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FAQs - Who Needs to Comply with AML/CTF Laws?
Does my law firm need to comply with AML/CTF laws?
If your law firm provides designated services covered by Australia's AML/CTF regime, you may be required to comply with AML/CTF obligations. Whether your firm is captured will depend on the services you provide and whether they have a geographical link to Australia.
I’m a sole practitioner - do AML/CTF laws apply to me?
Yes. Being a sole practitioner does not exempt you. If you provide services covered by the reforms and they have a geographical link to Australia, the obligations apply to you.
Do in-house lawyers need to comply with AML/CTF laws?
It depends on the services you provide and your business structure. If your role includes providing designated services and you meet the criteria for being a “reporting entity”, AML/CTF obligations may apply.
Do conveyancers need to comply with AML/CTF laws?
Yes. Conveyancers are captured by the AML/CTF regime when they provide designated services covered by the legislation.
Do real estate agents need to comply with AML/CTF laws?
Yes. Real estate agents and property developers providing designated services are now subject to AML/CTF obligations under Australia's expanded AML/CTF regime.
Do trust and company service providers need to comply with AML/CTF laws?
Yes. Trust and company service providers are included within the expanded AML/CTF regime when they provide designated services covered by the legislation.
I only work with long-standing clients. Do AML/CTF laws apply to me?
Even if you only work with long-standing clients, you may still need to comply with AML/CTF obligations. The key consideration is the services you provide, not how long you have acted for a client. If you provide designated services, your existing relationship with the client does not automatically exempt you from your obligations.