AML Reforms and new proposal for amendment to the AML Rules
With the Anti-Money Laundering and Counter-Terrorism Financing regime set to commence for the legal profession and other ‘Tranche 2’ entities on 1 July 2026, the Society continues to consult with AUSTRAC on a suite of proposed changes to the regime.
Notably, AUSTRAC has recently confirmed that work performed by practitioners at legal aid commissions, or practitioners undertaking work under a grant of legal aid, does not trigger AML/CTF obligations.
AUSTRAC is currently consulting on changes relating to real estate transactions and the ability for the South Australian ICAC to issue ‘Keep Open’ notices. Members are encouraged to review the proposed changes and provide their comments to the Policy Unit by 27 February 2026.
The Society held a half-day AML workshop on 11 February as a lead-in to the annual Forum. The workshop included sessions on the AML Framework, risk assessment and designated services, and conducting Client Due Diligence. Participants also saw product demonstrations from four AML solutions providers.
The Society has provided comprehensive information to assist the profession with this generational change, by way of its AML Hub.