Anti-Money Laundering

From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will apply to legal practices across Australia. These reforms are part of a national initiative to strengthen the integrity of Australia’s financial system and prevent serious financial crime.

As these laws come into effect, legal practices will be required to take additional steps to verify client identity, understand the purpose of certain transactions, and maintain appropriate records. These measures are designed to enhance transparency, reduce risk, and ensure legal services cannot be misused for unlawful activities.

For most clients, the changes will be straightforward and will simply involve providing certain documents or information when requested. We will always explain what is needed and why.

BBV Legal is actively preparing for these upcoming obligations. We are updating our systems, processes, and training to ensure that the transition is efficient and causes minimal disruption to our clients.

The reforms aim to reduce money-laundering risk within professional services and align Australia with international standards. They will bring legal practices into the same compliance framework currently applied to banks, financial institutions, and other regulated industries.

Further details about the national reforms can be found on the Australian Transaction Reports and Analysis Centre (AUSTRAC) website: