This article was written by Melinda Gao Principal Solicitor at W & G Lawyers.
What is Money Laundering?
Money laundering is when someone takes money earned through crime — say, from drug dealing or fraud — and tries to make it look like it came from a legitimate source. Anti-Money Laundering (AML) laws exist to stop this from happening by requiring certain businesses to check who their clients are and watch out for anything suspicious.
So What’s Changing?
Until now, these rules mainly applied to banks, casinos and other financial institutions. From 1 July 2026, the law is expanding — significantly.
For the first time, lawyers, accountants, real estate agents and other professionals will be required to follow the same kinds of rules that banks already do.
What Does This Mean for You as a Client?
If you’re buying a property, setting up a business, managing an estate or using legal or accounting services, you can expect some changes to how those professionals deal with you:
You’ll need to prove who you are. Before a lawyer, accountant or real estate agent can act for you, they’ll need to verify your identity — similar to what a bank does when you open an account. This might mean providing a driver’s licence, passport or other documents.
More paperwork upfront. There will be additional forms and checks before work can begin on your matter.
Your transactions may be monitored. Professionals will be required to keep records and report anything that looks suspicious to the government regulator, AUSTRAC.
This isn’t about being treated like a criminal — it’s simply the new standard that everyone will go through.
Real-Life Examples of How This Affects You
Buying or selling property? Your lawyer or conveyancer will need to formally verify your identity and understand the source of your funds before they can proceed.
Starting a business? Your lawyer or accountant will need to complete due diligence checks before advising you.
Dealing with an estate or inheritance? Similar checks will apply when lawyers assist with wills and deceased estates.
What is W & G Lawyers Doing About This?
We are getting ready now so that the transition is as smooth as possible for our clients. We’re putting systems in place to handle these checks efficiently, so they don’t slow down your matter unnecessarily.
What Should You Do?
There’s nothing you need to do immediately — but it’s good to be aware that these changes are coming. If you have a legal matter in progress or planned around or after 1 July 2026, simply be prepared to provide identity documents and answer a few extra questions about your situation.
If you’re a business owner, property developer or real estate professional, the changes are even more significant for you, and you may need to register with AUSTRAC and put your own compliance program in place.
We’re here to help. Contact us today to find out whether your business is affected and what steps you need to take before 1 July 2026.
W & G Lawyers — helping you navigate the changes with clarity and confidence.
References
- Australian Transaction Reports and Analysis Centre (AUSTRAC)
Anti-Money Laundering and Counter-Terrorism Financing Reform
Official website: www.austrac.gov.au
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)
Official legislation website: www.legislation.gov.au
- Australian Law Reform Commission (ALRC)
Tranche 2 Reforms — Expansion of AML/CTF Obligations
Official website: www.alrc.gov.au
- Law Council of Australia
AML/CTF Tranche 2 Reforms — Impact on the Legal Profession
Official website: www.lawcouncil.asn.au
- CPA Australia
AML/CTF Obligations for Accountants
Official website: www.cpaaustralia.com.au
Related Article Links：https://wglawyers.com.au/australias-aml-ctf-reforms-and-legal-services-a-guide-for-clients/
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Disclaimer
This article is general information only and does not constitute legal advice under Australian law. For advice specific to your situation, please contact W & G Lawyers. For further details, please click here to view our disclaimer.