22/06/2026
๐Are you a money laundering enthusiast? ๐ธ๐งผโ
๐Do you have a keen interest in financing terrorism and other nefarious activities via your ill-gotten gains? ๐ฃ๐ฅ๐โ ๏ธโ
๐Well here's a helpful tip - It's time to STOP being a jerk, re-join civilised society and legitimise your operations!โ
โ๏ธAll levity aside, this is a VERY SERIOUS MATTER - Whether you're buying or selling a property, setting up a company, creating a trust or involved in a wide a variety of other legal or commercial transactions, from 1 July 2026, your lawyer may be legally required to ask more questions and collect additional information from and about you before acting for you. Read on to find out the hows and whys ๐๐ผ๐๐ผ๐๐ผ
๐จ TRANCHE 2 AML/CTF REFORMS ARE COMING โ ARE YOU READY? ๐จ
From 1 July 2026, Australia's AML/CTF regime will expand to cover lawyers, conveyancers, accountants, trust and company service providers, real estate professionals and certain dealers in high-value goods.
For many clients, this will mean additional identity verification and due diligence requirements when engaging professional advisors.
๐ What legal services are captured?
Law firms will be required to comply with AML/CTF obligations when providing certain designated services, including:
๐ Property Transactions
โข Buying and selling real property
โข Conveyancing matters
โข Assisting with property settlements
๐ข Companies & Business Structures
โข Incorporating companies
โข Selling or transferring companies
โข Assisting with business acquisitions and disposals
โข Acting in relation to company structures and ownership arrangements
๐ค Trusts & Other Legal Arrangements
โข Establishing trusts
โข Acting as trustee arrangements
โข Assisting with trust structures and administration
๐ผ Corporate & Commercial Transactions
โข Managing client funds in connection with certain transactions
โข Assisting with mergers, acquisitions and restructures
โข Transactions involving significant assets or investments
๐ What can YOU expect?
Before providing a designated service, your lawyer may need to obtain:
๐ชช Proof of identity
๐ Proof of address
๐ข Company and trust documentation
๐ค Details of beneficial owners and controllers
๐ฐ Information regarding the source of funds and source of wealth
๐ฏ Information regarding the purpose and nature of the transaction
โ
Early preparation can help avoid delays and ensure transactions proceed smoothly.
๐ฃ๏ธIf you have questions about how the Tranche 2 AML/CTF reforms may affect your property transaction, business, trust structure or other legal matter, contact SJF Law & Advisory for tailored advice.
๐๐ฑ๐ปLINK IN BIO๐๐ฑ๐ป