REIA has submitted a paper to AUSTRAC recommending that the 15-day timeframe under sections 6-32 and 6-33 of the Anti-Money Laundering and Counter-Terrorism Financing Rules 2025 be extended to 28 days from contract signing.
This recommendation responds to jurisdiction-specific issues in Western Australia and Tasmania, where standard conditional clauses in contracts of sale routinely exceed 15 days. If the timeframe is not amended, agents in these jurisdictions will be unable to effectively rely on section 6-33 to delay customer due diligence (CDD) and partially rely on conveyancer CDD‚ without altering long-standing and well-understood contract practices.
Extending the timeframe would support strong AML/CTF compliance while ensuring the Rules operate effectively in practice, without disrupting ordinary business processes or established consumer protections.
