From 1 July 2026, changes to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 mean that business brokers in Australia, including MAX Premium Business Sales, now have a legal obligation to verify the identity of buyers and vendors before providing services. These checks help protect the financial system and the wider community from money laundering, financial crime, and the funding of terrorism.
These requirements are set by AUSTRAC, Australia's financial intelligence agency and AML/CTF regulator. They apply to all business brokers operating in Australia, and they apply equally to buyers and vendors.
What has changed
The AML/CTF Amendment Act 2024 (commonly known as Tranche 2) has expanded the range of professions covered under Australia's AML/CTF regime. Business brokers, real estate agents, lawyers, accountants and certain other professionals are now regulated entities. This means we are required to:
- Verify the identity of our customers before providing services
- Understand the nature and purpose of the services we provide
- Identify who ultimately owns or controls the businesses and accounts involved in a transaction
- Keep customer records up to date
- Monitor transactions for unusual or suspicious activity, and report where required
What this means for you
When you engage with MAX Premium Business Sales, whether you are looking to buy a business, sell one, or explore a valuation, you may be asked to:
- Verify your identity before we can proceed with a service
- Explain how our services will be used
- Verify who owns or controls an account or business
- Keep the details you have provided to us up to date
- Provide additional information where it is required to meet our obligations
These checks are now a standard legal requirement across the business broking industry. They apply to many customers and services. We will collect only the information we are required to collect, we will explain what we are doing at each step, and we will handle your information in line with our Privacy Policy.
Why this is necessary
Collecting this information helps us to:
- Protect customers and the services we offer from criminal misuse
- Support a safe and secure financial system in Australia
- Meet our legal obligations as a regulated business broker
Where to learn more
AUSTRAC publishes plain-language guidance for the public about why you might be asked for identity documents by an Australian business, and what to expect. We encourage you to read it.
Visit the AUSTRAC information page
Questions about how this affects you?
If you would like to talk through how these requirements apply to a specific transaction, or you have a question about the information we may need from you, please get in touch.
Contact MAXThis page provides general information only and is not legal advice. For the full text of the legislation, please refer to the AUSTRAC website. Last updated 2 July 2026.