AML Compliance Infrastructure for Enterprise Property Groups
Real estate agencies become reporting entities from 1 July 2026 when facilitating real property transactions. LAB Verify delivers identity verification and AML screening infrastructure for enterprise property groups, enabling verification workflows through LAB Portal or direct API integration without disrupting transaction velocity.
Identity Verification Infrastructure for July 2026 Compliance
Meet AML/CTF verification obligations for real property transactions with LAB Verify, accessed through LAB Portal or integrated via API into your existing systems.
Enterprise Verification for Property Networks
- Multi-provider verification engine automates buyer and seller identity verification, beneficial ownership identification, and risk screening across franchise networks.
- Risk-based verification adjusts assessment depth based on transaction value, client profile, and property type.
- Centralised verification results ensure consistent identity verification standards across all offices and transaction teams.
- Integration capabilities enable verification workflows to operate within existing property management systems and transaction processes.
Identity Verification & Risk Screening
- Individual and entity identity verification confirms buyer and seller identities through document verification services and registry searches.
- Beneficial ownership identification maps ownership chains and ultimate beneficial owner structures across complex corporate, trust, and SMSF purchasing arrangements.
- PEP and sanctions screening checks clients against DFAT, UN, and OFAC lists to identify politically exposed persons and sanctioned individuals.
- Automated risk assessment assigns risk ratings based on transaction value, buyer profile, and jurisdiction to guide enhanced due diligence requirements.
Portal & API Access Options
- LAB Portal provides sales and operations teams with interface to trigger verifications, track status, and manage exceptions without technical integration.
- API integration enables property groups with technical capability to embed verification requests directly into transaction management systems.
- Real-time verification outcomes enable transaction teams to manage compliance requirements alongside standard property settlement milestones.
- Comprehensive audit trails and evidence storage support AUSTRAC compliance documentation across entire franchise network.
Managed AML/CTF Operations
- LAB Service combines LAB Verify technology with our partner network's AML/CTF expertise to deliver managed verification operations for property networks.
- Flexible resourcing models scale from verification support through to complete AML/CTF operations outsourcing across franchise groups.
- Regulatory advisory from compliance experts provides guidance on real property transaction requirements and July 2026 readiness.
- Automated record-keeping maintains audit-ready verification documentation for AUSTRAC compliance across all network locations.
Frequently Asked Questions
Yes, from 1 July 2026 every Australian real estate agent, buyer's agent and property developer that brokers or directly sells the purchase, sale or transfer of real property is a reporting entity under AUSTRAC and the AML/CTF Act 2006. Reporting entities must enrol with AUSTRAC, complete customer due diligence on every transaction, and operate a documented AML/CTF program.
Two real estate activities are designated services under the AML/CTF Act 2006: brokering the sale, purchase or transfer of real estate as part of a business (item 1, table 5), and selling or transferring real estate without an independent agent in the course of a business selling real estate, such as off-the-plan apartment sales by a property developer (item 2, table 5). Long-term leases over 30 years are also captured; routine residential property management for leases of 30 years or less is not.
Initial customer due diligence (CDD) must be completed before or at the moment you start providing the designated service, which for a seller's agent is when the agency agreement is signed and for a buyer's agent is when the engagement to find a property is signed. The seller's agent also triggers CDD on the buyer once the offer is accepted and the contract to buy or transfer is signed.
AUSTRAC permits delayed CDD at a real estate auction because the winning bidder is not known until the fall of the hammer and full verification before contract signing would disrupt the ordinary course of business. The seller's agent must still complete CDD on the seller at listing, and on the buyer as soon as practicable after the contract is signed; the agent cannot provide further designated services to the buyer until CDD is complete.
Yes. Under the reformed AML/CTF Rules both the buyer (or transferee) and the seller (or transferor) are customers of the same reporting entity for a brokered real estate transaction, so the brokering agent must complete CDD on both parties, including beneficial owners where the customer is a company, trust or SMSF. Where there are joint purchasers each individual must be verified separately.
For a company buyer collect and verify the legal name, ACN or ABN, registered office, and identify the ultimate beneficial owners (any natural person owning or controlling 25% or more, or the senior managing official if no one meets the threshold). For a trust or SMSF, identify the trustee(s) and verify them as a company or individuals, identify the settlor and the beneficiaries (or class of beneficiaries for a discretionary trust), and check the trust deed.
Connected to the Platforms You Already Use
Integration capabilities with property management systems enable compliance workflows to operate within existing operational infrastructure.
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Customer Support
We have a support desk available for you to submit cases in our LAB Community with the option for technical support. This is a central location for resources, Frequently Asked Questions, Guides and a place to monitor the progress of your support cases. Go to the LAB Community here to view our Knowledge Base, Request Access, or Submit a Case.
Yes. We have different levels of access available for managing and monitoring applications within LAB’s Application Manager ensuring staff get the correct authorised access and permissions.
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