ [email protected]