There are upcoming legislative changes that will affect how we work with our clients. From 1 July 2026, law firms (along with accountants, conveyancers, real estate agents and precious metal traders) will be made subject to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime. Similar requirements have applied to banks, casinos and other financial institutions for many years, and these changes are designed to strengthen protections across all professional services.

These reforms are aimed at helping deter, detect and disrupt the movement of illegal funds – including the proceeds of crime – and to prevent money laundering and terrorism financing activities.

In practical terms, this means we will need to request identification documents or additional information as part of our engagement process, and on a periodic basis, when we provide ‘designated services’ (which includes conveyancing services) to you.

If the service is being provided to a company, trust or other structure, we may also be required to obtain and verify the identity of the individuals who ultimately own or control that entity (i.e. have 25% or more ownership or are in senior roles). This may include obtaining documentation to confirm their identity. This helps ensure we understand who we are acting for and to meet our regulatory obligations.

We appreciate that providing this information takes time, and we will only request what is legally necessary. Protecting your privacy and confidentiality is important to us, and any information you provide will be managed securely and in accordance with our privacy obligations.

This will also result in increases to our fees as we fulfill our new statutory obligations. We are working to make this process as smooth and efficient as possible. If you would like more information about these legislative changes, please visit the AUSTRAC website.  

The Most Ridiculous Thing

The award this month has to go to the Commonwealth Government for thinking that increasing taxes on housing will reduce house prices!