What is the new AML / CTF Act
Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML / CTF) Act aims to prevent illegal funds from entering the financial system. As of 1 July 2026, the Australian Government is introducing new AML / CTF requirements which will apply to property transactions across the country.
Under these changes, professional services firms – including law, accounting and real estate – will be required to:
- Verify client identity
- Assess the risk of money laundering or terrorism financing
- Monitor client activity and
- Report suspicious behaviour
These reforms form part of a national effort to safeguard communities, industries and the financial system from criminal activity. While identity verification has long been standard practice in banking and financial services, these obligations are now being extended to the real estate industry.
What documents will I be asked for, and why?
Peet is required by law to carry out consistent identity checks for all clients. These checks can be completed either electronically (SMS / email) or in-person, with flexible options to verify your identity.
We’re committed to making the process simple and transparent. You’ll receive a clear explanation of what’s required, along with secure handling of your information and a streamlined, technology supported experience.
To assist with this, we use a technology platform called First AML – an automated verification and workflow management tool, to help us meet AML / CTF laws as efficiently as possible.
Documents we may ask for include:
- Individuals – A form of photo ID (e.g. passport or drivers licence)
- Non-individuals (e.g. companies / trusts) – individual ID requirements for directors / owners, further details about the entity dependent on the type of structure
- Know your customer (KYC) questions such as residency, reason for purchase, method of payment
- Source of funds / wealth information (for higher-risk transactions)
How your information is handled
Peet will only collect information required under the law. Your data is stored securely, handled in strict confidence, and used solely for regulatory compliance purposes.
What happens next
As you commence your purchasing journey with Peet, we’ll guide you through each step of the process to make it as simple and straightforward as possible. Our team is here to support you and ensure compliance is easy and efficient.
To learn more, download the Understanding the AML / CTF Act and why we need your ID fact sheet, or visit the Understanding the AML / CTF Act and why we need your ID web page. Our Peet Sales Representatives are also available to answer any questions you have.
