From 1 July 2026, law firms and legal practices can be reporting entities when they provide designated professional services covered by the AML/CTF Act.
You may be in scope where you provide designated professional services — for example assisting with the buying or selling of real estate, managing client money or assets, or helping set up companies or trusts.
Whether your business is a reporting entity depends on the designated services you provide — not on having an ABN or being based in Australia. Check AUSTRAC’s sector guidance, and seek professional advice for your situation.
For authoritative sector guidance, see AUSTRAC’s legal professionals guidance.
Trust money, transactions and privilege. Which legal services are designated under s 6, table 6 — and how the obligations sit alongside a practice’s existing duties.
The next step is not a generic checklist. The reporting entity needs an AML/CTF program appropriate to its business and risks, and must apply the customer due diligence, training, reporting, review and record-keeping obligations relevant to the services it provides.
People performing functions relevant to your AML/CTF obligations need training appropriate to their role, risks and responsibilities. Lex-AML Academy teaches the core regime and includes sector-specific lessons built around the AUSTRAC material used by your profession.
See the AUSTRAC program starter kitsFoundations — the first 15 lessons on why the regime exists and how it works — is free for every person in your practice, with a module certificate at the end.
All 148 lessons, every assessment, certificates and the training record — AUD $199 + GST per learner for 12 months.
Lex-AML supports compliance workflows and record keeping. It does not provide legal advice, does not guarantee compliance, and does not replace professional judgement or advice from a qualified AML/CTF adviser or legal professional.
Book a demo to see the current Lex-AML preview, discuss your sector workflow and understand how the product is being developed.