PEXA Clear strengthens compliance confidence for property professionals as new AML/CTF obligations commence today

Melbourne, Australia: PEXA Clear is empowering real estate agents, conveyancers and legal practitioners to meet their regulatory requirements with one of the first Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) solutions built specifically for the property industry, as AUSTRAC’s AML/CTF regulations for tranche 2 entities come into effect today.

Drawing on the strength and the trust of the PEXA Group brand, PEXA Clear identifies and surfaces money laundering and terrorism financing risks throughout the transaction lifecycle. The bespoke solution ensures consistency and repeatability in how outcomes are recorded, making AML/CTF compliance processes for designated service providers a seamless addition to property settlements they facilitate.

PEXA Clear is designed to streamline AML/CTF checks during property transaction processes. The platform enables information collected from buyers, sellers and external data sources to be captured once and reused where applicable in the same transaction by other designated service providers. This capability reduces data duplication and removes the need for property buyers and sellers to resubmit the same information multiple times to their real estate agent and conveyancer during the transaction. Additionally, integrations with Real Time Agent, Actionstep, Mantis Property and Aro mean that customers have the convenience of commencing compliance checks without leaving their preferred workflow platform.

PEXA Group CEO and Group Managing Director Russell Cohen said PEXA Clear will enable tranche 2 entities facilitating property transactions to meet their AML/CTF obligations more efficiently.

“PEXA Clear is built from the ground up with the needs of property professionals in mind. With no lock-in contracts, the solution minimises cost barriers and is designed to reduce administrative burden not only for our customers, but also for Australian property buyers and sellers.”

“The early adoption of PEXA Clear by organisations including Simonds, Clarendon Homes and One Percent Property reflects the industry’s demand for a purpose-built compliance solution that fits seamlessly into existing settlement workflows. From its core functionality through to the supplementary educational resources that support it, PEXA Clear is designed to make AML/CTF compliance simpler, more efficient and less time-consuming.”

Priced at just $40 + GST per transaction for AU/NZ individuals and starting from $65 + GST per transaction for business entities, PEXA Clear offers a flexible, pay-per-use model with no lock-in contracts, sign-up fees or subscriptions. Larger organisations can access bespoke pricing structures suitable to their transaction volumes.

PEXA Clear’s integration with FrankieOne delivers comprehensive identity verification and compliance screening, including KYC, KYB, PEP, sanctions and adverse media checks. Leveraging access to more than 300 global data sources and databases, the platform helps verify identities, monitor risk, and detect potential connections to financial crime.

Monitoring for risk throughout the property transaction, PEXA Clear continues to review risk assessments based on changes made to supplied information. The solution also provides actionable guidance on mitigating and/or escalating identified risk, such as what to request, what to document, and when to consider escalation steps including submitting a Suspicious Matter Report (SMR). To minimise administrative workload, PEXA Clear maintains reporting and audit trails that support with annual and ad-hoc AUSTRAC reporting, and to efficiently demonstrate compliance.

Real estate agents, lawyers and conveyancers can register to access PEXA Clear now.

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For more information, please contact:
Ange Lewis 
Public Relations Manager, PEXA Group
angeline.lewis@pexa.com.au | M: 0410 276 909