By -

Sole practitioners and small law practices in New South Wales can now access a new resource to meet the compliance demands of Australia's incoming anti-money laundering and counter-terrorism financing reforms.

The Law Society of NSW released its AML/CTF Implementation Guide: for sole practitioners and small practices this week, offering targeted advice to help smaller firms build compliance programs under the incoming Tranche 2 anti-money laundering and counter-terrorism financing (AML/CTF) reforms, with compliance required from 1 July 2026.

Law Society President Ronan MacSweeney said the Guide was designed to assist practitioners engaging with AUSTRAC’s Legal Profession Program Starter Kit, by outlining how the Kit applies to the day-to-day realities of running a small practice.

“The Guide will help small firms chart a clear path for developing an AML/CTF program that is compliant, but also proportionate, workable, and suited to the realities of their legal practice,” MacSweeney said.

The reforms will, for the first time, bring substantial parts of the legal profession within the scope of Australia’s AML/CTF regime, requiring solicitors that provide ‘designated services’ to implement formal compliance programs, including reporting to AUSTRAC — obligations that have long applied to banks and financial institutions.

MacSweeney said the changes, while significant, reflected the profession’s broader responsibilities. “Helping combat money laundering and terrorism financing across our community is now a legislated responsibility of the legal profession,” he said.

The publication of this Guide marks the delivery of MacSweeney’s first President’s Priority for 2026. Having recognised early in his term that these obligations would be a “significant change for many firms, especially small practices,” the Law Society is moving quickly to ensure firms have the resources they need.

The Guide, “produced by lawyers, for lawyers,” is freely available to all NSW solicitors, regardless of Law Society membership, and was developed with input from AUSTRAC, many of our volunteer committee members, and the Law Council of Australia.

MacSweeney flagged that further guidance for medium and large firms would follow in the coming weeks, and that the Implementation Guide would be updated as the regulatory landscape evolves.

NSW practitioners can download the Implementation Guide, and access additional resources, through the Law Society’s AML/CTF hub.