AML registration now open
AML is the Anti-Money Laundering and Counter Terrorism Financing regime that will apply to legal practitioners from 1 July 2026.
AUSTRAC is the regulator of the AML regime.
With the Anti-Money Laundering and Counter-Terrorism Financing regime to commence on 1 July 2026, the Society has continued its advocacy through the Law Council of Australia on a number of matters affecting the profession.
AUSTRAC registration is now open for practices that provide, or expect to provide, “designated services”. Members should carefully review AUSTRAC’s guidance on designated services to determine whether current or future work falls within scope. Capture depends on the nature of the service, not the size or structure of the practice. AUSTRAC has confirmed the regime will operate on a proportionate, risk-based basis, and its guidance should be the starting point for practitioners preparing for commencement.
The Society continues to contribute to Law Council submissions, including on the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026, raising concerns about the scope of designated services and how AML/CTF obligations interact with confidentiality and legal professional privilege.
The Society has also consulted all Special Interest and Select Committees and members via InBrief on proposed amendments to the Australian Solicitors’ Conduct Rules addressing the intersection of AML/CTF obligations with existing ethical duties, particularly regarding the termination of retainers and the disclosure of statutory obligations to clients. The Law Council’s work is being progressed in the context of the Uniform Australian Solicitors’ Conduct Rules, which will inform any corresponding updates to the South Australian Legal Practitioners Conduct Rules to ensure they operate consistently alongside the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth).
The Society will support Members through guidance, education, and targeted engagement ahead of 1 July 2026. Further information is available through the Society's AML/CTF Hub, alongside materials published by the Law Council of Australia and AUSTRAC.
Please note two forthcoming CPDs / information sessions on AML: