AUSTRAC, Australia’s anti-money laundering and counter-terrorism financing (AML CTF) regulator, has stepped up its engagement with the legal profession as part of a broader education campaign supporting upcoming reforms to Australia’s framework.
In its latest industry update issued on 1 August, AUSTRAC highlights a strong response to its recent education offerings and encourages legal professionals to get involved as new resources and guidance become available.
AUSTRAC’s education webinars launched last month and have already drawn more than 10,000 registrations nationally — with spots still available for sessions in August and September.
Future sessions will cover topics relevant to legal practice, including:
- ML TF risk assessments tailored to legal service delivery
- Designing proportionate AML CTF compliance programs
- Customer due diligence in a legal context
- Governance, reporting and regulatory obligations for legal practices
Practitioners can register via the AUSTRAC website.
AUSTRAC is also developing new resources to assist the legal profession in preparing for Tranche 2 reforms, which will bring lawyers, accountants and other designated non-financial businesses and professions into the AML CTF regime.
New guidance materials will be released on a rolling basis via AUSTRAC’s Reform Hub, with core sector guidance due in October. Law Society members are encouraged to begin reviewing existing processes and considering how their practices may be affected.
AUSTRAC is inviting feedback from the legal sector to ensure its engagement efforts remain targeted and practical. Members can share suggestions via the Industry Engagement Feedback Survey or contact AUSTRAC directly at industry_engagement@austrac.gov.au.
The Law Society continues to engage directly with AUSTRAC on behalf of WA lawyers – including through AUSTRAC’s Industry Forum – as well as indirectly as a constituent body of the Law Council of Australia.
More information about the upcoming changes is available on the Law Society’s AML CTF Hub.
You can also sign up to this CPD seminar, AML CTF Reform Briefing – Preparing Practitioners for the New Regulatory Era, on 14 August.
