Compliance for Lawyers & solicitors
Law firms providing designated services. LPP applies, but Tranche 2 obligations otherwise apply.
Published obligations that apply to lawyers & solicitors (5)
- criticalCWLTHEnrol with AUSTRAC as a reporting entity
Tranche 2 entities must enrol with AUSTRAC within 28 days of first providing a designated service (29 July 2026 for services from 1 July 2026).
- criticalCWLTHConduct conveyancing via PEXA (e-conveyancing) where mandated
Most state property transactions must be lodged electronically via PEXA or sympli.
- criticalCWLTHTrust account audit + ASIC / state regulator submission
Holders of client trust accounts (real estate, legal, conveyancing) must lodge annual audited accounts.
- criticalCWLTHMaintain a written AML/CTF program
Every reporting entity needs a documented AML/CTF program — an ML/TF risk assessment plus AML/CTF policies.
- criticalNSWNSW + VIC solicitor trust account requirements
Solicitors holding client trust money face strict trust account + audit requirements.
Applicability answers for lawyers & solicitors
- Do lawyers need to enrol with AUSTRAC?
- Do lawyers and solicitors need to enrol with AUSTRAC as a reporting entity?
- Do lawyers and solicitors need to maintain a written AML/CTF program?
- Does Customer due diligence (KYC) on every customer apply to lawyers and solicitors?
- Does Suspicious matter, threshold, and IFTI reporting to AUSTRAC apply to lawyers and solicitors?
- Do lawyers and solicitors need to designate an AML/CTF Compliance Officer?
- Do lawyers and solicitors need to detect + enhance due diligence on Domestic + Foreign PEPs?
- Does Independent review of AML/CTF program apply to lawyers and solicitors?