The AML/CTF legislation allows reporting entities to rely on customer due diligence completed by another reporting entity through a Reliance Agreement.
As Australia’s AML/CTF regime expands to cover buyer’s agents, many agencies are looking for practical ways to meet their compliance obligations without creating unnecessary administration.
One solution is to encourage buyers to engage their lawyer or conveyancer early.
The AML/CTF legislation allows reporting entities to rely on customer due diligence completed by another reporting entity through a Reliance Agreement. In practice, this may mean a buyer’s agent can rely on AML checks already completed by the client’s lawyer, rather than repeating the process.
The benefits are straightforward:
- Less time collecting and reviewing identification documents.
- Less time following up clients for information.
- Less duplication of compliance processes.
- More time doing what you do best, understanding your client’s goals, identifying opportunities and finding the right property for them.
There are benefits for buyers too. Rather than being asked for the same information by multiple professionals, they may only need to complete the AML/CTF onboarding process once, creating a smoother experience for everyone involved.
Penmans has prepared a Reliance Agreement specifically for our referral partners. If you’d like to learn more about how it could support your AML/CTF compliance program, complete our contact form and we’ll be in touch.