From NZ to Australia: AML/CFT Tracking with Surga Central

Monday 02 September 2024

The commercial real estate sector in Australia is on the cusp of a significant transformation. The forthcoming introduction of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) Act to this industry marks a crucial step in the battle against illicit financial activities. This legislative change aims to eradicate the flow of dirty money through the property market, both commercial and residential.

The AML/CFT Act will mandate comprehensive due diligence for all individuals involved in real property transactions. This includes those representing sellers, facilitating auctions, acting as auctioneers, introducing buyers to properties, or serving as buyer’s agents or developers. The goal is to ensure transparency and accountability at every stage of the property transaction process.

Australia is one of the last few countries yet to onboard legislation for AML/CFT which is already operational for our clients in New Zealand and the UK.

Surga Central: Providing AML/CFT Recording Solutions

Surga Central, with its established CRM database hosting client contact details, is well-equipped to support the Australian real estate industry in this compliance journey. Our recent experience in New Zealand, where the Department of Internal Affairs implemented AML/CFT in 2019, has been instrumental in refining our Customer Due Diligence (CDD) tracking capabilities.

Once you have conducted CDD on your client, input the completion status into Surga and benefit from the automatic functions within our AML Module:

🚦 Easily Identify CDD Statuses

Our AML Module integrates a clear traffic light system to indicate the CDD status at both contact and company levels. This visual tool efficiently informs commercial real estate agents and staff of CDD completion, expiry, or pending statuses. Such transparency is vital in maintaining compliance and mitigating risks associated with money laundering.

📃 Store Essential Documents and Verification Reports

In addition to tracking CDD status, we have incorporated a feature to store reports and verification documents in a private identity folder. This ensures easy storage and review for Administrators and AML coordinators, streamlining the compliance process.

💵 Deals Module Integration

Surga Central's innovative approach connects the CDD tracking components to the Deal record, facilitating seamless transparency for finance teams to confirm CDD completion prior to settlement or payment processing. This integration ensures that every aspect of the transaction is clearly marked in the deal process.

⏰ Proactive Compliance Management

In New Zealand, the review cycles for CDD are yearly for Trusts and every three years for Companies. Surga Central has tailored task alerts to notify AML coordinators and Administrators when CDD reviews are due, ensuring proactive compliance management.

Preparing for the Future

Over the past five years, our New Zealand clients have successfully utilised Surga Central to monitor and review their client records, maintaining robust compliance standards. As the AML/CFT changes are introduced in Australia, our clients will benefit from a tried and tested platform, equipped to handle the new regulatory requirements.

The impending AML/CFT Act represents a pivotal moment for the Australian commercial real estate sector. By embracing these changes and leveraging solutions like Surga Central, industry stakeholders can ensure compliance, enhance transparency, and contribute to the global fight against financial crime. Surga Central stands ready to support the Australian real estate industry in navigating this new regulatory landscape with confidence and efficiency.

If you would like to discuss the Surga AML Module further as an option for your agency, feel free to email us at sales@surgacentral.com