AML / CTF & VOI
What is VOI (Verification of Identity)?
The introduction of Electronic Conveyancing Act 2014 brought with it requirements for conveyancers to take reasonable steps to verify the identify all clients. The VOI practice is designed to reduce the opportunity for land title fraud as a result of identity theft or other improper dealings.
What is AML/CTF?
From 1 July 2026, all settlement agents/conveyancers & real estate agents must comply with new anti-money laundering and counter-terrorism financing (AML/CTF) legislation.
These reforms are designed to help detect and prevent money laundering, terrorism financing, and other serious financial crime in the property sector.
AUSTRAC has published basic information for clients here: https://www.austrac.gov.au/general-public/why-you-might-be-asked-id
Before we can provide our services we will be required to complete customer due diligence (CDD) which includes:
- Identifying all individuals & beneficial owners (Trust beneficiaries, company directors & shareholders)
- Establishing the nature & purpose of the transaction
- Confirming destination of Sale proceeds
- Confirming source of Buyer funds
- Assessing the risk of the client/transaction against AUSTRAC criteria
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What’ this means for you?
Like most industry colleagues, we have partnered with a third party ‘AML Provider’ to “onboard” our clients & assist complete Customer Due Diligence.
This will help simplify the process and minimise additional costs for our business & our clients.
We have partnered with livesign & Infotrack . livesign is our preferred provider as the cost to our client is lower. InfoTrack is used as a backup & for more complex transactions..
What ID is required?
Is my information protected?
Yes, both companies comply with the world’s best-known industry standard for information security management: ISO/IEC 27001.
You can learn more here:
Your Privacy
All information collected is used only for the purposes of meeting our legal obligations. AUSTRAC strictly regulates what personal information can be retained and what must be destroyed, so you can rest assured that your data will be handled in accordance with the Australian Privacy Principles and the Privacy Act 1988 (Cth). A copy of our Privacy Policy is available here
Should you have any queries in the meantime, please do not hesitate to contact our office.