We Are Selling with Lee Woodward 177 - Money Laundering in Real Estate: What You Need to Know - Richard Manthel
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Australia is one of the last countries in the world to implement anti-money laundering legislation for real estate agents, with new laws requiring compliance by July 2026. Richard Manthel of AMLHUB explains what agents need to know about the $4 trillion global money laundering problem and how the real estate industry will soon play a crucial role in detecting suspicious transactions.
• AML (anti-money laundering) legislation for Australian real estate agents passed in November 2024
• Agents must have AML plans and procedures in place by March 2026 for July 2026 implementation
• Money laundering involves moving illegal funds through assets like property to hide their origins
• Real estate is attractive for money laundering because it can move vast sums without detection
• Red flags include properties sold significantly under market value or unusual transaction structures
• Every agency must appoint an AML compliance officer with attention to detail and process skills
• Companies must develop a risk assessment and compliance program specific to their business
• AUSTRAC will regulate compliance with potential penalties of $19,000 per day for non-registration
• AML applies only to sales (residential and commercial), not property management
• Resources available through AMLHUB include training and end-to-end compliance solutions
Visit amlhub.com.au/contact for help with planning and education to meet your AML obligations, or email richard@amlhub.com.au
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