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Our AML/CTF program is now live – What this means for our clients

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We have now implemented our anti money laundering and counter terrorism financing (AML/CTF) program in compliance with the new AML/CTF laws applicable to law firms providing certain services in Australia.

These services include, but are not limited to:

  • real estate transactions;
  • selling, buying or transferring interests in bodies corporate;
  • assisting in organising, planning, or executing equity or debt financing; and
  • creating or restructuring of a body corporate or legal arrangement.

The AML/CTF program requires us to collect and verify certain client information. This includes identity information and details about business structures, ownership and control. In some cases, it includes more detailed information, including about source of wealth and source of funds.

We are committed to making this compulsory process as simple and seamless as possible for our clients.

This update provides a brief overview of what this means for our clients, and how we will support you through the process.

Why are these changes happening?

Australia has reformed its AML/CTF laws to align with international standards.

As part of these changes, some professions (lawyers, accountants and real estate agents) have been brought into the regulatory framework for the first time.

Law firms are now required to:

  • collect and verify client identity information;
  • understand who they are acting for;
  • carry out due diligence on clients and matters;
  • comply with various reporting obligations; and
  • keep certain records.

What will change for you as a client?

The main change is a new compulsory onboarding process utilising our AML/CTF program software, which includes the collection and verification of documents.

Depending on each client’s circumstances, this process involves:

  • providing and verifying identification documents (such as a passport or driver’s licence);
  • verifying contact details;
  • sharing information about a business or entity; and
  • providing documents to confirm governance, ownership and control of business entities and structures.

For many of our clients, this will feel similar to processes already used by banks other financial services businesses.

Our approach at DMAW Lawyers

We understand the importance of efficiency and clarity. Our focus is on ensuring these new requirements are handled in a way that is:

  • Simple – clear guidance and minimal duplication
  • Consistent – a familiar experience each time
  • Efficient – using technology to streamline the process where possible
  • Respectful – maintaining confidentiality and handling information securely

Our aim is to provide a transparent and efficient experience for all clients, whether new or existing.

If you have any questions or concerns about our AML/CTF program, please do not hesitate to contact us.

Frequently asked questions (FAQs)

Yes, please look out for emails from our staff and our AML/CTF software provider and respond to them diligently to allow us to assist you through this process as efficiently as possible.

The new laws require law firms to collect and verify certain client information. This is now a standard part of engaging professional service providers and helps ensure matters can progress smoothly.

These requirements apply to all client relationships, including existing ones.

Where we are acting for a company, trust or other structure, we will request documentation to confirm ownership, governance, and control. We will also have to collect information about people acting on behalf of the entity.

All information will continue to be handled in accordance with our strict confidentiality requirements and applicable privacy laws.

Yes. If the work we are providing to you is a service covered by the AML/CTF laws, we must not commence the work until you provide us with the required information.

For some matters, including where complex structures or other higher risk elements are involved, we will need to understand (and collect documentation to confirm) where funds are coming from and the source of wealth of our client.

Potentially, but we will work hard to minimise any impact. By building these steps into our processes early, we expect matters to progress smoothly with minimal disruption.

In many cases, no. Once we have collected and verified required information, it can generally be used for future matters. From time to time, we will need to update or obtain further details, particularly if circumstances change or additional information is required for a specific matter.

Clients can contact us on +61 8 8210 2222 with any queries. Alternatively, please feel free to get in touch with your DMAW Lawyers contact directly to discuss.

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