Profession-specific playbook Current
AML/CTF operating playbook for real estate professionals
The trigger is the specific real estate service, not the licence you hold.
Real estate agents, buyer's agents, and property developers can each be captured by Tranche 2 depending on the specific service provided. This playbook sets out how the core AML/CTF obligations apply once captured. It is general information, not legal or compliance advice.
Action plan
1 Confirm which of your agency's services are AUSTRAC designated services Real estate agents, buyer's agents, and property developers can each be affected differently.
AUSTRAC's AML/CTF reforms extend obligations to real estate businesses -- including real estate agents, buyer's agents, and property developers -- providing specific designated services. Check each role and transaction type your agency handles against AUSTRAC's own real estate designated services guidance before assuming Tranche 2 does or doesn't apply.
- Review each transaction type and role your agency handles against AUSTRAC's designated services guidance
- Don't assume the obligation is the same for a selling agent, a buyer's agent, and a developer role
- Re-check this whenever your agency takes on a new service type
Done when: Your agency's service and role types have been checked individually against AUSTRAC's designated services guidance, not assumed
AUSTRAC: your AML/CTF obligations2 Appoint an AML/CTF compliance officer within 28 days of providing a designated service This clock starts from actually providing the service, not from enrolling with AUSTRAC.
Once your agency provides a designated service, AUSTRAC's guidance requires an AML/CTF compliance officer to be appointed within 28 days. Build this into your agency's Tranche 2 readiness plan as a hard deadline.
- Appoint an AML/CTF compliance officer within 28 days of first providing a designated service
- Confirm the appointee meets AUSTRAC's eligibility expectations for the role
- Document the appointment date to demonstrate the 28-day window was met
Done when: An AML/CTF compliance officer was appointed within 28 days of the agency first providing a designated service
See the AML/CTF compliance officer deep page3 Complete customer due diligence before starting the designated service CDD comes first -- not alongside the listing agreement, and not after an offer is accepted.
AUSTRAC's guidance requires initial customer due diligence to be completed before your agency starts providing a designated service to a client, with enhanced due diligence required where the client's risk is high or in other specified circumstances.
- Complete initial CDD before the designated service starts, not after
- Escalate to enhanced CDD where the client's risk is high or another specified circumstance applies
- Keep evidence of when CDD was completed relative to when the service began
Done when: CDD, escalated to enhanced CDD where required, was completed before the designated service began
See the customer due diligence deep pageDesignated services
Sales
Facilitating a property sale transaction
Facilitating a sale as a selling agent is a common Tranche 2 touchpoint worth checking specifically against AUSTRAC's real estate designated services guidance.
Buyer representation
Acting as a buyer's agent
Acting as a buyer's agent is a distinct role from a selling agent and is worth checking individually against AUSTRAC's guidance rather than assuming the same treatment applies.
Development
Selling property as, or on behalf of, a developer
Property development sales are a further service type AUSTRAC's real estate designated services guidance addresses specifically -- check this role separately from standard agency sales work.