New laws to stop money laundering in real estate

Money laundering is a problem.

It is Monday, June 29, 2026, at 5:15 am.

Renee Roumanos says new laws will make buying and selling homes more difficult.

In short, this is about money laundering.

From July 1, real estate agents must check who their customers are and where their money comes from.

In 2020, $1 billion was laundered through Australian real estate.

What's next?

Professionals must register and complete training.

It will be harder for criminals to buy homes with dirty cash from July 1.

New laws mean real estate agents, lawyers, and others must verify customers like banks do.

They need to know who customers are and where their money comes from.

Clancy Moore says these laws will make it harder for criminals to launder money.

Lawyers and agents must report suspicious transactions.

These laws will not lower property prices much, but they will have an impact.

Over $1 billion is laundered each year.

Money laundering is when criminals make dirty money look clean.

Laws against money laundering are called AML/CTF.

Money laundering is a serious problem.

In 2015, AUSTRAC said controlling money laundering was hard.

Criminals can easily launder money through real estate.

AUSTRAC says $1 billion was laundered through real estate in 2020.

For most people, verifying identity is simple.

Ray White Group has over 12,000 agents.

Shaun Doyle is preparing agents for the new laws.

These laws are a big change for the industry.

When agents understand the laws, it's straightforward.

Shaun Doyle has visited all agents to prepare them.

Most buyers and sellers already verify their identity with banks.

The 100 points system is used to verify identity.

Verifying identity is an extra part of the process.

Michelle Romero will verify buyers and sellers.

The changes will be an additional service.

Michelle Romero says the changes are a good thing.

The real estate industry fought these laws for years.

Smaller agencies may not be ready for the new laws.

The extra work is for a good reason.

The industry is now part of stopping money laundering.

Some people think there will be problems.

Industries are now gatekeepers for illicit cash.

Renee Roumanos says the industry is not ready.

Agents must now ask where buyers got their money.

This will lead to awkward conversations.

Buyers must document where they got their money.

Staff must register and complete training.

Renee Roumanos had to register and train her staff.

The new laws will make conveyancing more difficult.

The laws are to stop criminals from laundering money.

For most agents, the new laws will be a simple form.

The laws will flag suspicious transactions.

Criminals will always try to launder money.

The Tranche 2 laws will make it harder for them.

Money laundering is a serious crime.

Criminals use services to launder money.

Reducing money laundering will benefit society.

It is Monday, June 29, 2026, at 5:15 am.

It is Monday, June 29, 2026, at 9:30 am.

See more ABC coverage.

Практика аудирования