Changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws took effect from 1 July 2026. We have set out below what this will mean when you work with us or engage us.
CLICK HERE to view the Law Institute of Victoria’s brochure which provides additional information on AML/CTF.
WHAT IS CHANGING
The AML/CTF regime is being expanded to cover a range of professions and services that were not previously regulated, including law firms providing certain property, conveyancing and commercial services. From 1 July 2026, Tisher Liner FC Law will be a “reporting entity” and will have new legal obligations, including verifying the identity of our clients and, in some cases, monitoring matters on an ongoing basis.
These obligations apply across the legal and property sectors. They are a regulatory requirement and are not specific to your matter, and they apply to both new and existing clients.
WHAT WE WILL NEED FROM YOU
Before we begin acting on an affected matter (or shortly after we are instructed), we will need to carry out some due diligence/verify your identity. Depending on your circumstances, we may ask you to provide:
- Photo identification – a driver licence or passport (sufficient to meet 100 points of ID)
- Proof of your current residential address
- For companies and trusts: company records, trust deeds, and information about the individuals who own or control the entity (beneficial owners)
- Evidence of your authority to act, where you are dealing with us on behalf of another person or entity; and
- In some cases, we may need to get some additional information relating to the source of your funds or wealth.
HOW VERIFICATION WORKS
In most cases, we are able to verify your identity securely and electronically using the Infotrack platform, usually within a few minutes. We will let you know what is required at the start of your matter and will only collect the information needed to meet our obligations. Your information is handled securely and in accordance with our privacy obligations.
WHAT THIS MEANS FOR TIMING
We cannot progress certain steps, including settlement, until verification is complete. Providing the requested information promptly will help us avoid any delays to your transaction.
WE ARE HERE TO HELP
We have been preparing our systems and our team well in advance of these changes so that they are managed professionally, securely and with as little disruption as possible. If you would like to discuss how these requirements apply to you, please contact your usual contact at our office.