Anti-Money Laundering / Counter Terrorism Financing

Reforms for legal practitioners are coming: What You Need to Know Before 1 July 2026

How did we get here?

Anti-Money Laundering (AML) refers to a set of laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income. The AML/CTF Act was passed in 2006 and was phased in over two years (known as Tranche 1) aimed at certain sectors such as banks, casinos and bullion dealers. Tranche 2 will come into force in 2026 and will include professions such as solicitors, accountants, conveyancers and real estate agents.

Read more about the history of AML

What do I need to do right now?

The reforms take effect from 1 July 2026. Start preparing immediately with the following steps:

Check if you’ll be regulated

Determine if your practice provides ‘designated services’’.

Find out more

Become familiar with the terminology

Understand the key AML/CTF Terminology

Find out more

Sign up for AUSTRAC Updates

Subscribe now to stay informed as new rules and guidance are released.

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What do I need to know?

If you’ll be a reporting entity, these are the key requirements.

Enrol with AUSTRAC
If your legal practice provides designated services, you are required to enrol with AUSTRAC.
Find out more
AML/CTF Program
Practitioners should have their Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Program in place by 1 July 2026.
Find out more
Designate an AML/CTF Compliance Officer
Appointment of your AML/CTF Compliance Officer must be done before 1 July 2026.
Find out more
Prepare to conduct customer due diligence
Practitioners must be ready to conduct Customer Due Diligence (CDD) by 1 July 2026.
Read more
Reporting obligations
From 1 July 2026, reporting obligations under the AML/CTF regime will apply.
Learn more
Maintain accurate records
From 1 July 2026 ensure that your practice keeps accurate and complete records across all key compliance areas.
Find out more
Frequently asked questions
The Anti-Money Laundering regime is one that solicitors should continue to monitor. QLS has provided some frequently asked questions about this issue.
Find out more

What's coming up?

  • January 2026 – Starter Program Kit published
  • 31 Mar 2026 – AUSTRAC enrolments open
  • 1 Jul 2026 – Obligations commence

AML/CTF Roadshow

  • 9 February - Gold Coast 
  • 12 February - Toowoomba
  • 17 February - Rockhampton
  • 17 February- Gladstone
  • 18 February - Bundaberg
  • 24 February - Sunshine Coast
  • 26 February - Brisbane
  • 2 March - Mackay
  • 3 March - Townsville
  • 4 March - Cairns
Register to attend

Checklist for 1 July 2026

Gradient yellow to green graphic with check list and ticks
  • Enrolled with AUSTRAC
  • Have an AML/CTF program (risk assessment, policies, procedures, controls)
  • Appoint governing body, Compliance Officer, and Senior Manager
  • Train staff on AML/CTF obligations and ML/TF risks
  • Be ready for ongoing CDD
  • Be ready to submit Suspicious Matter Reports (SMRs)
Download the flowchart

Resources

Australian money notes in a washing machine
Anti-Money Laundering: Am I providing a designated service?

Hear from our experts as they unpack the AML/CTF legislation and explore the designated services within the context of legal practice. This session provides an overview of the history of the AML/CTF changes and how it will practically impact your business moving forward.

This update is available on the QLS Shop and is complimentary for QLS members. Log into myQLS and add the product to your cart to access the recording.

Watch now
Tranche 2: Why now? With Richard Storey

Grant Thornton Partner and financial crime risk and compliance expert Richard Storey breaks down why Australia lags behind the rest of the world, and why the country is now taking action to implement new reforms in 2026.

What is Tranche 2? With Neil Jeans

Financial crime risk management expert and Grant Thornton Partner Neil Jeans reiterates the pivotal role that 'gatekeeper' professions will play in reporting and targeting financial crime.

Consultations and Submissions

QLS and the Law Council of Australia have undertaken advocacy on this issue since 2007.

Legislation