What it covers
- Which of your services are designated and why the agency is a reporting entity.
- How to identify and verify vendors, buyers and beneficial owners.
- The red flags in property transactions and who to escalate to.
- Reporting: suspicious matters, threshold transactions, tipping off.
- Record keeping and the 7-year rule.
How often
On commencement for anyone who deals with clients or trust money, then at least annually, and when the program changes.
What to record
Who, when, what, and the result. AUSTRAC asks about training in the annual compliance report.
Questions people ask
- Do property managers need training if we also sell?
- Anyone who deals with clients of the agency should be trained. It is simpler and safer than drawing a line through the office.
This guide is general information for real estate agents, buyers agents, property managers, not legal advice. Check AUSTRAC's current guidance for your situation.