Under Australia's anti-money laundering laws, what 'know your customer' requirements apply to a WA real estate agent from 1 July 2026?
Correct Answer
D) Agents must verify client identity and report suspicious matters to AUSTRAC
From 1 July 2026, real estate agents who provide designated services in buying, selling or transferring property are reporting entities under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth). They must enrol with AUSTRAC, maintain an AML/CTF program, verify their customers' identity, keep records, and report suspicious matters and large cash transactions to AUSTRAC.
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