Anti-Money Laundering for Law Firms (Australia)

Description

Understanding anti-money laundering risks

Money laundering is the process by which money obtained through criminal activities is given the appearance of having come from a legitimate source. The money in question may come from
drug trafficking, terrorist activities, tax evasion or other crimes. It will usually be in the form of large quantities of cash, which need to be introduced into the legitimate financial system.

To help combat money laundering and terrorism financing, from 1 July 2026, businesses that provide legal, trust, or company services will be required to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. These obligations apply to law firms offering designated services and are overseen by Australia’s financial intelligence unit, AUSTRAC.

The Salt Compliance Anti-Money Laundering for Law Firms course supports law firms and their representatives in understanding and fulfilling their compliance obligations. This course covers the key money laundering and terrorism financing risks, legislative responsibilities under the AML/CTF Act, how to adopt and maintain an AML/CTF program, how to conduct Know-Your-Customer (KYC) procedures, as well as AUSTRAC’s reporting requirements.

Some sources estimate that over $1.5 trillion is laundered worldwide every year. Of that amount it is estimated that $200 billion is laundered in the Asia-Pacific region alone.