New Anti-Money Laundering Laws: What this means for you

Starting on 1 July 2026, Australia has overhauled their anti-money laundering and counter-terrorism financing laws. Which now means, law firms (like ours), accountants and real estate agents have further obligations when our clients engage us for a ‘designated service’.

So what does this all mean?

What is a Designated Service?

If you engage us for any of (but not limited to) the following services, extra steps are involved before we can start work for you and progress your matter:

• assisting with the buying or selling of real estate or businesses;
• receiving, managing or controlling client money or trust accounts;
• Restructuring of an existing company set-up or the creation of a new company or trust;
• and many other services.

How this effects you?

In order for us to comply with our obligations, from 1 July 2026,  you may be asked, by our staff, to:

• provide sufficient identification documents (such as your drivers licence and passport);
• confirm your personal details such as date of birth, residential address and other background details;
• provide details of all business structures, including beneficial owners, directors, trusts, and beneficiaries;
• provide the purpose of the transaction;
• in some cases, provide the source and details of funds and wealth.

This will apply to all clients when commencing a new matter for a designated service (even if you are a previous client of ours). It is not targeted, and is to ensure we as a law firm, comply with our anti-money laundering obligations. You may refuse to provide us with the requested information, however we would not be able to act for you in that transaction.

Why are these changes being made?

As reported by our government, financial crime happens in Australia every day and it costs up to $82 billion a year. Much of the money being laundered through Australian systems is linked to harmful crime like illicit tobacco, environmental destruction, corruption, child exploitation and human trafficking. The reforms to the AML/CTF laws are designed to close gaps that criminals have been exploiting and to address the increasing sophistication of financial crime.

It also ensures that Australia is up to date with world-wide standards.

If you have any questions or wish to discuss the above further with us, please feel free to contact us on 07 3236 3999 or email us at reception@gsrlawyers.com.au.

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