Queensland property professionals are being trained to comply with new anti-money laundering laws, which will take effect within months.
The Real Estate Institute of Queensland (REIQ) is preparing the sector to comply with obligations under new laws from July 1.
Real estate businesses will prepare and enrol with the Australian Transaction Reports and Analysis Centre from March 31.
REIQ CEO Antonia Mercorella says time is of the essence for real estate professionals to ensure they have the knowledge and tools to comply with the new legislation.
“Once only the purview of big banks, the expanded anti-money laundering and counter-terrorism financing (AML/CTF) laws will soon capture real estate professionals who facilitate buying or selling property or businesses,” she says.
“Real estate businesses will be required to develop and maintain formal AML/CTF programs and policies, train staff, appoint an AML/CTF compliance officer, conduct documented risk assessments, implement customer due diligence (including initial and more complex due diligence), monitor transactions and report suspicious activity. For example, ‘red flag-raising behaviour’ that real estate professionals will need to monitor (and potentially report) includes when someone is seemingly evasive with identity verification, providing false documents, paying significant amounts in cash or ‘hiding’ behind complex trust or
company structures.”
Ms Mercorella says the new legal obligations and tasks for Queensland real estate businesses were likely to require new expertise, systems, tools and resources to meet them.
“The new AML/CTF laws represent a substantial change in how real estate businesses must operate,” she says.
“While we appreciate that the anti-money laundering law reforms are about making it harder for criminals to clean the profits of their crimes through Australian real estate, it must be recognised that the new and serious responsibilities for real estate businesses come with additional financial and administrative burdens. In the face of change, the REIQ is here to help real estate professionals understand and comply with their AML obligations and embed them into everyday practice.”
PEXA Clear head of customer growth and solutions Amelia Howell says the company is committed to supporting the industry with its AML/CTF compliance obligations, and partnering with the REIQ was a significant step in this direction.
“While PEXA Clear will embed compliance processes into existing property workflows to reduce administrative burden, we recognise that the next few months will be crucial for upskilling and to build compliance confidence,” she says.
