With the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Act 2024 now passed, legal and property professionals, including lawyers and conveyancers, have a clear timeline to prepare for expanded compliance obligations. From 1 July 2026, AML/CTF obligations will apply to services commonly provided by these professions, including client onboarding, trust account work, and property transaction support.

This is the ideal time to review your firm’s current processes and implement solutions that enhance both compliance and client service. By preparing now, you can approach these changes with confidence, knowing your systems are ready to support you.

Embracing new professional standards

Tranche 2 introduces a stronger focus on risk management and transparency across the legal and property sectors. In addition to the existing verification of identity (VOI) requirements under ARNECC, lawyers and conveyancers will be expected to:

Collect and assess source of funds or wealth information
Screen for politically exposed persons (PEPs), sanctions, and adverse media
Maintain comprehensive records to support regulatory requirements

While these responsibilities may be new for some, they also represent an opportunity to modernise your onboarding process and align with industry best practice. With the right tools, compliance becomes a smooth and integrated part of your workflow.

Practical steps for preparing your firm

Preparing early for Tranche 2 is key to ensuring a smooth transition when the new AML/CTF obligations take effect. Start by reviewing your current onboarding and client due diligence processes to identify any gaps or areas for improvement. Training your staff on the upcoming changes will empower them to confidently apply the new requirements and use any supporting technology effectively. Additionally, collaborating with technology providers and industry peers can provide valuable insights and shared best practices, helping your firm stay ahead of the curve.

Leveraging technology to simplify compliance

Technology plays a crucial role in reducing complexity and enhancing accuracy in AML compliance. Digital onboarding and Verification of Identity (VOI) tools can speed up client checks while improving reliability and security. Integrated systems streamline processes by consolidating compliance tasks, eliminating duplication, and reducing the chance of human error. By embedding these technologies into your firm’s workflows, compliance becomes a natural part of everyday operations rather than a separate, time-consuming obligation.

A complete onboarding solution for AML/CTF compliance

There’s no need to build a compliance process from scratch. InfoTrack’s new Onboarding & VOI solution brings together all the tools your firm needs to meet AML/CTF expectations within a single, fixed-price package.

Importantly, our approach is built on the belief that legal professionals should remain firmly in control of their matters. Our tools are designed to empower you, enhancing your independence, professional judgement, and efficiency without removing you from the process. We’re here to support, not replace.

Designed specifically for Australian law firms and conveyancers, the customisable package supports a seamless client experience while helping you meet your obligations with confidence. Alongside VOI, this package consolidates the essentials:

Client Authorisation Form (CAF)
PEPs, sanctions and adverse media checks
NSW Purchaser Declaration

This solution is evolving. Planned future additions to further support your AML/CTF requirements:

Risk rating, fund-sourcing tools and address verification
Risk monitoring and reporting tools
Consulting services
Client intake questionnaire

Everything is integrated into your existing workflow, reducing complexity and improving consistency across matters.

Be ready, stay compliant

With the July 2026 deadline approaching, firms that begin preparing now will be best positioned to adapt smoothly and with minimal disruption.

By embedding AML/CTF requirements into your client onboarding process, you can reduce duplication, streamline operations, and focus more on delivering exceptional legal services.

Join our upcoming webinar, Transforming client onboarding for the modern firm, on 6 August to explore how your firm can prepare for Tranche 2 reforms with confidence.

We’ll unpack what the AML/CTF changes mean for legal and property professionals and share practical ways to embed compliance into your everyday workflow without added complexity.

Register today to be well prepared for the future.

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