Many of you will have seen that the Bill that will expand the anti-money laundering/counter-terrorism financing (AML/CTF) regime to lawyers is now before Federal Parliament. I’m pleased to say that, anticipating this, the Law Society of NSW has expanded our Professional Support Unit to include a new dedicated hotline specifically to assist practitioners with AML/CTF related inquiries. 

We are also updating the AML/CTF Hub to include information about the Bill, as well as some preliminary key messages. We will continue to update the Hub as more information about the expanded regime becomes known. If you haven’t already done so, I urge you to start thinking about how to reinforce your practice against vulnerabilities to exploitation. A good place to start is our free, on-demand, interactive resource on AML/CTF. 

The Anti-Money Laundering and Counter-Terrorism Financing Amendments Bill 2024 expands the AML/CTF regime to ‘tranche-two’ entities, including solicitors who provide certain services as listed in the Bill (known as ‘designated services’). Solicitors providing these designated services will be broadly subject to AML/CTF requirements from July 2026 onwards. 

However, affected practices will need to undertake preparations well in advance of July 2026, including preparing compliance plans, considering whether they need to apply for an exemption, and determining who the AML/CTF compliance officer for their practice should be.

It is also important to note that parts of the regulatory framework have not yet been created, and may be the subject of further negotiation. In his second reading speech last week, Attorney-General Mark Dreyfus KC committed to engagement and consultation between industry and AUSTRAC on the AML/CTF rules in the coming months. I look forward to continuing to work closely with the Law Council of Australia (LCA) and engaging with AUSTRAC. You can read the LCA’s media release in response to the Bill here. 

We are aware that, without further changes, the regulatory costs for many affected businesses may be significant, and we are committed to assisting our membership through this transition.

As I said in an edition of this message last month, we will continue our advocacy for practical measures that recognise both the bedrock principle of client legal privilege, and the existing statutory and ethical obligations that bind our profession and protect the public.

You can contact the AML/CTF Hotline on (02) 9926 0249 or email [email protected]
Support for wellbeing   

Every year, RUOK Day brings a focus on what we can each to do support our colleagues and loved ones through difficult times. Last week, our new Wellbeing Manager, Elli Balafas, took the staff here at the Law Society through what they can do should they notice that a colleague might need some help. 

Ellie is making a real impact, not only here in Phillip Street, but for all members, hosting presentations on wellbeing and authoring some very helpful articles on our Wellbeing Portal, including on Anxiety, Vicarious Trauma, and Burnout.

With the Wellbeing of Solicitors one of my President’s Priorities for my term this year, I’m eager to remind you that any solicitor in NSW who needs urgent help, can call our Solicitor Outreach Service on 1800 592 296 where qualified psychologists can provide 24/7 crisis support.

Brett McGrath, President, Law Society of NSW