The Australian Government updated Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws, will officially take effect on 1 July 2026 for all lawyers and conveyancers providing designated services. This includes sale and purchase of residential, commercial or farming property along with most commercial matters.
These new rules require a wide range of professional businesses including lawyers, conveyancers, accountants, and real estate agents to meet strict national compliance standards.
What this means for you
For the most part, it is business as usual. However, starting 1 July 2026, you will notice a few updates to how we work together, primarily around identity safety:
- Enhanced Identity Checks: When we start working together, or if your circumstances change, we will ask you to provide official identification documents. This helps us securely verify who you are or confirm the setup of your business or trust.
- Ongoing Verification: To ensure your files remain secure and up to date, we may occasionally ask you to re-verify your information or confirm your ultimate beneficial owners.
- Transaction Transparency: If we assist you with transferring funds, assets, or property, we are required by law to ensure all sender and receiver information is accurate and fully recorded.
It is a legal requirement that we complete a verification of identity, ask you questions to understand your business structure, screen for any sanctions and evaluate the risk profile of the transaction before we start work on your matter.
What documents you may need to prepare
It is important to us that we continue to provide a high level of service to you.
To make this process as smooth as possible, at the outset of your matter will explain to you in plain English and what we require you to do to make sure that all legal requirements are met and that you receive the best possible level of customer service.
If you have any questions about these new requirements or what documents you might need to provide, please don’t hesitate to reach out to the team at HQ Law.
