Legal practitioners and conveyancers are a core Tranche 2 group. From 1 July 2026, a practice that provides designated services — conveyancing, operating a trust account on a client's behalf, or helping form and run companies and trusts — becomes a reporting entity under the AML/CTF regime.
Acting purely as an advocate or giving legal advice is generally not a designated service. The obligations attach to transactional work where money, property or corporate structures change hands. Legal professional privilege has specific carve-outs you should understand alongside your AUSTRAC obligations.
Designated services for lawyers & conveyancers
If you provide any of these, you're likely a reporting entity:
- 1Assisting clients to plan or execute the buying or selling of real estate (conveyancing)
- 2Managing client money, accounts, securities or other assets (trust accounts)
- 3Assisting to plan or execute the transfer of money or other assets
- 4Creating, restructuring or operating a company or trust
- 5Acting as (or arranging) a nominee director, shareholder or trustee
What you'll need to do
- 1Enrol with AUSTRAC (enrolment opened 31 March 2026)
- 2Appoint an AML/CTF Compliance Officer
- 3Complete a money-laundering / terrorism-financing risk assessment
- 4Develop and maintain an AML/CTF program
- 5Carry out customer due diligence (KYC) and verify beneficial owners
- 6Monitor transactions and report suspicious matters, large cash transactions and international transfers
- 7Keep records for seven years and train your staff
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