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How Piper Alderman is preparing for AML/CTF reforms and what it means for our clients
Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime is expanding, with certain services provided by lawyers, accountants and other professional service providers to be brought within scope from 1 July 2026.
The reforms represent a significant change for professional services firms and their clients, particularly where matters involve higher-risk transactions, complex structures or designated services under the amended regime.
Piper Alderman is preparing for the new obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), as amended by the recent “Tranche 2” reforms, and is implementing systems and processes to support compliance across the firm.
What does this mean for Piper Alderman clients?
- Increased verification requirements
Clients may be asked to provide additional identification, ownership and supporting information as part of onboarding and ongoing matter management. - Greater scrutiny of certain transactions
Some services will be classified as “designated services”, requiring customer due diligence, transaction monitoring and reporting processes to be applied where relevant. - Potentially longer lead times for matter commencement
Additional checks, including know-your-customer procedures and risk assessments, may affect timing, particularly for higher-risk matters or transactions involving complex structures. - Ongoing compliance expectations
Monitoring, record-keeping and, where required, reporting will become a more routine part of certain professional engagements.
How Piper Alderman is preparing
Piper Alderman is developing a firmwide AML/CTF framework designed to:
- align with the amended AML/CTF regime and regulatory guidance
- manage compliance risk for the firm and its clients
- streamline onboarding and verification processes where possible
- support consistent procedures across matters and practice areas
This includes using technology to support identity verification, record-keeping and more efficient client onboarding.
Key takeaway
AML/CTF compliance is no longer confined to the financial services sector. For many businesses, it will become an important part of engaging professional advisers and completing transactions in Australia.
Early preparation will help minimise disruption and ensure clients are ready for the new requirements.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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