Baystone Legal is pleased to confirm that the firm is fully prepared for the expanded Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime, which commences on 1 July 2026. Our program is in place, our team is trained, and our client onboarding systems are ready, and we have designed the process to make the transition as smooth as possible for the people and businesses we act for.
What is changing
From 1 July 2026, the AML/CTF Act 2006 (Cth), the same framework that has long applied to banks and financial institutions, extends to a range of professional services. For law firms, this captures certain legal work, including conveyancing, lending and finance, disputes and litigation, and certain commercial transactions. The reforms are overseen by AUSTRAC and bring Australia into line with international standards. They apply according to the type of service provided rather than the profession itself.
How Baystone has prepared
We have not waited for the deadline. Over recent months we have completed a structured program of work so that we are ready from day one:
- Appointed a dedicated AML/CTF Compliance Officer to oversee the firm's obligations
- Adopted a written AML/CTF program tailored to the services we provide
- Completed a money laundering and terrorism financing risk assessment across our practice areas
- Delivered firm-wide training so every member of our team understands the new requirements
- Updated our client onboarding, identity verification and source of funds processes
- Reviewed our trust account handling and record-keeping procedures
For most clients, the practical impact is small. When you next instruct us on a covered matter, we may ask for identification and some additional information before we begin. We have published a short notice to clients that explains what to expect.
Helping clients meet their own obligations
Many of our clients are themselves brought into the regime, particularly non-bank lenders, real estate businesses, dealers in high value goods, and professional services firms that provide designated services. We have already assisted a number of these clients to get ready ahead of the deadline.
That work has included enrolling and registering clients with AUSTRAC, preparing AML/CTF programs and risk assessments, designing compliant customer due diligence and onboarding procedures, and advising on reporting and record-keeping duties. If your business provides designated services, enrolment with AUSTRAC is a legal requirement, and getting the framework right early avoids problems closer to the deadline.
How we can help
Whether you simply want to understand how the reforms affect you, need to enrol with AUSTRAC, or want a complete AML/CTF program built for your business, our team can help. Please contact us at hello@baystonelegal.com and we will point you to the right people.