Important: “The other agency checked them” is not a complete route by itself. A buyer’s agency may use a direct secure check, third-party evidence plus its own top-up, formal case-by-case reliance, an ongoing written CDD arrangement, a Rule 6-33 same-transaction arrangement, or—only after all reasonable steps—actual Seller non-cooperation.
Quick answer: each agency checks its own client first. Once the purchase is expected to proceed, each agency also has an AML check on the other side.
Sales agency: Seller first, then Buyer.
Buyer’s agency: Buyer first, then Seller.
The agencies can share some collection and verification work through an approved process, but each agency remains responsible for its own risk decision, monitoring, records and reporting.
Commercially:
AML law does not change who each agency represents.
For AML purposes, AUSTRAC says both the Buyer and Seller are customers of an agency that brokers the transaction. This is why each agency eventually has a check on both sides.
“both the buyer and seller ... will be the customer of the same reporting entity”
Source: AUSTRAC — Real estate designated services