Get ready for AML2026
Can’t watch the video right now? Here’s a summary
The Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act has been amended, and it will cover Australian lawyers offering certain services in 2026. Specifically, the new laws for lawyers will commence on 1 July 2026, and you have until 29 July 2026 to enrol with AUSTRAC. This means that you have around 18 months to get ready.
These are my top three things you can do today to be prepared:
Assess your services - The AML/CTF Act covers only certain services, which are called designated services. You will be a reporting entity for the purpose of the AML/CTF Act only if you provide any of the designated services.
Collect data - Before July 2026, you will be required to conduct an assessment of your firm’s money laundering, terrorism financing and proliferation financing risks. You will need to consider your business’ nature, size and complexity, the types of clients you serve, the jurisdictional exposure that you have, the designated services you provide and how you deliver such services. Whether you will do your risk assessment in-house or you will outsource it to an external specialist, the first fundamental step for an efficient risk assessment is reliable data. Start early to collect this data, and avoid backtracking.
Training - This is a new piece of legislation for you that comes with a lot of rules and guidance. Start investing in training now to ensure that you and your team remain compliant with your AML/CTF obligations. AUSTRAC has a lot of resources, and more will come as the AML/CTF Rules get updated.
Get in touch if you need any help with your risk assessment or your training and we will set up a no-commitment call to see how I can help.
