If you’re Buying or Selling Property in Sydney, You may have Heard your Conveyancer mention AML checks.
If you’re wondering what they are and why we need all those extra details, you’re certainly not alone.
As a Sydney Conveyancer, one of the things I regularly explain to clients is that AML checks are now an important part of the property transaction process.
AML stands for Anti-Money Laundering, and these checks are designed to confirm who you are and, in certain circumstances, where the money involved in a transaction is coming from.
What are AML checks?
AML checks are part of the process used to verify a client’s identity and help prevent property transactions from being used for money laundering or other financial crime.
When you engage a Sydney Conveyancer, you may be asked to provide identification documents and information about your transaction. This can feel like extra paperwork, but it is an important part of properly identifying clients and complying with relevant legal requirements.
The exact information required can depend on your circumstances and the type of transaction you’re undertaking.
What documents might you need?
When completing your AML and identity checks, you may be asked for documents such as:
- A current Australian passport
- An Australian driver licence
- Medicare card or other supporting identification
- Proof of residential address
- Information about your source of funds, where required
- Company or trust documents if you are buying or selling through an entity
If you’re purchasing a property through a company, trust or another structure, there may be additional documents required to identify the relevant people and understand the ownership structure.
For overseas buyers, sellers or clients who do not have standard Australian identification, additional verification may also be necessary.
Why does my Sydney Conveyancer need this information?
It can sometimes feel like your conveyancer is asking for a lot of information, particularly when you already have finance, inspections and contracts to think about.
The reason is that conveyancers and other professionals involved in property transactions have legal and regulatory obligations relating to client identification and financial crime prevention.
Completing these checks early can help avoid unnecessary delays later in the transaction.
That’s why, when you’re buying or selling property in Sydney, I always recommend getting your identification documents organised as early as possible.
What if I’m buying or selling through a company or trust?
This is an area where things can become a little more complicated.
If the property is being purchased or sold by a company, trust or other entity, your Sydney Conveyancer may need additional information and documents to verify the entity and the people behind it.
For example, company searches, trust deeds and information about directors, trustees or beneficiaries may be required depending on the circumstances.
Getting these documents together early can make the conveyancing process much smoother.
Buying or selling property in Sydney?
AML checks are simply another part of the modern property conveyancing process. They may seem like a hassle at first, but getting them completed early means one less thing to worry about as you move towards exchange and settlement.
Whether you’re buying a home in the Northern Beaches, selling an apartment in the Eastern Suburbs or purchasing an investment property elsewhere in Sydney, your Sydney Conveyancer can explain exactly what information is required for your particular situation.
If you’re unsure about your AML requirements, don’t worry. Just ask. I’d much rather explain what we need and why than have you wondering what all the paperwork is for.
Need a conveyancer to help you buy, sell or transfer a property in Sydney?
Joanne at Platinum Conveyancing Services is here to make the conveyancing process as simple and stress free as possible. From your initial contract review through to settlement, Joanne can guide you through the process and explain what you need to know along the way.
Get in touch with Joanne at Platinum Conveyancing Services to discuss your property transaction and how we can help.
