Real estate agents became reporting entities where their services include a captured property transaction, and the practical work is deadline-driven: identify the seller and buyer, complete CDD within the timing the rules allow, and finish before settlement. This checklist gives agencies a listing-to-settlement sequence: scope, party identification, counterparty deadlines, delayed CDD, reporting and records. It is general compliance information, not legal advice, and each item should be confirmed against the current Act, Rules and AUSTRAC guidance.
Scope the listing and the sale
The captured work is tied to the property transaction, not the entire agency business. A routine management or appraisal service may sit outside the designated service, while the sale work carries the obligations. Record the boundary per transaction type.
- Confirm whether the agency's service is a captured real-estate designated service
- Identify the seller or transferor and the buyer or transferee
- Record when the service starts and the timing rules that apply
- Update the practice risk assessment for the agency's sales profile
Identify and verify the parties
AUSTRAC's real-estate guidance describes the identification expectations for both sides of the transaction and the counterparty timing rules, including the 28-day and pre-settlement deadlines. The agency should treat these as hard dates in the sale workflow.
- Identify both the seller or transferor and the buyer or transferee
- For entity buyers, map beneficial owners and controllers
- Screen for PEPs, sanctions and adverse media
- Complete the identification within the timing the rules permit
- Record the verification source and date
Delayed CDD and uncooperative parties
Delayed CDD is a timing tool for real estate, not a relaxation of the obligation. The file must show the basis for the delay and the completion of the identification by the required point. An agency that loses the deadline has a compliance failure, whatever the settlement pressure.
- Use delayed CDD only where the Act, Rules and documented policies permit it
- Track the deadline for completing the delayed identification
- Escalate uncooperative counterparties to the compliance officer
- Do not settle where applicable identification is incomplete
Report and retain
The sales team is the front line: they see the cash offers, the third-party payments and the purchaser who changes at the last minute. Their training should connect the observation to the agency's escalation path, and the file should show the result.
- Lodge SMRs where the transaction creates reasonable suspicion
- Protect SMR-related information from tipping off
- Report TTRs for physical currency thresholds
- Retain the scope, CDD, screening and settlement records for the required period
- Train the sales team on the timing and escalation rules
Official sources
Confirm the current rules against these primary sources.
Questions
Which real estate work is a designated service?
The captured work is tied to the property transaction and its parties. Check the real-estate designated services and the timing rules against each service the agency provides.
Who must be identified in a sale?
Both the seller or transferor and the buyer or transferee, with beneficial owners for entities, within the timing the rules permit.
Can an agency settle before identification is complete?
Only where a permitted delayed-CDD rule applies and its conditions are met. Otherwise applicable identification must be complete before the service is provided.
What records should an agency keep?
The service scope decision, party identification and verification, screening, risk rating, timing and settlement records, and any reporting decisions.
General information for Australian professionals, not legal advice. It does not replace the AML/CTF Act, the Rules or AUSTRAC guidance. See our editorial standards.
Keep reading
- For real estate4 min
Tranche 2 obligations for Australian real estate agencies from 1 July 2026: verifying vendors and purchasers, screening, risk assessment, suspicious matter reporting and the records every agency must keep.
- Buyer and seller CDD5 min
Why Australian real estate brokers have two statutory customers, when each service starts and how to complete proportionate buyer and seller due diligence.
- Delayed CDD and non-cooperation5 min
A practical process for Australian real estate agents using delayed CDD, requesting counterparty information, recording reasonable steps and escalating risk.