Anti-Money Laundering and Counter-Terrorism Financing (AML CTF)
Major reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and Australia’s broader AML CTF regime will take effect for Australian legal practitioners in July 2026.
AUSTRAC have announced that for those businesses who will come under regulation next July, AUSTRAC expects that by 1 July 2026, you will:
- be enrolled as a reporting entity. You will be able to access the online enrolment system from 31 March 2026
- have an AML program, either because you have adopted the starter program provided by AUSTRAC or have developed your own. The starter program will be available in December 2025
- have an AML CTF Compliance Officer
- have trained your staff on your AML CTF program and processes
- be ready to ask clients questions and report suspicious activity.
To support you in navigating these changes and prepare for implementation, we have developed this AML CTF Hub – a dedicated platform to bring together key resources and information from the Law Society, AUSTRAC, the Law Council of Australia and other constituent legal professional bodies.
Latest updates
- Impact Analysis Statement – At a recent Industry Forum, AUSTRAC shared figures from the Attorney-General’s Department’s Impact Analysis Statement which models the cost of compliance for tranche II entities. AUSTRAC have said that the modelling of compliance costs produced by the Attorney-General’s department during the development of the legislation is a high-water mark. For more information, read the AUSTRAC Industry Update.
- New CPD – The next CPD in our AML CTF Education Series, “AML CTF Reform Briefing – Preparing practitioners for the new regulatory era” is now open for registrations. The CPD, presented by Certified Anti-Money Laundering Specialist (ACAMS) Fiona Halsey, Director, Halseys, will be held on Thursday 14 August from 1:00pm and is free for Law Society members.
- AUSTRAC news – AUSTRAC’s CEO, Brendan Thomas, has released some further information about what they expect from tranche II in terms of AML CTF compliance by 1 July 2026. These expectations, which were shared on a confidential basis as part of the AUSTRAC Industry forums on 28 May 2025 have now been made public.
- CPD Recording – For those who missed out on our “Are you ready for the AML CTF regime? Panel discussion with the Law Council of Australia” CPD event, a recording is now available. The session was held on 24 June 2025, hosted by Herbert Smith Freehills Kramer. Speakers for the seminar were Juliana Warner, President of the Law Council of Australia; Kate Wellington, Law Society CEO; and Fiona Halsey, Director, Halseys and member of the Law Society’s AML CTF Working Group. Law Society members can watch the seminar on our CPD Online platform and obtain CPD units
- AUSTRAC Webinars – To help members prepare for the AML CTF reforms, AUSTRAC are hosting a series of online webinars from July to September 2025. Topics include an introductory session of AML CTF obligations, overview of money laundering and terrorism financing risks and a session on outsourcing arrangements. For further information and to register head to the AUSTRAC website
- Updated dates – AUSTRAC has updated the key dates for their finalisation of tranche II sector-specific guidance (by December 2025). For further details about this and updates to other key dates visit their website.
- Ongoing advocacy – We continue to actively contribute to ongoing consultations on the guidance and other supporting materials being developed by AUSTRAC. For more information about advocacy, see Submissions and Consultations. Please note that some of these consultations are confidential and our submissions cannot be shared on the website.
- Updates – Together with our AML CTF Working Group, we continue to engage with AUSTRAC through industry consultation sessions about the draft rules and guidance. We will keep members informed about AML CTF changes as they develop through this Hub, CPDs and Friday Facts.
