Thousands of sole practitioner and small law practices across NSW can now access sector specific guidance that will help ease the significant task of meeting new obligations in the fight against money laundering and terrorism financing.
President of the Law Society of NSW Ronan MacSweeney said the publication today of The Law Society of NSW AML/CTF Implementation Guide: for sole practitioners and small practices will provide practical assistance to small practices in navigating AUSTRAC's Legal profession program starter kit, as they prepare for the commencement of Tranche 2 anti-money laundering and counter terrorism financing (AML/CTF) reforms on 1 July 2026.
"The Guide will help small firms chart a clear path for developing an AML/CTF program that is proportionate, workable, and suited to the realities of their legal practice," Mr MacSweeney said.
"These new obligations reflect the profession's commitment to play its part in upholding the rule of law. Helping combat money laundering and terrorism financing across our community is now a legislated responsibility of the legal profession,"
Mr MacSweeney said the development and publication of the Implementation Guide delivers on his first President's Priority for 2026.
"As I began my term as Law Society President this year, I was conscious that the introduction of the new AML/CTF obligations would represent a significant change for many firms, especially small practices. That's why I committed the Law Society to provide legal practitioners with the support and resources required to meet their regulatory obligations, including compliance with the AML/CTF regime," Mr MacSweeney said.
"This Guide, produced by lawyers for lawyers, will be freely available to all NSW solicitors, whether or not they are members of the Law Society. I acknowledge AUSTRAC's work and its collaboration with the Law Society and Law Council of Australia in developing the Starter Kits on which this Guide is based."
Mr MacSweeney said the Implementation Guide will continue to evolve alongside the AML/CTF regime and as that landscape continues to develop, the Law Society will provide ongoing guidance, updates and support for practitioners to help them progress confidently in meeting their responsibilities.
The Implementation Guide: for sole practitioners and small practices, including a foreword from Mr MacSweeney, is available on the Law Society's AML/CTF hub. In coming weeks, the Law Society will publish further guidance to help medium and large firms learn from and adapt the AUSTRAC Starter Kits in implementing their own AML/CTF compliance programs.
