New Buyer Identity Verification Requirements

Australian Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws now require us to verify the identity of purchasers before proceeding with certain property transactions. This helps prevent fraud, money laundering and other financial crimes.

Under new legislation, real estate professionals will be brought into the regulatory framework. From 1 July 2026. This will require agencies to undertake enhanced customer identification and due diligence processes, helping to improve transparency, detect suspicious transactions and prevent misuse of the property market for illicit purposes.

No. The requirements apply regardless of citizenship or residency status. Additional verification requirements may apply for foreign purchasers or complex ownership structures.

A link to complete your identify verification will be sent to your mobile via text message and email.

Yes. All purchasers and any relevant beneficial owners of entities involved in the purchase may need to be identified and verified.

No – identity verification must be completed by the intended recipient as it requires facial recognition and access to personal identification documents.

Typically:

• Driver’s licence or passport
• Proof of residential address
• Additional documentation if purchasing through a trust, company or other entity

The exact requirements may vary depending on your circumstances.

Yes – All personal Information collected is handled in accordance with privacy legislation and our privacy policy.

Under new legislation, we may need to verify the source of funds being used for the purchase and confirm how the transaction is being funded. This may include finance approval, savings evidence or other supporting documents.

Source of funds refers to where the money for your deposit and purchase is coming from, such as:

• Savings
• Sale of another property
• Inheritance
• Investment proceeds
• Finance from a lender

We may ask for documentation to support this.

If you are purchasing through a company, trust or other structure, we may be required to identify the individuals who ultimately own or control that entity.

We may require information regarding gifted funds as part of our AML obligations.

• No – Identity verification checks will be conducted after lot allocation has occurred. You will however be required to verify your identity in a timely manner, as part of the process of preparing your Contract of Sale.
• Purchasers may be asked to provide identification and finance documentation as part of the qualification process.
• Providing complete information upfront will help ensure your Contract of Sale is prepared quickly
• Allocation decisions will continue to be based on the Developers allocation criteria.

Delays generally occur when required information is not provided. Completing your verification check promptly will help mitigate any delays. We encourage purchasers to have identification and finance documentation ready when submitting an Expression of Interest (EOI) or providing details to enter into a contract.

Unfortunately, we may be unable to proceed with the transaction until we have met our legal obligations. In some circumstances this may impact the timing, acceptance and progress of your contract.

The verification is completed through a third-party provider – Scantek & EasyAML. The third-party provider performs the identity and compliance checks required under Australian anti-money laundering legislation. The fee covers the cost of undertaking these checks.

Once the verification has been completed, the fee is non-refundable. Please speak with our sales team if you have questions about your specific circumstances.

Your identity / business verification will be valid for a period of two (2) years, if you choose to purchase again within a Satterley Estate.