Australia’s Tranche 2 AML/CTF reforms will bring law firms into scope for the first time, creating major new obligations around due diligence, reporting, monitoring and governance. This guide explains what the reforms mean for the legal sector, where the highest risks sit, and the practical steps firms should take now to prepare for July 2026.
Understand whether your firm and services fall within scope under Tranche 2, including higher-risk work such as property, company structures and client money.
Learn the core obligations for law firms, from AUSTRAC enrolment and AML/CTF programmes to CDD, suspicious matter reporting, sanctions screening and staff training.
Get practical guidance on red flags, privilege and confidentiality, reliance arrangements, and the immediate actions firms should take to be ready from day one.