REIA partners with First AML as regulator releases updated anti-money laundering rules

The Real Estate Institute of Australia has announced its first anti-money laundering partnership as the Australian Transaction Reports and Analysis Centre released updated draft rules for the sector.

AUSTRAC released the second exposure draft of the Anti-Money Laundering and Counter-Terrorism Financing Rules on Monday, inviting further feedback from industry stakeholders.

The updated draft follows extensive consultation and incorporates key recommendations from REIA and state and territory real estate institutes during the initial review.

REIA chief executive Scott Rollason said the draft included provisions for delayed customer due diligence on buyers and introduced a more practical approach to reliance.

“Notably, it includes provisions for delayed customer due diligence on buyers and introduces a more practical approach to reliance—allowing real estate agents to rely on conveyancer due diligence in certain circumstances,” he said.

“These changes will significantly reduce administrative burdens and AML compliance costs for sellers.”

Mr Rollason said REIA was pleased to see its advocacy reflected in the second draft of the AML/CTF Rules.

“These practical adjustments will make a real difference to agencies on the ground,” he said.

“We will continue to review the Draft Rules and provide AUSTRAC with feedback to ensure a balanced and workable regulatory outcome.”

REIA announced a partnership with First AML, a regulatory technology solutions provider, to support the industry through the transition to new compliance requirements.

First AML’s platform will assist members in meeting compliance requirements through system integration.

First AML chief executive Milan Cooper said the company was thrilled to partner with REIA.

“Our platform is designed to simplify AML compliance, helping real estate professionals meet their obligations efficiently while delivering a smooth experience for clients,” he said.

REIA and state and territory real estate institutes will roll out implementation communication in coming months as the rules and AUSTRAC guidance near finalisation.

The final AML/CTF Rules will be published by AUSTRAC in August 2025, with industry-specific guidance including small business starter kits released in December 2025.

AML/CTF obligations will take effect for Tranche 2 entities, including real estate professionals, from 1 July 2026.

First AML has been delivering AML solutions to the real estate industry in New Zealand and the UK for six years.