AML/CTF Tranche 2: What clients can expect from 1 July 2026

AML/CTF Tranche 2: What clients can expect from 1 July 2026

From 1 July 2026, a new set of regulations, commonly referred to as AML/CTF Tranche 2, will apply to all Australian law firms that provide certain “designated” services to clients.

These regulations have been introduced by AUSTRAC, the Federal Government agency responsible for preventing, detecting, and responding to criminal abuse of the financial system.

Under the new requirements, all providers of “designated” services, including Mellor Olsson, will be required to collect and verify additional identifying information about our clients and the work we undertake for them. This applies to individuals, companies and other organisations.

We will not be able to commence work on your matter or provide advice until our client onboarding process, updated to reflect these regulatory requirements, has been completed. This process includes collecting and verifying the required information and will apply to all new clients where we are providing a “designated” service and, in some circumstances, existing clients of Mellor Olsson.

At this stage, no action is required by our existing clients.

If you have any questions about the new regulations, please do not hesitate to contact your usual Mellor Olsson contact or Cameron Thomson, Mellor Olsson AML Compliance Officer, [email protected].