Frequently Asked Questions

Real estate FAQs

Disclaimer: The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.

Getting registered and core obligations

When and how do we register with AUSTRAC?

Register once as a reporting entity on the AUSTRAC website. After that you don't notify them per transaction - they select you if they want to audit. 

Does CDD have to be done before listing the property?

AUSTRAC guidance: complete verification on the vendor before the agency agreement is signed and the property is marketed. The sooner it's done, the sooner the property can go live. Low-risk cases may take a risk-based approach, but it should generally be done before listing.

Platform access, privacy and security

Why haven't I got access to the First AML platform yet?

You will be emailed platform access on your commencement date. You can find your commencement date in your order form. The email will come from noreply@firstaml.com

If you can't find your access email, look in your spam folder. Additionally, if you have an IT team, ask them to add the firstaml.com domain to your email safe-sender or allow list. 

Does the platform integrate with our CRM?

First AML currently has, or is close to having, native integrations with:

  • Campaign Agent
  • Great Forms
  • LockedOn
  • MRI - Vault
  • MRI - Box + Dice
  • Realtime Agent
  • Rex
  • Surga / Adept
  • Zenu
Is there an app? How do we access the platform?

No app. Access the First AML platform via app.firstaml.com from any browser on phone, tablet or laptop. You can "Add to Home Screen" so it behaves like an app. 

Is client ID stored securely / how do we reassure clients on privacy?

Yes, all information is securely stored in the platform. First AML is ISO-27001 certified; security details are on the website. Only the Compliance Admin can see all underlying case information. See our privacy policy here

Timing and the 1 July transition

What happens to listings signed before 1 July but settling after?

Our understanding is that if listed before 1 July you don't need to verify the seller, but you do need to verify the buyer if the transaction completes after 1 July. 

When do we verify the buyer - do we wait for the contract to go unconditional?

No. Start CDD as soon as the contract is signed. You have 28 business days from signing, or before settlement, whichever comes first. For auctions, only the winning bidder needs verifying.

Process, reliance and cost

Can we rely on the buyer's conveyancer instead of verifying them ourselves?

Yes. When using the First AML platform, on a Buyer case, select "Option 2 – send request to Conveyancer." They complete a digital form that flows back into the platform, with automated follow-ups. Reliance is buyer-side only and the agency stays legally liable for ensuring the buyer is verified.

A vendor has multiple properties / a development - do we verify them every time?

No, with the First AML platform you can verify the vendor once and then "retrieve" their details for subsequent reuse on further transactions. Re-verification is needed if there are material changes to the client or transaction type and as per your (risk-based, program-defined) re-verification schedule.  

How long is a verification valid / do we re-verify repeat clients?

A verified profile is valid ~2 years (risk-based, program-defined). For new transactions for existing clients create a new case, note the address, complete the risk assessment and retrieve the existing verification for the client. Material changes to the client or transaction will require re-verification.

I'm both an agent and the compliance admin. Which "role" should I use in the First AML platform?

Use the Compliance Admin role as it has full access and can also do all agent work. Reminder: There's only one user per email address.

How is the cost passed on and what does a check cost?

A full ID check (biometrics + screening) is typically 1 unit; per-unit cost is on your order form. You're charged a monthly platform fee and on a per-data-consuming activity basis.  In terms of passing on the cost, agencies are split on passing it on (raising admin fees) vs absorbing the cost.

Special cases

How do trusts and companies work?

The agent creates the case, adds one key contact and completes the risk assessment. The Compliance Admin then builds out the structure: company info is pulled automatically, trust deeds collected from the key contact. Always start with the entity that owns / buys the property (the "root entity").

What about Power of Attorney, estates and deceased clients?

Estates have built-in rules to collect probate / letters of administration / the will. For POA / EPOA, verify the attorney(s) and collect the POA documentation, plus attempt verification on the principal. Handle case-by-case per your compliance program.

How do we verify clients who aren't computer literate or have no email (e.g. elderly)?

Collect certified copies and upload them yourself, have the client email them to you to load to the platform (delete from email immediately upon upload), or send a secure upload link for a support person to use. You can make a risk-based judgement on acceptable documents for low-risk clients.

Still have questions?