Anti-Money Laundering 101: What Do Australian Legal Professionals Need to Know About the AML/CTF Amendment Act 2024 and How Can They Start to Prepare to Comply?
Is Your Law Firm Prepared for Australia’s New AML/CTF Requirements?
The AML/CTF Amendment Act 2024 now includes legal professionals under Australia’s anti-money laundering framework. With mandatory compliance set to begin on 1 July 2026, law firms must take action to understand their obligations, implement risk-based compliance programs, and prevent financial crime risks.
What’s Inside?
Key legislative changes – What the AML/CTF Amendment Act 2024 means for legal professionals.
New compliance obligations – Customer due diligence, reporting requirements, and record-keeping.
Practical steps for law firms – Risk assessments, AML program development, and staff training.
How to stay ahead of regulatory expectations – Industry best practices and professional body engagement.
Why This Matters
Law firms are now recognised as high-risk for money laundering, making compliance critical to avoiding regulatory penalties, reputational damage, and legal liability. This white paper provides a step-by-step guide to help legal professionals strengthen compliance, mitigate financial crime risks, and uphold industry integrity.
