Compliance & Transparency
AML/KYC & AUSTRAC
Compliance at Rentnest.
Rentnest is enrolled with AUSTRAC and operates under a formal Anti-Money Laundering and Counter-Terrorism Financing Program. Here's what that means for you as an owner, tenant, or contractor.
Background
What is AML/CTF and why does it apply to Rentnest?
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) requires certain businesses that handle financial transactions to have programs in place to detect and prevent money laundering and terrorism financing.
Rentnest collects rent, disburses income to owners, and makes payments to contractors on behalf of property owners. These activities place us within the scope of AUSTRAC regulation.
From 1 July 2026, real estate services in Australia will also fall under expanded Tranche 2 obligations. Rentnest is already compliant ahead of this deadline.
Enrolled with AUSTRAC
Rentnest Pty Ltd (ABN 36 692 286 721) is enrolled as a reporting entity. Enrolment No. 293456766.
Formal AML/CTF Program in place
Our Program (v1.3, effective 1 April 2026) has been approved by the Director and is reviewed at minimum annually.
Tranche 2 ready by 1 July 2026
We completed AUSTRAC enrolment and drafted our Program ahead of the mandatory deadline for real estate services.
Identity Verification
What we collect and why
Before any person or entity can transact on the Rentnest platform, we are required to verify their identity. Here's exactly what we collect for each customer type.
Individuals (KYC)
Owners & tenants
All individual owners and tenants must have their identity verified before they can transact on the platform. Verification is handled automatically through Veriff, a regulated identity verification platform. You'll be prompted to complete this during onboarding.
Identity must be confirmed before any payment activity can begin.
Rentnest does not store your identity documents. Document handling and storage is managed entirely by Veriff. We only receive the verification outcome.
Information Collected
Companies & Trusts (KYB)
Entities as property owners
If your property is held in a company, trust, SMSF, or partnership, we apply Know Your Business (KYB) checks. This includes verifying the entity itself and the people who control or benefit from it.
Beneficial owners holding more than 25% ownership or control must provide government-issued photo ID.
Information Collected
Contractors (KYB)
Verified before first payment
All contractors who receive payments through Rentnest must be pre-verified. Verification is managed through Rentnest ID, using structured certification schemes that track industry licences, insurance, and compliance documents.
The Licensee in Charge for each state must approve each contractor before they can be activated. Bank account changes require re-verification.
Verification Includes
Ongoing Monitoring
How we monitor transactions and screen for risk
Identity verification is just the start. We monitor every transaction on the platform and screen all customers against sanctions and PEP lists on an ongoing basis.
Transaction Monitoring
All payments processed through Rentnest are monitored using automated tools that flag unusual activity for review by our compliance team.
What we look for
Sanctions & PEP Screening
Every individual and entity is screened against Australian and international sanctions lists, as well as Politically Exposed Person (PEP) lists. Screening is automated via Veriff and repeated on any material change.
At onboarding
All owners, tenants, entity controllers, and contractors are screened before activation.
Continuously
Veriff's continuous monitoring flags changes in sanctions or PEP status between periodic reviews.
On material changes
Any change of ownership, controlling persons, or bank account details triggers re-screening.
Reporting Obligations
As an AUSTRAC-enrolled reporting entity, Rentnest has legal obligations to report certain transaction activity to AUSTRAC where required. This is standard practice for any business handling financial transactions in Australia.
These obligations exist to protect the integrity of Australia's financial system and are not specific to any individual customer.
Record Keeping
All identity, verification, transaction, and compliance records are retained for a minimum of seven years in secure digital systems, accessible only to authorised personnel.
Records retained include
Higher Risk Situations
Enhanced Due Diligence
In certain situations we apply Enhanced Due Diligence (EDD), which means collecting some additional information before we can proceed. This is not a reflection on you personally. It is simply a regulatory requirement triggered by specific circumstances.
EDD may require Senior Management approval before onboarding can be completed. We will communicate clearly if this applies to you and what additional steps are needed.
EDD is triggered when
Complex entity
Company, trust, SMSF, or partnership where ownership structure is not straightforward.
Beneficial ownership unclear
Ownership or control cannot be readily established from available documents.
Politically Exposed Person (PEP)
The customer or a related party holds or has held a prominent public position.
Inconsistent information
Unusual or conflicting details identified during standard due diligence or transaction monitoring.
Rentnest does not accept cash.
All payments on the Rentnest platform are electronic, fully traceable, and processed through Zai Australia Pty Ltd, a licensed and regulated Australian payment provider. This eliminates cash-related money laundering risk entirely and ensures every transaction can be verified and audited.
Common Questions
What our customers ask
Rentnest is enrolled with AUSTRAC as a reporting entity. Under Australian law, we are required to verify the identity of all customers before they can transact on our platform. This protects you and ensures the integrity of the property management and payments ecosystem.
Identity documents are handled by Veriff, a regulated identity verification platform. Rentnest retains the verification result and associated records for a minimum of seven years in line with our legal obligations. We do not store copies of your documents internally.
For entities such as companies, trusts, partnerships, and SMSFs, we apply Know Your Business (KYB) checks. This includes verifying the entity, its structure, and the identity of directors, trustees, or anyone with more than 25% ownership or control. You'll be asked to provide supporting documents such as a trust deed or company extract.
A PEP is someone who holds or has held a prominent public position (e.g. a politician, senior government official, or senior executive of a state-owned company), or an immediate family member or close associate of such a person. If you or a related party is a PEP, we apply Enhanced Due Diligence and require Senior Management approval before proceeding. This is a global regulatory standard.
No. Rentnest does not accept cash under any circumstances. All payments are processed electronically through Zai Australia, a licensed Australian payment provider.
Questions about our compliance obligations?
If you have questions about how we handle your identity information or our AML/CTF obligations, we're happy to help.
Rentnest Pty Ltd · ABN 36 692 286 721 · AUSTRAC Enrolment No. 293456766 · AML/CTF Program v1.3 effective 1 April 2026