Anti-Money Laundering / Counter Terrorism Financing

On 1 July 2026, the amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF) came into force. Legal practitioners who provide designated services become reporting entities and must comply with the AML/CTF regime as from this date.

Why are we here?

AML/CTF 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 initially was aimed at certain sectors such as banks, casinos and bullion dealers (known as Tranche 1 entities). The amendments that have now come into force have extended AML/CTF obligations and compliance to Tranche 2 entities that include professions such as legal practitioners, accountants, conveyancers and real estate agents.

Read more about the history of AML

What do I need to consider?

As from 1 July 2026, legal practitioners must determine whether they are regulated.

Check if you will 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 to stay informed as updates and guidance are released.

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Where do I start?

Gradient yellow to green graphic with check list and ticks

Checklist

  • Enrol with AUSTRAC
  • Have an AML/CTF Program (risk assessment, policies, procedures, controls)
  • Appoint a 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

What do I need to know?

As a reporting entity, you must:

Governance and compliance management
Appointment of your governing body, senior manager(s) and AML/CTF compliance officer.
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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.
Find out more
Personnel due diligence and training
Practitioners must ensure all staff receive appropriate AML/CTF training, covering both the requirements of the regime and your practice’s internal processes.
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Conduct customer due diligence
Practitioners must conduct Customer Due Diligence (CDD) on their clients/customers.
Read more
Reporting obligations
Reporting obligations under the AML/CTF regime will apply.
Learn more
Maintain accurate records
Ensure that your practice keeps accurate and complete records across all key compliance areas.
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Frequently asked questions
AML/CTF FAQs.
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Privacy compliance
Comply with their privacy obligations under the Privacy Act 1988.
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AUSTRAC resources

QLS resources

Law Council of Australia resources

Anti-Money Laundering Roadshow 2026

The QLS AML/CTF Roadshow provides an overview on anti-money laundering obligations for solicitors offering ‘designated services’ and explores how to implement a compliant AML/CTF Program. 

This recording is available on the QLS Shop.

Learn more
Anti-Money Laundering

Consultations and Submissions

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

Legislation