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1 July 2026, when practices providing a designated service will have obligations under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) is fast approaching.

 To assist practices to comply with their new obligations within this short lead time, the Law Society of NSW has updated its resource ‘Getting ready for AML/CTF: Suggested steps to prepare for compliance’ .

The suggested steps were first published in the LSJ Online on 25 November 2025 and have been updated to reflect regulatory developments and tools available to support law practices in navigating the upcoming reforms with clarity and confidence.

Updates to the suggested steps include:

  1. Enrol with AUSTRAC. Enrolment by reporting entities with AUSTRAC commenced on 31 March 2026. A reporting entity must enrol with AUSTRAC by 29 July 2026;
  2. Develop an AML/CTF Program. The Law Society has released its AML/CTF Implementation Guide: for sole practitioners and small practices which assists small practices interpret and use AUSTRAC’s legal profession program starter kit and conveyancing program start kit ; and
  3. Know your privacy obligations. The Office of the Australian Information Commissioner has released its Privacy guidance and Template privacy collection notice for reporting entities under the AML/CTF Act.

The updated suggested steps help law practices prepare for AML/CTF compliance, providing a clear and practical starting point to understand key requirements and plan next steps.

Further guidance

The Law Society’s Professional Support Unit (PSU) provides free and confidential guidance to solicitors across NSW on their AML/CTF obligations in legal practice. Contact PSU’s AML/CTF line on (02) 9926 0249or email amlctf@lawsociety.com.au for further information and guidance.

Brian is a solicitor in the Law Society of NSW’s Professional Support Unit.