Legal Services
AML Compliance for Legal Professionals
Purpose-built compliance tools for law firms, solicitors, barristers, and conveyancers handling client matters and trust accounts.
Get your free trialWhat Tranche 2 Means for Legal Services
From 1 July 2026, legal services businesses providing designated services are reporting entities under the AML/CTF Act and need an AML/CTF program. Whether these obligations apply to you depends on the designated services you provide. Check with AUSTRAC or a qualified adviser. Instant Compliance provides tools to help you set one up.
Industry Challenges
- •Client account and trust account transactions being used for money laundering
- •Complex conveyancing transactions involving potentially suspicious funds
- •Legal privilege considerations when conducting due diligence
- •Multiple beneficial owners hidden behind corporate structures
- •Balancing client confidentiality with AML reporting obligations
Your Obligations
- Client identification and verification before taking instructions
- Beneficial ownership determination for corporate and trust clients
- Ongoing customer due diligence throughout the client relationship
- Suspicious matter reporting when unusual patterns are detected
- Enhanced due diligence for high-risk clients and matters
- Detailed record-keeping and comprehensive audit trails for all matters
Our Solutions
- Streamlined workflows designed for legal practice operations
- Automated CDD workflows that fit naturally into legal practice processes
- Trust account monitoring and sophisticated transaction analysis
- Beneficial ownership tracking for complex corporate clients
- Matter-based risk assessment and ongoing monitoring capabilities
- Secure document storage, verification, and audit trails
Purpose-Built for Legal Services Professionals
Tools designed for the compliance needs of your industry
Customer Verification
Identity verification and due diligence tools for your industry.
Risk Assessment
Industry-specific risk scoring and profiling based on sector-specific risk factors.
Transaction Monitoring
Monitor transactions for patterns and thresholds relevant to your business type.
Report preparation
Prepares suspicious matter and threshold transaction report content for your compliance officer to review and lodge with AUSTRAC.
Program documents
AML/CTF program templates for your industry, for you to review, tailor and adopt.
Records & audit log
Record-keeping and audit trails to help you evidence your work.
Key Steps for Legal Services Businesses Under Tranche 2
Key steps to set up your program
Develop AML/CTF Programs
Draft AML/CTF program documents based on your business details and risk profile, for you to review and adopt.
By July 1, 2026Implement CDD Procedures
Establish customer due diligence procedures including identification and verification processes.
Before onboardingTransaction Monitoring
Set up systems to monitor transactions for suspicious activity and reporting thresholds.
Ongoing requirementStaff Training
Train all staff on AML obligations, red flags, and reporting procedures.
Regular trainingIndustry-Specific Integrations Coming Soon
We're building seamless integrations with the software platforms legal services professionals use every day. Want to see your platform integrated first?
Request an IntegrationReady to Prepare Your Legal Services Business?
Get started with Instant Compliance. Start your free 2-week trial today!
Start Your Free TrialImportant: Instant Compliance is software, not compliance advice.
Our tools help you prepare, record and manage an AML/CTF program. They do not provide legal or compliance advice and do not guarantee compliance with the AML/CTF Act. Your business remains responsible for meeting its own obligations and for every decision it makes using these tools. Instant Compliance is an independent software provider and is not affiliated with, endorsed by or acting on behalf of AUSTRAC or any government body. Read what we do and what stays your responsibility