New anti-money laundering requirements for Page Seager
Australia’s Tranche 2 Anti-Money Laundering and Counter-Terrorism Financing reforms were passed by Federal Parliament in late 2024, expanding strict compliance obligations to professions such lawyers, conveyancers, accountants, real estate agents, and precious stone dealers.
Commencing from 1 July 2026, these sectors must implement customer due diligence, report suspicious activity, and enrol with AUSTRAC as the regulator of these laws. As a result, Page Seager now has new obligations it must meet.
Why the need for reform?
The reforms are part of a broader strategy to close gaps in our financial systems that contribute to an environment where organised crime and professional money laundering organisations can inflict harm to individuals, businesses and communities. The laws are also designed to ensure Australia better meets international standards.
What services are impacted?
Not all of our legal services will be impacted. The changes will result in new obligations when providing certain types of services, called “designated services”. Some examples include:
- purchase and sale of real estate
- purchase and sale of businesses
- the creation of financing arrangements
- creating new business structures or reorganising existing ones
- managing funds on behalf of a client.
Areas such as dispute resolution, employment & safety, planning & environment, and insurance litigation will largely be unaffected by the new obligations. Some elements of the property and commercial work we undertake will also not be affected.
What does this mean for clients?
Depending on the nature of the matter, clients may notice changes where we are required to:
- obtain additional identity information and documents
- undertake ongoing checks where the matter is long running
- ask for additional details about the purpose, source of funds, or background of a transaction.
How is Page Seager preparing for the changes?
We are currently taking steps now to ensure we are ready for the new requirements, including:
- developing a compliance program that is fit for purpose and minimises the impact on clients, whilst also meeting our legal obligations
- implementation of new software to make the identity verification process efficient
- reviewing internal procedures
- coordinating staff training in the new compliance requirements and the new software.
We are working to ensure the transition is managed seamlessly and with minimal impact on our clients’ matters.
