New federal legislation will soon require real estate agents to conduct mandatory anti-money laundering (AML) checks for both vendors and buyers before properties can be marketed or sold.
Adam Campbell of MRI Software emphasizes that agencies won’t have to face these regulatory changes without support.
The Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Amendment Bill, introduced by the Federal Government in September, enforces the mandatory nature of these checks, with CRM platforms central to ensuring adherence to the new compliance requirements.
Adam explained that the key is to identify illicit funds. Real estate agents will be responsible for conducting Anti-Money Laundering (AML) checks. He emphasized that CRMs will be crucial in ensuring compliance with these regulations. Adam, who leads MRI’s largest CRM platform, Vault, highlighted that this solution has been successfully implemented in the UK, where AML regulations are already enforced. He expressed confidence in bringing this expertise to the Australian market.
Adam foresees artificial intelligence as the next major leap for real estate CRM platforms, extending their capabilities beyond AML compliance.
Although AI has been in development for decades, Adam highlights the transformative potential of integrating AI directly into CRM systems. He believes this integration will revolutionize efficiency by automating repetitive tasks and minimizing redundancies within office workflows, ultimately streamlining operations and boosting productivity.
Adam’s development of new solutions is backed by decades of experience in PropTech innovation. His deep understanding of the industry has been shaped by years of involvement in creating transformative tools.
As the co-founder of My Desktop in 1997 and Vault CRM in 2018, Adam has had a front-row seat to the digital revolution in real estate. His journey spans from early technological advancements to today’s cutting-edge CRM platforms.
At the time of My Desktop’s launch, many still considered the internet a passing novelty, and property listings were stored on floppy disks captured by Sony cameras.
In the early days, there was a sense of uncertainty as the team shifted to writing for the web and the internet, with many questioning whether it was just a passing fad. The transition involved developing applications that operated over the internet, a novel concept for many at the time. Despite the doubts, the innovation proved to be successful, as it paid off in the long run.
My Desktop played a key role in the industry’s digital transformation, initially being acquired by Domain 13 years ago. It was later reacquired by MRI Software for $14 million in 2020, further cementing its importance in the market.
Following the acquisition, My Desktop’s clients transitioned to Vault, a platform that Adam views as a fresh start. Vault merges proven features from My Desktop with modern innovations, offering a new, more advanced solution for users.
Adam continues to lead innovation at MRI Software, frequently developing new ideas during his regular flights across Australia. His ongoing efforts drive the company’s progress in the evolving PropTech landscape.
Adam has been known for his efficiency and innovation, even taking product feedback from client meetings in Sydney and using the six-hour flight back to Perth to write the necessary code and upload a new feature before the plane lands. This commitment to rapid problem-solving highlights his dedication to continuously improving solutions in real-time.
Looking towards 2025, Adam highlights the concept of the “convergence of the ecosystem,” referring to MRI Software’s Agora platform, which he sees as the crucial connection that integrates various applications. This platform plays an essential role in streamlining operations and ensuring seamless interaction across technologies.
With the industry’s increasing demands for compliance and technology-driven changes, Adam underscores that the selection of the right CRM system goes beyond managing client relationships. It has become a key strategy for safeguarding a business’s future in the dynamic real estate sector.
