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AML/CTF REFORMS NOW IN EFFECT (FROM 1 JULY 2026)

+ What This Means for You

We will need to collect and verify information such as:

  • Identification documents (e.g. driver's licence or passport)

  • Residential address details

  • Company and corporate records

  • Trust deeds and related documentation

  • Details of directors, shareholders, trustees and beneficiaries

  • Source of funds or wealth involved in a transaction

 
In some cases, we may also ask additional questions to meet our legal obligations.

+ Why This Information Is Required

The AML/CTF framework is designed to prevent financial crime and strengthen the integrity of the Australian financial and legal systems. Where these obligations apply, we are legally required to complete these checks and cannot proceed without them.

+ Will This Affect Your Matter?

It may. The most common cause of delay will be incomplete information or delays in providing requested documentation. To help avoid delays, we encourage you to provide information as early as possible. In some circumstances, we may be unable to commence or continue acting until verification requirements are satisfied.

+ Ongoing Verification Requirements

AML checks are not always a one-off process. We may be required to:

  • Update or refresh information

  • Verify details for new transactions

  • Confirm changes to ownership or control structures

  • Conduct additional due diligence where required

+ Our Commitment to You

At BJT Legal, we have undertaken extensive preparation to implement these reforms, including staff training and process improvements. Our focus is to meet our legal obligations while minimising disruption and continuing to deliver efficient, practical advice. Where additional information is required, we will clearly explain what is needed, why it is required, and how it may impact your matter.

+ Questions?

If you have any questions about the AML/CTF reforms or how they may affect you, please contact our team, we are here to help. You may also find the answers in our FAQs below.

+ Frequently Asked Questions

Q: Why are you asking for my ID?
A: As part of Australia's AML/CTF laws, we are required to verify the identity of all clients.

 

Q: I've worked with you before, why now?
A: These requirements now apply to all clients and relevant matters, even where we have acted for you previously.

 

Q: What if I don't provide the required information?
A: We are legally required to complete certain checks before we can start or continue working with you. If the necessary information is not provided, we may be unable to proceed with your matter or maintain our engagement.

 

Q: Is my information secure?
A: Yes. Your information is used solely for compliance purposes and is stored securely using InfoTrack. InfoTrack is ISO 27001 certified, meaning it meets internationally recognised standards for data protection, risk management and information security.

 

Q: What is "source of funds" and why do you need it?
A: In some matters, we are required to confirm where funds involved in a transaction have come from. This helps reduce the risk of money laundering and ensures compliance with our legal obligations.

 

Q: What if I'm acting for a company, trust or SMSF?
A: We may need documents showing who ultimately owns or controls the entity. This is a legal requirement to ensure transparency around corporate and trust structures.

 

Q: Do I need to provide this information before work begins?
A: In most cases, yes. We cannot proceed until required verification and compliance checks are completed.

 

Q: I've already completed a VOI check, isn't that the same as KYC?
A: No. Verification of Identity (VOI) is only one part of the broader "Know Your Client" (KYC) requirements. AML/CTF laws require us to obtain a more complete understanding of our clients, including ownership structures, sources of funds and, in some cases, ongoing monitoring.

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