From 1 July 2026, law firms across Australia are covered by anti-money laundering and counter-terrorism financing laws (known in short as AML/CTF). These laws exist to keep the proceeds of crime out of the economy. Money laundering is a serious and widespread issue in Australia, and legal services can be an unwitting pathway for it if left unregulated.
Bayside Wills & Estates Lawyers is committed to meeting these obligations, and to making the process as straightforward as possible for our clients.
Nothing is required from you at this time. We will reach out directly if we need any information from you in relation to your matter.
What We’re Now Required to Do
For certain types of work, we are required to:
- verify the identity of clients to a matter;
- understand the purpose of the services we are undertaking;
- keep certain records; and
- report regularly to AUSTRAC.
When These Checks Apply — and When They Don’t
We confirm the identity of all clients as a normal part of taking on any new matter. Separately, some types of work (these are called “designated services”) require more detailed checks under the AML/CTF laws.
For most of our clients, the services most likely to require these additional checks include:
- buying, selling or transferring property;
- buying or selling business assets or amending company legal documents; and
- setting up, restructuring or administering a trust or company.
Work that is generally not captured by the additional checks includes preparing a Will, an Enduring Power of Attorney or Appointment of Medical Treatment Decision Maker, advice-only matters, and administering a deceased estate (including transferring real property as part of that process, or pursuant to a court or tribunal order). We will still confirm your identity in our usual way for all of this work but the additional AML checks simply don’t apply.
We will inform you as well as guide you through the process of any additional information we require if we identify your matter as requiring these additional checks.
What the Process Looks Like
Where a more detailed check is required, here’s what to expect:
- We’ll tell you — we’ll let you know early on what’s needed for your particular matter.
- We’ll ask for your details — typically full name, date of birth, residential address and contact information. For company directors, we’ll also need your director identification number.
- Verify — identity is confirmed through a secure electronic verification process, usually via a link sent to your email. This can be completed on a smartphone or computer and takes only a few minutes.
- Clarify if needed — we’ll follow up if anything further is required.
- We begin your work — once checks are complete, we get on with the matter.
We will also need to ask some standard screening questions. These include whether you, a family member or a close associate hold a prominent public position (known as a “politically exposed person” or PEP), or are subject to financial sanctions. These questions are a routine requirement under the new laws and are asked of all relevant clients.
Your Information Is in Safe Hands
We collect only what we need, at the right stage of your matter. Your information is stored securely, accessed only by authorised staff, and handled in accordance with our Privacy Policy. We do not retain unnecessary copies of identity documents, and we keep AML records for 7 years as required by law.
A Word on Timing
Where checks are required, we need to complete them before we can finalise certain steps in your matter. In most cases, the additional requirements are brief and require only small input from you. However, we’ll always let you know if this is likely to affect your timeframes. We’d kindly ask that if you receive a verification request from us, you action it as soon as you can so that we can address your matter expeditiously.
We are committed to making the process for our clients as easy and seamless as possible, while observing our obligations under the AML/CFT regulations.
For more information, please see this information brochure from the Law Institute of Victoria.
