Summary
- New laws require lawyers to collect extra information and verify your identity before we can act for you.
- The new laws are designed to stop the use of legal services as a vehicle for money laundering or terrorism funding.
- Law firms and conveyancers must follow the new laws before providing certain services.
- Clients may experience more questions from their lawyer to comply with these laws at the start of their matter.
- Changes to legal practice will take place from 1 July 2026.
What does this mean for our clients?
The changes to the laws will largely affect how we onboard and collect personal information from our new and existing clients at the start of certain new matters from 1 July 2026.
The precise requirements will depend on the nature of the legal services being provided, but will likely involve:
- enhanced ‘know your client’ identification and verification procedures;
- requests for additional information to support some transactions; and
- retaining certain records for regulatory purposes.
The team at Riordan & Riordan are currently developing new processes and procedures to ensure the new laws are complied with.
Many of our clients have existing and long term relationships with our Firm, and this will be taken into consideration in the preparation of our new processes and procedures required as a result of the new laws
You may notice that other professionals such as accountants and real estate agents change their practices also as a result of the new laws.
What happens next?
No action is required until 1 July 2026.
Closer to 1 July 2026, we will provide you with a further update on how the new laws will impact your existing and new legal matters and what further information we may require from you.
We will also work with certain clients before that date to ensure that from 1 July 2026, we are able to continue to progress their matters seamlessly.
Further information
If you have any questions or concerns about how the new Anti-Money Laundering and Counter-Terrorism Financing laws may impact your legal matters, please do not hesitate to contact us.