AML/CTF is Live

The expanded Anti-Money Laundering and Counter-Terrorism Financing regime commenced on 1 July. Lawyers and firms providing designated services — among them real estate and corporate transactions, equity and debt financing, entity creation and restructuring, and client fund management — are now reporting entities under the Act. On 30 June, the Law Council released Guidance Note 4 to help practices work out whether their services are captured; it is the clearest available resource for firms still making that assessment. Practices that have not yet enrolled with AUSTRAC have until 29 July to do so and must have a compliance program in place. At commencement, 4,030 law firms were enrolled nationally.

One development that received less attention than it deserved: the NSW Bar Association secured an exemption for barristers receiving instructions from a solicitor who already carries AML/CTF obligations — an outcome of sustained advocacy led by Senior Vice President Michael Izzo SC and Treasurer Catherine Gleeson SC. Barristers accepting direct briefs are not exempt and should treat themselves as reporting entities where they provide designated services.

Law Council Guidance Note 4 · AUSTRAC enrolment · NSW Bar AML/CTF guidance