Legal Professionals
AML Compliance for Lawyers
Industry solutions
From 1 July 2026, lawyers will be subject to Australia's AML/CTF regime when providing certain services. As trusted advisers involved in high-value transactions and complex structures, legal professionals play a crucial gatekeeper role.
AML Shield understands the unique challenges facing the legal profession and provides tailored compliance solutions that respect client confidentiality while meeting regulatory requirements.
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Services Covered by Tranche 2
When obligations apply
AML/CTF Obligations Apply When:
- Buying or selling real estate for clients
- Managing client money, securities, or other assets
- Creating, operating, or managing legal entities
- Creating, operating, or managing trusts
- Acting as or arranging nominees for positions
Obligations Generally Don't Apply To:
- Litigation and dispute resolution
- Criminal defence work
- General legal advice
- Family law matters
- Employment law matters
Note: Some activities may still require attention even if not directly covered.
Your Compliance Obligations
What you need to do
AML/CTF Program
Develop a risk-based AML/CTF program appropriate for your practice areas.
Client Due Diligence
Verify client identity and understand the nature of client relationships.
Beneficial Ownership
Identify beneficial owners of corporate and trust clients.
Ongoing Monitoring
Monitor client relationships and transactions for suspicious activity.
Suspicious Matter Reporting
Report suspicious matters to AUSTRAC (with limited legal professional privilege carve-outs).
Record Keeping
Maintain AML/CTF records for 7 years as required.
Legal Professional Privilege
Balancing obligations
We understand the importance of legal professional privilege. The AML/CTF framework includes specific provisions that balance compliance obligations with privilege protections.
Our solutions are designed to help you meet your obligations while maintaining appropriate confidentiality protections for your clients.
Need guidance?
We can help you understand how AML/CTF obligations interact with your professional duties.
Contact UsReady to prepare your legal practice?
Contact us for an online consultation on your Tranche 2 compliance needs.
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