New AML compliance requirements

Vend Property’s approach to AML.

Our obligations

From 1 July 2026, new federal laws will require our business, along with many other professional service providers, to comply with Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) rules.

Under these laws, all regulated businesses must:

• verify the identity of their clients

• understand the purpose of each matter or transaction

• assess and document risks

• keep clear, accurate records of decisions

We are legally required to complete these checks before we can provide services.

Why these checks matter

Money laundering is a significant issue in Australia. Criminals use legitimate businesses to disguise billions of dollars in illegal funds each year. These funds fuel:

• drug trafficking

• human exploitation

• terrorism

• large-scale financial fraud

Strong AML controls help stop criminal networks from using professional services to move or hide illicit money. Every identity check and risk assessment contributes to protecting our clients, our industry and our community.

The AML process

What to expect

Our process is designed to be clear, efficient and secure. Most clients complete it quickly once documents are provided.

How it works

1. Share your details

We request basic identity information and any relevant documents.

2. Verify your information

Identity and ownership details are checked securely through approved systems.

3. Clarify anything missing

If further documents or explanations are needed, we’ll let you know immediately.

4. Complete the assessment

We review the matter, assess risk and finalise the required AML checks.

5. Begin working with you

Once checks are complete, we proceed with your matter. This process is mandatory under AML/CTF regulations and ensures we meet our legal obligations while keeping clients and communities safe.

Our commitment to responsible data handling

We take privacy and data security seriously. Any information you provide is handled in accordance with:

• Australian privacy laws

• our professional confidentiality obligations

• strict AML/CTF regulatory requirements

Your data is used only for identity verification, compliance checks and onboarding purposes. We do not share information for marketing, and we do not sell or trade client data. All documents and personal details are stored securely, accessed only by authorised staff, and protected through encrypted systems and controlled processes.

FAQ’s

Q: What is the AML/CTF Act and why does it matter?

A: Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act is designed to stop illegal funds from entering the financial system. AUSTRAC estimates more than $68 billion worth of crime-related money is cleaned through Australia every year. This legislation aims to stop the flow of crime money and bring us in line with the rest of the world. That’s why from 1 July 2026, professional services firms, including law, accounting and real estate, will be required to:

• Verify client identity

• Assess the risk of money laundering or terrorism financing

• Monitor client activity and report suspicious behaviour

It’s not about ticking boxes. It’s about keeping crime out of our communities, professions and country.

Q: Why are you asking for my ID?

A: As part of Australia’s AML laws, professional services firms like ours will soon be required to verify the identity of all clients. This helps protect the financial system from misuse and brings us in line with global AML standards.

What we may ask for

• A form of photo ID (e.g. passport or driver’s licence)

• Proof of address (e.g. utility bill or bank statement)

• Company, trust or SMSF documentation (if relevant)

• Details about ownership or control of complex entities

• Source of funds information (for higher-risk transactions)

Q: I’ve worked with you before – why now?

A: These rules apply to all clients, even if we’ve worked with you in the past.

Q: What if I don’t provide the required information?

A: Under Australia’s anti-money laundering laws, we’re required to complete certain checks before we can start, or continue, working with you. If we’re unable to collect the necessary information, we may not be able to proceed with your transaction or maintain our business relationship. These requirements apply to all clients and help ensure we’re meeting our legal obligations.

Q: What is “source of funds” and why do you need it?

A: In some transactions, we’re required to confirm where the money is coming from. This helps reduce the risk of money laundering.

Q: What if I’m acting for a company or a trust/self-managed super fund (SMSF)?

A: We may need documents that show who ultimately owns or controls the structure. This is part of our legal obligation to understand the people behind complex entities.

Q: Do I need to provide this information before work begins?

A: In general, yes we can’t proceed until we’ve completed our compliance checks.

Q: Why am I being asked for documents?

A: We may need to collect ID documents, company records, trust deeds, or information on the source of funds. If you’re representing a company, trust or other structure, we’re also required to identify and verify the individuals who ultimately own or control it. This isn’t because we think anything’s wrong - it’s because we’re required by law to apply consistent checks to everyone. Each check is a small act of protection; helping stop criminal activities, and keeping dirty money out of Australia.

Q: How is my information handled?

• We only collect what’s required by law

• Your data is stored securely and handled in confidence

• It’s used only for regulatory purposes

If you have any concerns or questions, please contact us on 08 9382 2211 or admin@vendproperty.com.au