Thank you for the opportunity to comment on the Government’s Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) reforms which propose to extend AML/CTF regulations to the real estate industry.
The Property Council is concerned that the extension of AML regulations to include real estate sector may duplicate current processes which are already undertaken by regulated entities for transactions and may impose undue regulatory burden on the industry.
In this submission we have highlighted our concerns and made recommendations on adopting a risk-based approach, out of scope services and customer due diligence.
