By Wendy Yang -
From 1 July 2026, legal practices that provide a ‘designated service,’ as defined in the amended Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), will be subject to new regulatory obligations.
AUSTRAC, the AML/CTF regulator, has developed a Legal profession program starter kit (Starter Kit) to assist practices in preparing for the reforms, especially small legal practices. The Starter Kit is now available on AUSTRAC’s website.
It provides guidance in a step-by-step format on how to develop, customise and implement an AML/CTF program for your firm. The Starter Kit includes a risk assessment, AML/CTF policies, day to day processes, and forms to record information and show compliance.
The Starter Kit document library includes client forms, which can be used when onboarding new clients, conducting customer due diligence to assess a client’s money laundering and terror financing risk, and authenticating their information. Use of the forms will depend on the client and the type of professional services provided.
The Law Society of NSW has a dedicated AML/CTF hub with resources for practitioners and law practices to understand the AML/CTF reforms, including information on key obligations, free CPD courses and more.
The Law Society is also developing further resources to help legal practices use the Starter Kits, including guidance for larger firms on how to adapt the Starter Kits to develop AML/CTF programs that appropriately reflect the size, nature, and complexity of their practices.
