Why is your lawyer being nosey? New AML/CTF disclosure requirements for law firms

June 10, 2026

The reforms regulated by AUSTRAC introduce additional legal obligations for our firm when providing certain services. While the banking industry has been dealing with Tranche 1 of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) regulations since 2008, new requirements under Tranche 2 apply to professional services such as lawyers, accountants and real estate agents. Australia is one of the last OECD countries to implement these changes designed to prevent criminal activities and terrorism.

The AML/CTF legislation will change the way we engage with you. From 1 July 2026, we will be required by law to:

• verify the identity of our clients, which we will do via a secure online platform, InfoTrack; and
• collect certain information to assess the risk of money laundering or terrorism financing in relation to a matter.

In many cases, you may also be asked additional questions, including the source of funds for a transaction, and to provide information regarding your source of wealth or financial circumstances. While it may feel very personal, these steps are necessary for us to meet our legal obligations.

These obligations will apply to Designated Services primarily involving:

• buying or selling real property;
• establishing companies and trusts;
• transactions involving businesses or corporate structures; and
• other dealings in assets (both tangible and intangible).

In most cases these obligations will need to be completed before we can provide the Designated Service. Your prompt action will ensure that we can provide these Designated Services in a timely manner. If we do not receive, or cannot verify, information we are required to obtain for AML/CTF compliance, we may be unable to act for you or continue acting for you.

These requirements will apply to both new clients and existing clients where we are acting on matters that fall within the scope of the AML/CTF regime.

All information collected will be stored securely. We will take all reasonable steps to protect your personal information and maintain confidentiality in accordance with our professional obligations.

We are committed to implementing this new regulatory requirement in a way that complies fully with our legal obligations and minimises inconvenience to our clients wherever possible.

If you have any questions about these changes or the process, please contact our office or see our website for further detail.