FreeAML started in real estate and proptech, where deal volume is uneven and a monthly AML subscription punishes a quiet month. There is no subscription. The buyer or seller pays $20 for a person or $40 for a company, trust, or SMSF. You email the link. Your agency can add an optional service charge.
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What an agency still owns, and what the FreeAML check covers when you broker a sale, purchase or transfer. July 1, 2026 is the Tranche 2 start.
When you broker a sale, purchase or transfer, verify the buyer and seller using an approved method (photo ID + biometric check). Ordinary leasing and property management are generally outside Tranche 2.
Check clients against AML watchlists and politically exposed persons (PEP) databases during onboarding and throughout the relationship. You'll be notified if a later watchlist hit appears.
Maintain all verification records, transaction details, and due diligence documentation for 7 years after the transaction completes.
Report suspicious transactions or behaviours to AUSTRAC within 3 business days of forming the suspicion, and within 24 hours when the suspicion relates to terrorism financing.
Develop and maintain a written AML/CTF compliance program, train your staff, and appoint a compliance officer.
Civil penalties under the AML/CTF Act are set in penalty units and can be substantial. Criminal penalties for individuals include up to 2 years imprisonment.
When you are putting the agency file together, read how a real estate agency meets Tranche 2 customer due diligence without a monthly fee. AUSTRAC does not ask you to verify a bank account for a sale. That distinction is in bank account checks and real estate customer due diligence.
If you keep contacts in Box+Dice or PropertyMe, connect the workspace first: connect Box+Dice and connect PropertyMe. The record of who approved a risk rating is in how an audit trail shows who approved the rating.
Everything real estate agents need to know about Tranche 2
No monthly fee between settlements. They pay $20 or $40. You keep the CDD report.