Why We're Asking for Your ID Before We Sell Your Home

If you've been thinking about selling or buying in the Sutherland Shire this year, here's something you need to know before we get started.

From 1 July 2026, new federal laws mean your real estate agent is legally required to verify your identity before a sale can proceed. Every agency in Australia. Every transaction. No exceptions.

We know — it might feel a bit like walking into a bank. But here's the thing: that's actually the point. And once you understand why, it makes complete sense.

What Are These New Laws?

They're called the Anti-Money Laundering and Counter-Terrorism Financing laws — AML/CTF for short. The federal government passed these reforms in 2024, and they came into effect on 1 July 2026.

Up until now, banks, financial institutions and casinos have had to follow strict AML rules. Real estate? Not so much. And that's been a problem — AUSTRAC (Australia's financial intelligence agency) estimates that more than $68 billion worth of crime-related money is laundered through Australia every year. Property is one of the easiest places to do it, because transactions involve large sums, complex ownership structures and — until now — very little mandatory scrutiny.

So the government closed the gap. Real estate agents, conveyancers, lawyers and accountants involved in property transactions are now in the same regulatory framework as your bank. We're called a "reporting entity" under the legislation, and we have formal obligations to meet every time we sell a property.

What Does This Actually Mean for You?

The short version: before your sale or purchase can proceed, we need to verify who you are. This is called Customer Due Diligence (CDD), and it's now a standard part of every transaction.

Here's what we'll typically ask for:

• Photo ID — passport or driver's licence
• Proof of address — utility bill or bank statement
• If you're buying or selling through a company, trust or SMSF — documentation for that entity, plus ID for the people who ultimately own or control it
• For some higher-risk transactions — information about the source of funds

That last one tends to raise eyebrows. But source of funds checks are really only asked where the transaction structure is unusual — overseas funds, large cash components, complex ownership arrangements, that kind of thing. For most straightforward Shire sales, it's just photo ID and proof of address.

When Does the Verification Happen?

The earlier you get your documents together, the smoother everything runs. We'll let you know exactly what's needed well before it becomes time-critical.

"But I've Bought Through You Before — Why Do I Have to Do This Again?"

We get it. And we appreciate the loyalty.

But here's the thing — the legislation is clear. Even if we know you. Even if you've bought or sold with us multiple times. The new rules require us to complete fresh verification for every transaction. It's not about trust. It's about legal compliance. We have no discretion on this one.

Think of it like the way your bank asks you to re-verify your ID when you open a new account, even if you've been a customer for 20 years. Same principle.

Does This Apply to Rentals Too?

Nope. AML/CTF requirements apply to property sales transactions only. If you're a landlord, a tenant, or engaging us for property management — these checks don't apply to you in that context.

Why KORE Shire Partners Is Already Across This

We enrolled with AUSTRAC, appointed a dedicated AML Compliance Officer, and completed our full compliance program before 1 July 2026. Our whole team has been trained. We use a specialist outsourced provider — AMLHUB — to handle the identity verification process, which means it's fast, digital and doesn't add unnecessary friction to your sale.

We take this seriously — because the laws are serious, and because our clients deserve an agency that has its house in order.

If you have questions about what to expect, or want to get your documents ready before we list — give us a call. We'll walk you through exactly what's needed.

The KORE Shire Partners Team
Shop 21, Bangor Shopping Centre, 121 Yala Road, Bangor NSW 2234
(02) 8515 0255
koreshirepartners.com.au

Disclaimer: This article is general information only and does not constitute legal or financial advice. AML/CTF obligations apply to all real estate agencies in Australia from 1 July 2026. For questions about your specific transaction, speak with your agent or a qualified legal adviser.