The new AML laws for WA property buyers took effect on 1 July 2026. Buyers can now expect broader identity and transaction checks from regulated property professionals, including questions about how the purchase is funded and whether a trust, company or SMSF is involved. These are routine safeguards, but incomplete information can slow the transaction.
Key takeaways
- From 1 July 2026, AML/CTF obligations apply to designated property services provided by conveyancers, real estate professionals, lawyers and certain other businesses.
- A WA buyer may be asked for photo ID, address, date of birth, payment information and details of any trust, company or ownership structure.
- Source-of-funds and source-of-wealth checks are risk-based, so not every buyer will be asked for the same documents.
- Providing accurate documents early can reduce avoidable settlement delays.
What are the new AML laws for WA property buyers?
Australia expanded its anti-money laundering and counter-terrorism financing regime to additional property-related services from 1 July 2026. Regulated businesses must know who their customers are and assess financial-crime risk.
AML/CTF means anti-money laundering and counter-terrorism financing. AUSTRAC, Australia’s financial intelligence regulator, says newly regulated sectors include real estate, conveyancing, legal services and accounting.
For a settlement agent or conveyancer, a covered service can include helping to plan or complete a property transaction, preparing for settlement and coordinating transfer documentation.
Why are property professionals asking buyers for more information?
Property professionals ask because customer due diligence is now part of their legal compliance process. These checks are routine and do not mean an ordinary buyer is suspected of wrongdoing.
A regulated business may need to establish:
- your identity and residential address;
- the identity and authority of anyone acting for you;
- the beneficial owners of a company, trust or other entity;
- whether a relevant person is politically exposed or subject to targeted financial sanctions; and
- the purpose and expected nature of the transaction.
A beneficial owner ultimately owns or controls an entity. A politically exposed person, or PEP, holds prominent public responsibilities.
What information might a WA property buyer need to provide?
A WA property buyer will commonly be asked for identity details and an explanation of how the purchase will be funded. The documents depend on the buyer, ownership structure, payment pathway and risk assessment.
According to AUSTRAC’s information for property buyers, a successful purchaser may be asked for photographic identification showing their full name, residential address and date of birth. A buyer may also be asked:
- how the property is being paid for;
- whether a trust or another legal arrangement is involved; and
- whether the buyer is a PEP.
You may need to explain the source of your deposit or settlement money. A company, trust or SMSF purchase can require entity documents and details of the people who control it. An attorney may need to prove their authority to act.
This is not a fixed checklist. Your settlement agent should explain what is required and how to provide it securely.
Will every buyer have to prove their source of funds and wealth?
No. These checks are risk-based, and the depth of verification depends on the customer and transaction. Most buyers should still be ready to explain where their deposit and settlement money came from.
Source of funds means how the purchase money was earned or obtained, such as wages, business income, investments, a property sale, a gift or inheritance. Source of wealth concerns how a person accumulated their overall assets.
AUSTRAC’s source-of-funds and source-of-wealth guidance lists possible evidence including employer or accountant letters, pay information, property-sale records and estate-distribution documents.
Unexplained third-party payments, complex structures, offshore funds or inconsistent information may prompt further questions.
Is an AML check the same as Landgate verification of identity?
No. Landgate verification of identity helps prevent land-title fraud and confirms identity and authority to deal with land. AML customer due diligence also considers ownership, representatives, transaction purpose, funding and financial-crime risk.
Landgate confirms that its verification-of-identity practice applies to nominated electronic and paper-based land transactions in Western Australia. A buyer may complete VOI and still receive broader AML questions.
Why might more than one business ask the same questions?
The real estate agent, buyer’s agent, settlement agent, lawyer and lender can each have separate obligations. AUSTRAC says that, for a brokered sale, both the buyer and seller can be customers of the real estate reporting entity.
One business cannot always rely on another’s checks, so some repetition is normal. Keep a secure set of current documents so repeat requests are easier to manage.
Can AML checks delay a WA property settlement?
Yes. A regulated business generally needs to complete initial customer due diligence before providing a covered service, although limited delayed-verification rules can apply. The business may be unable to act if it cannot establish the required matters.
To reduce delays:
- appoint your settlement agent early;
- use your full legal name consistently across the contract, loan and ID;
- disclose any company, trust, SMSF, attorney or third-party contributor immediately;
- keep records showing the path of your deposit and settlement funds; and
- send sensitive documents only through a verified, secure channel.
RG Settlements assists buyers across Perth and Western Australia with residential buying settlements and e-conveyancing. Early onboarding gives us more time to identify what is needed before deadlines become urgent.
Frequently asked questions
Does an AML request mean I am suspected of money laundering?
No. Identity and transaction questions are routine customer due diligence. Extra enquiries do not, by themselves, mean a buyer is accused of wrongdoing.
Can I refuse to provide the requested information?
You can decline, but the business may be legally unable to begin or continue the covered service if it cannot complete its checks.
What if my deposit was a gift from family?
Tell your settlement agent early. You may be asked who provided the gift, how the donor obtained the money and how it reached the transaction.
Are companies, trusts and SMSFs affected?
Yes. Information may be needed about the entity, the people who control it and anyone acting on its behalf. Obtain separate accounting, financial and legal advice about the structure.
Need help preparing for your WA property purchase?
The new AML laws for WA property buyers add some onboarding steps, but an organised buyer should be able to complete them smoothly. RG Settlements is based in Victoria Park and assists buyers throughout Perth and Western Australia with calm, plain-English guidance.
Contact RG Settlements as soon as your offer is being prepared or accepted so we can explain the settlement process and information likely to be required.
This article is general information only and not legal or financial advice. For advice about your specific situation, please get in touch with our team.
About RG Settlements
RG Settlements assists buyers and sellers with property settlement and conveyancing in Perth and Western Australia. Meet our team or request a settlement quote.