AML/CTF Training for Real Estate Agents

What the obligations mean for your agency

Real estate agencies and developers selling real estate direct to consumers are among the businesses newly brought into Australia's AML/CTF regime. If your agency acts for a buyer or a seller in the sale or transfer of property, or you develop real estate projects and sell directly to the public, you are likely to have obligations.

Your business needs a risk assessment, a program setting out your AML/CTF policies, and the people listing, selling, acting as buyers' agents and settling need to understand it. In practice that means knowing who you are acting for, what you have to check before you act, and what to do when a transaction does not look right.

• ✓Identifying and verifying buyers and sellers, including companies and trusts, and establishing who really controls them.
• ✓Asking about source of funds without souring the deal, and what to do with the answer.
• ✓The warning signs that show up in property: large cash deposits, payments from unrelated third parties, buyers with no interest in the property itself, rushed or over-market offers.
• ✓Understanding when and how to report, and the rules on not telling the client.
• ✓What to record at each stage, and why those records matter if your program is ever reviewed.

Counts towards your CPD

Completing this training may count towards the continuing professional development your licence renewal requires, depending on your state or territory. Every completion produces a record showing what was covered, what was asked and how each person answered.

How it works

Choose the number of training packs you need, including any governance packs for your AML/CTF Compliance Officers, AML ‘Senior Managers’ and members of your Governing Body. Assign them to your team and see at a glance who has completed their training and who still needs to finish, with reminders to keep everyone on track. Each completion generates a detailed record of the content covered, the questions asked and each person’s answers, ready to provide if your AML/CTF program is reviewed.