As I engage with members from all practice sizes, there are few topics that provoke a more animated exchange of views than the forthcoming amendments to the anti-money laundering and counter-terrorism financing (AML/CTF) regime.

That’s hardly surprising, given businesses affected by the Tranche 2 reforms (including lawyers, accountants, real estate agents and others) may face significant up front and ongoing compliance costs.

As I indicated in my Opening of Law Term speech, there is some concern about the additional costs for law firms, especially smaller and regional firms who service remote communities.

Given the impacts on practices and the potential access to justice implications, it was obvious to me as I prepared to commence my term leading the Law Society of NSW that helping the profession navigate these new regulatory hurdles was going to be an important President’s Priority.

The new regulations on legal practices that provide a “designated service” (for example, assisting a client with a property transaction, or buying and selling a business) begin on 1 July 2026.

Even though there are 15 months between then and now, practitioners who’ve visited our AML and CTF Hub will have seen that “considerable preparatory compliance work will need to be undertaken prior to the formal obligations commencing”.

That’s why I’m pleased to announce that our Professional Support Unit and Professional Development teams have just released a new on-demand interactive course: Preparing your practice for Australia’s anti-money laundering and counter-terrorism financing regime.

Importantly, the course suggests practical ways solicitors can prepare their practice for compliance with the new AML/CTF regime and will help you understand:

• Australia’s AML/CTF regime.
• What a ‘designated service’ means under the amended AML/CTF Act.
• What solicitors captured by the regime will need to do.

The course is informed by the Law Society’s expert AML/CTF Reference Group and is delivered by our Head of Regulatory Policy and Strategy, Bobbie Wan. It’s suitable for a wide audience, from early career lawyers, staff handling the day-to-day management of AML/CTF compliance, to principal practitioners.

Because it’s so important that the whole profession is fully prepared for the new AML/CTF regime, we are making this course free and available to all solicitors, whether or not they are members, and their staff who wish to complete it. You can register here.

As I mentioned in last week’s column, while AUSTRAC continues to develop the AML/CTF Rules, the Law Society will continually update our resources and importantly maintain our advocacy to ensure that client legal privilege remains protected.

Jennifer Ball, President, Law Society of NSW