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
- Final AMF CTF Rules now available: The new Anti-Money Laundering and Counter-Terrorism Financing Rules (AML CTF Rules) were tabled in Parliament on 29 August 2025. The new rules come into effect at different stages from 31 March 2026 and are now contained in two instruments – the Rules which sets out the general obligations that align with the Amended Act and the exemptions. Documents which practitioners may find useful and are encouraged to read are hyperlinked as follows – the new AML CTF Rules (and the Exemptions),the Explanatory Statement, a renumbering table (which indicates how the numbering of sections has changed between the second consultation exposure draft of the new Rules and the final version tabled in Parliament) and, to further assist WA practitioners, Fiona Halsey has outlined the key differences between the final rules tabled in Parliament and the Exposure Draft No. 2 of the Rules.
- AML CTF Timeline – A copy of AUSTRAC’s AML CTF timeline diagram is now available.
- AUSTRAC Webinars – There are still spots available in AUSTRAC’s four-part AML CTF Essentials webinars. Topics include an introductory session of AML CTF and AUSTRAC, overview of money laundering and terrorism financing risks and a specific session on outsourcing arrangements. For further information and to register head to AUSTRAC website.
- Designated Services Resource – To assist practitioners better understand the new AML CTF laws and how they will be impacted, we have put together a handy summary of the categories and definitions of designated services (Section 6, Table 6 of the Act). The summary is available as a PDF and can be downloaded for use as a resource by practitioners.
- Compliance Costs – A key issue for the profession is the costs of compliance with AML CTF obligations. In 2024, the Attorney-General’s Department released an Impact Analysis Statement which detailed those costs. A summary of those estimated costs can be found in our recent Brief Article. For more information, read the AUSTRAC Industry Update.
- 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. The latest article in the Brief’s AML CTF series by Fiona Halsey, is available now.
