The first major date for the new Anti-money Laundering and Counter-terrorism Financing reforms is here. From 31 March 2026, legal practitioners providing designated services must enrol with AUSTRAC through the online portal.
Between now and 1 July, it is anticipated that 90,000 new reporting entities will be required to enrol with the regulator under the new reforms. To aid businesses enrolling for the first time, AUSTRAC has refreshed the website with updated legal profession guidance pages, the information you’ll need to prepare for enrolment and a detailed list of the questions asked during the enrolment process. This is not a set and forget exercise; it is crucial that all reporting entities keep their information current.
AUSTRAC’s regulatory expectations for new reporting entities are that from 1 July you will:
- be enrolled as a reporting entity (enrolment opens 31 March 2026)
- have an AML CTF program, either using an AUSTRAC starter program or your own
- have an AML CTF compliance officer
- train your staff on the program and internal processes
- be ready to engage with clients and report suspicious matters.
The AML CTF reforms also bring legal practitioners providing designated services within the Privacy Act regime. To assist lawyers that are new to this regime, the Office of the Australian Information Commissioner (OAIC) has issued guidance on the interaction between Privacy Act obligations and compliance with the AML CTF Act and Rules.
As the countdown to 1 July continues, keep up to date through AUSTRAC’s news page and the Law Society’s AML CTF hub.
