New Anti-Money Laundering (AML) Law
The Anti-Money Laundering (AML) and Counter-Terrorism Financing Act of 2026 expands the current AML regime to cover a broad range of professional industries, including lawyers, accountants and real estate professionals.
The AML rules bring Australia in line with international standards, as many countries have been dealing with similar legislation for a number of years, including New Zealand and the United Kingdom.
From 1 July 2026, law firms across Australia, who perform a designated service, will be subject to higher reporting and due diligence obligations.
So, what does that mean for you?
Well, in the residential conveyancing space, it means another hoop to jump through as lawyers have to get close and personal as to the source of the money, and the identity of the parties who are subject of the transaction…
Don’t blame the lawyers…blame the government…
Reporting entities must: -
- establish AML/CTF programs;
- conduct customer onboarding;
- verification of identity;
- complete customer due diligence;
- assess customer risk profiles;
- report suspicious transactions; and
- maintain records.
There is no cause for panic!
At MobbsMarr Legal, we are ready to go with programs in place to integrate AML as a seamless experience for our clients.
For more information please download our AML brochure.