Anti-Money Laundering & Counter-Terrorism Financing (AML/CTF) Compliance
Supporting Safe and Transparent Property Transactions
At Current Real Estate, we are committed to maintaining the highest standards of compliance, transparency, and professionalism. As part of Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework, certain real estate services are regulated by AUSTRAC, Australia’s financial intelligence agency.
These requirements help protect the property market from being used for illegal activities and ensure all transactions are conducted responsibly.
What is AML/CTF?
Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws are designed to detect and prevent criminal activity, including money laundering and the financing of terrorism. These laws require businesses that provide certain regulated services to undertake specific checks and verification processes before proceeding with transactions.
Why is Current Real Estate requesting information from me?
As a real estate agency providing regulated services, Current Real Estate is required to comply with AML/CTF legislation. This means we must verify the identity of our clients and collect certain information before we can provide some services.
We understand that providing personal information can feel unfamiliar, and we aim to make the process as straightforward and transparent as possible.
What is Customer Due Diligence (CDD)?
Customer Due Diligence (CDD) is a legal requirement that involves verifying the identity of individuals and entities involved in property transactions.
Depending on the circumstances, this process may include:
Confirming the identity of buyers, sellers, and other relevant parties
Understanding who owns or controls a company, trust, or other legal entity
Assessing the nature and purpose of a transaction
Conducting additional checks where a transaction presents a higher level of risk
What information may be required?
The information requested will vary depending on the type of transaction and ownership structure involved. You may be asked to provide:
Your full name, date of birth, residential address, and occupation
Identification documents such as a driver’s licence or passport
Details relating to the ownership or control of a company, trust, or other legal entity
Information regarding the source of funds or wealth where required
Additional information necessary to understand the purpose and nature of the transaction
How will this information be used?
The information collected is used solely to help Current Real Estate meet its legal obligations under AML/CTF legislation. This includes:
Verifying your identity
Assessing and managing risk
Confirming the legitimacy of transactions
Maintaining compliance records
Meeting any reporting requirements required by law, including obligations to AUSTRAC
How is my personal information protected?
Current Real Estate is committed to protecting your privacy and handling personal information responsibly. We only collect information that is reasonably necessary to satisfy our legal and compliance obligations.
Your information will be managed in accordance with applicable privacy laws and our Privacy Policy. We take appropriate measures to safeguard personal information and ensure it is handled securely.
What if I choose not to provide the requested information?
Under AML/CTF legislation, certain verification requirements must be completed before regulated services can be provided.
If the requested information is not supplied, Current Real Estate may be unable to proceed with the transaction or provide the relevant service until the required verification has been completed.
We appreciate your cooperation and understanding as we work to meet our legal obligations while helping ensure a safe, transparent, and trustworthy property market for all participants.
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Complaints and Enquiries
If you have any queries or complaints please contact us at:
Current Real Estate
office@currentrealestate.com.au
07 5495 7337