Currently, AUSTRAC’s Tranche 2 reforms primarily target the sales, purchases, and transfers of real estate. Residential leasing and property management services, where the term is less than 30 years, are generally out of scope. REI Vault is specifically a guided digital workflow designed for both Selling and Buyers’ Agents to manage these sales transactions.
Yes. The AML/CTF Compliance Officer must be a resident of Australia and at a management level within the business. In most NSW agencies, the Licensee-in-Charge is the most appropriate person for this role. REI Vault supports this by allowing agents to escalate transactions to their Compliance Officer for review and providing them access to organized digital records for every transaction.
Yes. Under the 2026 reforms, for the purpose of a property transaction, both the buyer and the seller are considered your customers. You must conduct "Know Your Customer" (KYC) checks on both parties. REI Vault automates this by prompting for AML onboarding for both vendors and buyers as a mandatory step in the workflow.
If your vendor or buyer is a company or a trust, you must identify the Ultimate Beneficial Owner (UBO)—the natural person who ultimately owns or controls 25% or more of that entity. This prevents individuals from using shell companies to hide their identity during a property purchase. REI Vault is purpose-built using the AUSTRAC Starter Kit, with integrated forms that guide you through the required entity checks and risk assessments.
You are required to lodge a Suspicious Matter Report (SMR) with AUSTRAC if you have a "reasonable suspicion". To assist with this, REI Vault includes a specific "Escalation & Reporting" step where transactions can be reviewed by a Compliance Officer and reports can be completed as required.
Under the AML/CTF Act, you must keep all records relating to customer identification and transactions for seven (7) years. REI Vault simplifies this by acting as your Digital Sales File, automatically saving all documents generated within the workflow and maintaining a complete, organised record accessible for future audits.
AUSTRAC has the power to issue significant financial penalties for serious or systemic breaches, which can reach millions of dollars. REI Vault is designed to minimise your compliance burden and reduce operational risk by providing a guided, step-by-step architecture that assists in meeting all legal obligations.