Legal Insights
AML/CTF Series: AUSTRAC Releases Core Guidance
As covered in our previous article series (link), amendments to the Anti Money Laundering and Counter Terrorism Financing Act 2006 (Cth), extending anti money laundering (AML) and counter terror financing (CTF) obligations to additional professional service sectors, will take effect from the 1 July 2026.
AML/CTF series: Why is an AML/CTF Risk Assessment required - and how do law firms do one?
At the heart of law firms’ anti-money laundering (AML) and counter-terrorism financing (CTF) obligations is a risk assessment.
AML/CTF series: How does “tipping off” and legal professional privilege (LPP) work for law firms?
With the passing of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (Act), law firms will soon be subject to the expanded anti-money laundering (AML) and counter-terrorism financing (CTF) regime.
AML/CTF series: What reports and records will AUSTRAC expect from law firms?
Reporting and recordkeeping are core pillars of the anti-money laundering (AML) and counter-terrorism financing (CTF) regime.
AML/CTF series: What should law firms do with existing clients and matters on 1 July 2026?
With the passing of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (Act), law firms will soon be subject to the expanded anti-money laundering (AML) and counter-terrorism financing (CTF) regime. The Act captures firms of all sizes, from sole practitioners handling conveyancing to large commercial practices with trust accounts, with core obligations for law firms and conveyancers commencing on 1 July 2026.
Real Estate and Property Development businesses subject to Anti-Money Laundering
Criminals have long used real estate as a way of laundering or concealing funds – not only can they get that trophy house, a real estate purchase allows a large amount of money to be laundered in a single transaction.
When does our law firm need to do customer due diligence for AML/CTF?
One of the biggest shifts for law firms under Tranche 2 of the anti-money laundering (AML) and counter-terrorism financing (CTF) regime will be undertaking customer due diligence (CDD) before acting.
What does an AML/CTF program look like for a small to mid-sized law firm?
Every law firm that provides a “designated service” must establish and maintain an anti-money laundering (AML) and counter-terrorism financing (CTF) program. Think of it as the rulebook your firm writes for itself, setting out how your firm identifies, assesses and manages AML/CTF risk.
What exactly counts as a “designated service” for law firms (and what doesn’t)?
It is important for law firms to obtain clarity on what services are captured by the anti-money laundering (AML) and counter-terrorism financing (CTF) regime.
Will law firms actually be captured by AML/CTF Tranche 2 - and when?
For years, Australian law firms have heard rumblings about anti-money laundering (AML) and counter-terrorism financing (CTF) rules extending to the legal profession. With the passing of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (Act), those rules are finally here.
What does an AML/CTF Program look like for an accounting practice?
Every practice providing designated services must develop an AML/CTF program. Think of it as your playbook for managing money-laundering risk.
What does an AML/CTF risk assessment look like for an accounting firm
The risk assessment is the cornerstone of your AML/CTF obligations.
Anti-money laundering - what is a “Designated Service” for accountants (and what isn’t)?
The AML/CTF regime uses a ‘designated services’ model for regulation. This means that regardless of branding or occupation, if a business provides one or more Designated Services as set out in the Act, they are regulated under the regime.
Will my accounting practice be captured by Anti Money Laundering regulation - and when?
Internationally, the professions - accountants and lawyers, have been consistently characterised as “gatekeepers” and “professional enablers” of crime and corruption – remember the Panama Papers?
With the passage of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 to providers of certain professional services, these ‘Tranche 2” entities – including many accounting practices – will become regulated by Australia’s Anti-Money Laundering regime from 1 July 2026.