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Aml Risk Assessment Legal Practices
AML risk assessment legal practices - Learn about AUSTRAC requirements and AML/CTF obligations for lawyers and legal professionals.
AUSTRAC Requirements
According to AUSTRAC guidance, aml risk assessment legal practices is an important requirement for lawyers and legal professionals. The Act provides clear protections for legal professional privilege (LPP).
From 1 July 2026, AML/CTF obligations apply to Tranche 2 entities including lawyers and legal professionals.
Key Requirements
AML/CTF Program
Develop and maintain a tailored compliance program.
Customer Due Diligence
Identify and verify your customers before providing services.
Reporting Obligations
Submit required reports including SMRs and TTRs.
Frequently asked questions
What are the key obligations?
Key obligations include enrolling with AUSTRAC, developing an AML/CTF program, conducting customer due diligence, and meeting reporting requirements.
When do obligations start?
For Tranche 2 entities (including lawyers and legal professionals), obligations commence 1 July 2026. Enrolment opens 31 March 2026.
What records must I keep?
You must maintain accurate records of your AML/CTF program and compliance activities. Most records must be retained for 7 years.
Related resources
Simplify Your Compliance
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