Anti-money laundering
Our AML/CTF commitment.
Australia’s anti-money laundering and counter-terrorism financing regime was extended to parts of the legal and property sectors from 1 July 2026. We have built our client onboarding around it, and this page explains what that means for you.
In short
Straightforward for most clients.
We confirm who our client is and who has authority to instruct us. Additional AML/CTF checks depend on whether the work is a regulated designated service and the risks involved.
The reforms follow the service being provided rather than the profession providing it. Routine owners corporation work, such as advice on a meeting, a rule, a repair or a dispute, is generally not a regulated designated service. Where a matter involves a property transfer, a long-term lease, a restructure, or our handling of transaction funds, closer assessment applies.
We take the position that good practice does not wait for the threshold. Knowing our client and understanding the transaction is simply how a well-run practice operates.
Our approach
What we commit to.
- Assessing, for every new matter, whether the work we are being asked to do is a regulated designated service, and meeting the applicable obligations in full where it is.
- Verifying client identity, authority to instruct and, where relevant, beneficial ownership, using a risk-based process proportionate to the matter.
- Maintaining written AML/CTF policies, controls and record-keeping appropriate to the size of the practice, and keeping them current as guidance develops.
- Training our people, so that the obligations are understood by everyone who opens a file rather than sitting with one person.
- Meeting our enrolment, reporting and record-keeping duties to AUSTRAC where and when they apply to us.
- Declining or pausing work where required checks cannot be completed, and saying so plainly rather than proceeding on an unclear basis.
What you can expect
A short, ordinary step at the start.
A request for identification does not by itself mean we suspect wrongdoing. We will explain the information needed for your matter and how to provide it securely.
- 01For individualsCurrent photo identification, and confirmation of your address.
- 02For owners corporationsThe plan number, the resolution or delegation authorising the instruction, and the details of the person giving it.
- 03For companies and trustsCompany extracts or trust deeds, and details of directors, trustees and beneficial owners.
- 04Where a transaction is involvedAn explanation of the transaction and, if the risk requires it, information about the source of the funds.
Confidentiality
Privilege is preserved.
Legal professional privilege is expressly protected under the AML/CTF framework, and nothing on this page changes our duty of confidentiality to you.
Information we collect for identification purposes is handled under our privacy policy, protected using appropriate safeguards, and used or disclosed for the relevant purposes described in that policy or as permitted or required by law. Separate statutory rules restrict what any Australian law practice can disclose about certain reports; where those rules apply, we will tell you as much as we lawfully can.
If you would like to understand how these obligations intersect with a property or owners corporation transaction, our article on the AML/CTF reforms for property and owners corporation clients sets out the detail.
This statement is general information about our approach and is not legal advice. AML/CTF obligations depend on the particular service, client, transaction and current law, and AUSTRAC guidance continues to develop. Current at 5 August 2026. Questions about this statement can be sent to contact@southbanklegal.com.au.
Advising a regulated business?
We can map your obligations too.
If you run a real estate, management or professional services business working out how the regime applies, that is work we do.