If you are buying or selling a business in Australia, you may notice some additional identification and information requests as part of the process.

From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements apply to business brokers and a range of other professionals involved in business and property transactions.

In short

Buying or selling a business? You will now be asked to verify your identity and provide some information about yourself, your ownership structure and, where relevant, your source of funds. This is a legal requirement and a normal part of the business sale process.

Why have the laws changed?

The AML/CTF laws are designed to make it more difficult for criminals to use legitimate businesses and transactions to hide or move illegally obtained money.

Banks and financial institutions have been subject to similar requirements for many years. The laws have now been expanded to cover a broader range of professions involved in significant financial transactions.

For business brokers, this means we are now required to carry out certain checks on the people and entities involved in a business sale.

What does this mean for sellers and buyers?

Whether you are selling or buying a business, you will generally be required to complete an identity verification process and provide some additional information.

This may include:

  • verifying your identity using documents such as a driver’s licence or passport;
  • providing your contact details and address;
  • answering questions about your occupation, source of funds and source of wealth; and
  • providing information about any companies, trusts or other entities involved in the transaction.

Where a company or trust is involved, we may also need information about the directors, shareholders, trustees, beneficiaries or other people who ultimately own or control the entity.  For example, if a business is owned through a trust, we may need a copy of the trust deed and may need to verify the identity of certain people associated with the trust.

Why is Zircom asking me for this information?

Importantly, being asked to provide this information does not mean there is anything unusual or concerning about you or the transaction.

These are legal requirements that now form part of the normal process of buying and selling businesses.

In much the same way that a bank needs to verify your identity when you open an account or apply for finance, business brokers now have obligations to understand who they are dealing with and, where relevant, the ownership structures and source of funds involved.

Depending on the circumstances, some transactions may require additional information or checks.

How will the process work with Zircom?

Zircom has incorporated the new AML/CTF requirements into our normal business sale process with the aim of keeping things as simple as possible for our clients.

We use BusinessSales.com.au, our business broking software provider, to assist with the identification and verification process. You may therefore receive an email directly from Zircom or through BusinessSales.com.au asking you to complete the required checks.

For most buyers and sellers, the process should be quick and straightforward.

There may be situations where we need to request additional information, particularly where companies, trusts or more complex ownership structures are involved. If that occurs, we will explain what is required and assist you through the process.

The important thing to remember is that these checks are now a normal part of buying or selling a business in Australia.

If you have any questions about the AML/CTF process when buying or selling a business through Zircom, please feel free to speak with our team.