Australia's New AML/CTF Laws: What You Need to Know

New obligations under the new Anti-Money Laundering and Counter -Terrorism Financing Framework

What is changing?

From 1 July 2026,Australian law firms providing certain property, company, trust, financing and client-money services must complete AML/CTF checks. Clients should expect earlier identity verification, more ownership and authority questions, possible source of funds enquiries and potential delays if information is not provided promptly. These checks are a legal requirement and apply across the legal profession.

What this means for you

When you engage us for certain services we will need to verify your identity. These checks are standard legal requirements. They are not a reflection of any concern about you personally. Similar checks are already common in banking and financial services.

These changes will not affect every matter. They are most likely to apply to property transactions, business sales and purchases, company and trust structuring, financing transactions, and matters where we receive, hold or control client money or assets.

• Individuals: We will need to see a photo ID (like a passport or driver's licence) and potentially a secondary document like a birth certificate or bank statement.
• Companies & Trusts: We will need to identify the "beneficial owners"—the real people who ultimately own or control the entity.
• Authority: If you are acting for someone else, we will need to see your Power of Attorney or letter of authority.

If identification, authority, ownership or source of funds information is not provided promptly, this may delay the opening of your matter, the commencement of regulated work, exchange, settlement, completion or release of funds.

Privacy and Costs

We value your trust and handle all personal information collected for AML/CTF purposes in accordance with applicable privacy laws, our professional obligations and our privacy policy. This information will only be used or disclosed as permitted or required by law.

Your confidentiality and legal professional privilege remain important. However, in limited circumstances, federal AML/CTF laws may require us to make reports or disclosures to AUSTRAC. Legal professional privilege is preserved.

We may need to update your information during the matter or in future matters, particularly if your identity details, address, company structure, beneficial ownership, source of funds or instructions change.

Regarding costs, if we use external verification services to check IDs or registry records, these fees may be passed onto you. We are always happy to discuss these with you upfront so there are no surprises.

How to prepare

These changes take full effect on 1 July 2026. To keep your matter moving smoothly and to avoid delays, clients should provide identification and requested supporting information as early as possible. In some matters, we may be unable to commence or continue regulated work until the required checks are completed.

If you have any questions at all about these new requirements, please just ask, we are here to help.