Anti-Money Laundering & Counter-Terrorism Financing (AML/CTF)
From 1 July 2026, conveyancing businesses are required to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth).
As part of these legal obligations, World Class Conveyancing Pty Ltd must complete customer due diligence before and throughout our engagement.
This may include:
- verifying your identity;
- confirming who you are acting for and identifying any beneficial owners;
- understanding the purpose and nature of your transaction;
- requesting information about the source of funds or source of wealth where required by law;
- conducting ongoing monitoring throughout the transaction; and
- retaining records for the period required by legislation.
Why are we asking for this information?
These requirements are imposed by Australian law and apply to all reporting entities providing designated services. They are designed to help prevent money laundering, terrorism financing and other serious financial crime.
What happens if information isn't provided?
If we are unable to complete our legal obligations, we may be unable to commence acting, continue acting or complete your transaction. In some circumstances, legislation prevents us from disclosing the reasons for these decisions.
Additional enquiries
Some matters require enhanced due diligence due to the nature of the transaction, ownership structure or other risk factors. Where additional enquiries or verification are required, additional professional fees may apply. We will advise you wherever practicable before undertaking additional work.
