From 1 July, the commencement of Tranche 2 AML/CTF obligations marks a significant and long-anticipated development for the legal profession in Australia.
While the introduction of these requirements will bring practical changes to how many of us operate, we should not lose sight of the broader purpose behind them.
At its core, the AML/CTF regime is about protecting the integrity of our financial and legal systems, and by extension, the public. These laws are intended to combat serious criminal and terrorist activity by impeding the ability of illicit actors to conceal the proceeds of crime and represent them as legitimate funds
As trusted advisers, solicitors play a critical role at key transactional points where such risks can arise. Our collective vigilance strengthens public confidence in the profession and contributes to a safer community.
Queensland Law Society has been actively engaged in shaping this reform over many years, including:
- Ongoing engagement with Federal Government and AUSTRAC throughout the development of the AML/CTF framework in Australia;
- Detailed submissions on draft legislation and rules, reflecting the operational realities faced by legal practitioners;
- Advocacy for appropriate carve-outs, clearer definitions of designated services, and safeguards to maintain legal professional privilege;
- Participation in national consultations and collaborative forums to ensure the profession’s voice is heard alongside other regulated sectors.
Our focus now is firmly on supporting you to meet your obligations with confidence.
To that end, the Society has developed and curated a comprehensive suite of practical resources, including:
Newly released resources
- RegTech Checklist – to assist you in evaluating and selecting appropriate technology solutions to support compliance;
- Guide for Clients – a plain English resource you can provide to clients to explain why AML/CTF information is required and how it will be handled;
- Cost Precedents – to support appropriate cost recovery associated with AML/CTF compliance activities.
Additional resources
- AML/CTF Roadshow recording – providing an overview of obligations and practical implementation considerations;
- On-demand guidance, templates and FAQs – covering risk assessments, policies and procedures, and client due diligence;
- Ongoing updates and insights as regulatory expectations evolve.
Workshops and webinars
We have also scheduled a range of practical in-person and online events throughout June in collaboration with compliance experts Holley Nethercote and Founder of AML Sorted, Amy Bell, to help solicitors get reforms-ready by 1 July.
To find out more about these sessions visit our events page here.
With 1 July fast approaching, now is the time to act to ensure you are informed, prepared and ready to meet your obligations.
I encourage all members to engage with these materials, determine whether or not they will be a reporting entity, and to begin (or continue) embedding AML/CTF processes into your practice in a way that is proportionate, sustainable, and aligned with your risk profile.
Thank you for your continued commitment to maintaining the highest standards of practice.
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