Customer Identification and Anti-Money Laundering Requirements
Important Information
At Waterman Property Advocates, we are committed to protecting Australia's financial system from misuse through money laundering, terrorism financing and other serious financial crimes.
From 1 July 2026, Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) reforms extend to real estate professionals, including property advocates. As a result, we are legally required to undertake Customer Due Diligence (CDD) before providing certain services.
These requirements form part of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and associated Rules.
Why We Need This Information
Customer Due Diligence helps us:
Confirm the identity of our clients.
Verify that we are acting for the correct person or entity.
Identify any person acting under a Power of Attorney, Administration Order or other legal authority.
Understand the ownership and control of companies, trusts and other entities.
Ensure our services are not used to facilitate money laundering, terrorism financing or other unlawful activities.
Meet our legal obligations under Australian legislation.
These requirements apply to clients engaging Waterman Property Advocates for vendor advocacy, buyer advocacy and other regulated property services.
We appreciate your cooperation as we work together to comply with these important obligations.
Information We May Request
Depending on your circumstances, we may request:
Full legal name
Date of birth
Residential address
Contact details
To verify your identity, we may request:
Current Australian Driver's Licence
Current Australian or Foreign Passport
Proof of residential address (if required)
Other identification documents permitted under Australian law.
Acting for Someone Else
If you are acting on behalf of another person or entity, we are required to verify your authority to do so.
Depending on your circumstances, we may request copies of documents such as:
Power of Attorney
Enduring Power of Attorney
Letters of Administration
Grant of Probate
SACAT Administration Orders
Trustee documentation
Company documentation
Trust Deeds
Other legal authority confirming your appointment.
Companies, Trusts and Other Entities
Where our client is a company, trust, partnership or other legal entity, we are required to identify and verify:
The entity itself
Directors
Trustees
Office holders
Beneficial owners
Individuals exercising effective control of the entity.
Additional documentation may be required depending on the ownership structure.
Privacy and Your Personal Information
Waterman Property Advocates respects your privacy and handles personal information in accordance with the Privacy Act 1988 (Cth) and the Australian Privacy Principles.
Information collected for AML/CTF purposes is used solely to satisfy our legal obligations and to enable us to provide our services lawfully.
We take reasonable steps to ensure your personal information is stored securely and is only accessed, used or disclosed where authorised or required by law.
Vendor Advocacy Clients
Before we can commence acting on your behalf in relation to the sale of your property, we are legally required to complete our Customer Due Diligence process.
This includes verifying your identity and, where applicable, confirming the ownership and authority of any person or entity involved in the transaction.
Buyer Advocacy Clients
Before we commence acting on your behalf in the purchase of a property, we are also required to complete Customer Due Diligence.
This includes verifying your identity and, where applicable, confirming the ownership structure of any company, trust or other purchasing entity.
When We Can Commence Services
Under Australian law, Waterman Property Advocates cannot commence regulated services until the required Customer Due Diligence has been satisfactorily completed.
This may include:
Verifying identity documents.
Confirming beneficial ownership.
Verifying legal authority to act.
Completing any additional compliance checks required under the AML/CTF legislation.
To avoid delays, we encourage clients to provide the requested information as early as possible.
Thank You
We appreciate your understanding and cooperation in helping us meet these important legal obligations.
Our aim is to make this process as simple and efficient as possible while continuing to provide independent, professional property advocacy services.
Further Information
Further information regarding Australia's Anti-Money Laundering and Counter-Terrorism Financing regime can be found on the AUSTRAC website.