AML Compliance Software for Law Firms & Conveyancers Australia

Yes. From 1 July 2026, Australian law firms and conveyancers providing designated services — including buying or selling real estate, managing client assets, acting as a nominee, or preparing related legal documentation — become reporting entities under AUSTRAC's Tranche 2 reforms. You must run customer due diligence, maintain an AML/CTF program, and lodge suspicious matter reports. Dedicated AML software tailored to legal workflows automates these obligations, integrates with practice management systems, and produces audit-ready records far more reliably than manual processes.

Law firms and conveyancers providing designated services must enrol as reporting entities, appoint an AML/CTF compliance officer, maintain a written AML/CTF program (Part A risk assessment and Part B applied controls), verify the identity of clients and their beneficial owners, conduct ongoing customer due diligence, monitor for suspicious activity, and lodge suspicious matter reports (SMRs) within statutory timeframes. Records must be retained for seven years and the program must be independently reviewed.

Legal-sector AML software is built around matter-based workflows, trust accounting oversight, and integration with legal practice management systems like LEAP, Actionstep, and Smokeball. It must handle client verification for vendors, purchasers, directors, shareholders and beneficiaries, support source-of-funds capture for property transactions, and manage PEP and sanctions screening across parties in complex deals. Generic KYC tools rarely cover trust structures, matter-level risk ratings, or the document-heavy nature of conveyancing and corporate work.