AML & Identity Verification Information
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As part of purchasing a property through Shead Property, you may be required to complete identity verification and customer due diligence before your transaction can proceed. These requirements form part of Australia’s Anti-Money Laundering (AML) obligations and help protect buyers, sellers and the wider property transaction process. We understand there is already plenty to organise when purchasing property, so completing your verification promptly can help keep everything moving smoothly towards exchange and settlement.
Why do I need to verify my identity?
Shead Property is required to undertake customer due diligence (CDD) as part of certain property transactions.This involves confirming the identity of the purchaser and, where applicable, information relating to any company, organisation or trust involved in the purchase.
Identity verification helps to:
- Prevent fraud and financial crime
- Meet legal and regulatory obligations
- Confirm the identity of parties involved in a transaction
- Reduce the risk of unnecessary delays
- Support a smooth path towards exchange and settlement
What information may be required?
The information required will depend on how the property is being purchased and the parties involved. You may be asked to provide:
Proof of Identity
A valid identification document such as:
- Passport
- Driver licence
Residential Address
You may be required to provide information confirming your current residential address.
Source of Funds
You may be asked to provide information relating to the source of funds being used for the property purchase.
Company or Trust Information
If the property is being purchased through a company, trust or other organisation, additional documentation may be required.
Beneficial Ownership Information
Where applicable, information may also be required to identify the individuals who ultimately own or control the purchasing entity.
Purchasing Through a Company or Trust?
If you are purchasing on behalf of a company, trust or another entity, the verification process may require additional information beyond individual identification. This may include relevant company or trust documentation together with beneficial ownership details. Providing the requested information promptly will help us complete the required customer due diligence checks.
When should I complete verification?
As soon as possible.
We strongly encourage purchasers to complete any requested AML and identity verification requirements promptly. Failure to complete the required verification may affect the progression of your property transaction, including exchange or settlement timeframes. Completing the process early helps minimise the risk of avoidable delays later in your purchase.
What happens next?
Once Shead Property requests verification from you, please follow the instructions provided and submit the required information as soon as practicable. The exact information requested may vary depending on whether you are purchasing:
- As an individual
- Jointly with another purchaser
- Through a company
- Through a trust
- Through another organisation or entity
If further information is required as part of the verification process, you will be advised accordingly.
Frequently Asked Questions
1. What is AML?
AML stands for Anti-Money Laundering. AML requirements are designed to help prevent property transactions and other financial activities from being used for money laundering, fraud and other financial crime.
2. What is customer due diligence?
Customer due diligence, commonly referred to as CDD, is the process of confirming who is involved in a transaction. For property purchasers, this may include verifying identity and, where relevant, confirming information about a company, trust or beneficial owner.
3. Will every purchaser need to provide the same documents?
Not necessarily. The information required can vary depending on the purchaser and the structure through which the property is being purchased.
4. Could this delay my settlement?
Yes, if required AML verification has not been completed, it may affect the progression of the transaction, including exchange or settlement timeframes. We therefore recommend completing any verification request promptly.
5. What if I am purchasing through a company or trust?
Additional documentation may be required to confirm the entity involved and its beneficial ownership. You will be advised of the information required for your particular transaction.
Ready to Complete Your Verification?
If you have received a request from Shead Property to complete your identity or AML verification, please follow the instructions provided and complete the process as soon as possible.
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