Set-up (once)
- Confirmed which designated services we provide.
- Enrolled with AUSTRAC within 28 days.
- Appointed a compliance officer at management level.
- Adopted an AML/CTF program with a risk assessment and policies.
- Decided our cash policy and written it into the program.
- Trained the sales team and recorded it.
Every listing and every buyer we act for
- Identified and verified the client before the service.
- Identified beneficial owners of any company or trust.
- Recorded the purpose and, where risk is higher, the source of funds.
- Rated the risk and set a review date.
Ongoing
- Reviewed client files when due.
- Reported any suspicious matter within 3 business days.
- Reported any cash of AU$10,000 or more within 10 business days.
- Reviewed the program yearly and retrained staff yearly.
Every year
- Lodged the annual compliance report with AUSTRAC.
- Checked records are complete and retrievable for 7 years.
Questions people ask
- How long does set-up take?
- With a tool that generates the program from a questionnaire, an afternoon.
This guide is general information for real estate agents, buyers agents, property managers, not legal advice. Check AUSTRAC's current guidance for your situation.