The designated services
The exact wording is in the AML/CTF Act's tables of designated services. AUSTRAC's real estate guidance walks through each one with examples.
- Brokering the sale, purchase or transfer of real estate on behalf of a vendor or buyer.
- Selling real estate as a developer or on a developer's behalf.
- Receiving deposits, or other money in connection with a sale, into a trust account.
What is not designated
- Residential property management and leasing.
- Appraisals and marketing advice without an engagement to sell.
- Commercial leasing (check AUSTRAC guidance for your case).
Why it matters
Your enrolment, your program and your client due diligence all reference the services you provide. Keep them consistent, and update all three if you add a service.
Questions people ask
- We only do off-the-plan sales for a developer. Designated?
- Yes. Selling real estate on behalf of a developer is brokering a sale.
This guide is general information for real estate agents, buyers agents, property managers, not legal advice. Check AUSTRAC's current guidance for your situation.