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 July 2026, you will:
- be enrolled as a reporting entity (if you deliver designated services). The online enrolment system opens 31 March 2026.
- have an AML program, either because you have adapted the starter program provided by AUSTRAC or have developed your own.
- have an AML CTF Compliance Officer (AMLCO)
- 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
- Starter kits now available – AUSTRAC have released their starter pack to help small legal practices create their own AML CTF program. The starter kit should be assessed for suitability for your practice and then adapted to meet your practice’s specific needs. Check out Fiona Halsey’s recent Brief article which explains why they’re so useful. Neil Jeans also discusses how to assess their suitability and adapt them in his CPD AML CTF Update (available on demand for members through CPD Online).
- AUSTRAC Industry Update – the latest update from AUSTRAC is now available here.
- AML CTF Countdown Conference 9 March – still open for registrations. With the 1 July compliance deadline approaching, WA law firms and practitioners need to act now to be AML CTF ready. Our AML CTF Countdown Conference is a one-day event delivering practical guidance on the reforms, regulator expectations and how to build effective compliance systems. The conference is now open for registrations.
- Our new 10 Practical Step Guide to AML CTF compliance – Our 10 step practical guide provides oversight into the steps lawyers should be taking to prepare for AML CTF commencing in July 2026
- AUSTRAC Industry Regulator Update – The latest regulator update is available here.
- Webinar Recordings – AUSTRAC’s second webinar “An overview of key AML CTF obligations” is now available online. The webinar covers enrolment, developing a program, policies, customer due diligence (CDD), transaction monitoring, governance, reporting, independent evaluations and record keeping. To go deeper into specific topics, check out these other webinar recordings – ML TF risks, CDD, Outsourcing.
- 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
- Updating members – 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.