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The Law Society of NSW has rolled out a new free guide aimed at helping thousands of sole practitioners and small law firms across the state prepare for a major AML shake-up set to reshape compliance obligations in the near future.
As sweeping anti-money laundering and counter-terrorism financing (AML/CTF) reforms approach, the Law Society of NSW has rolled out new sector-specific guidance for thousands of sole practitioners and small law firms to help them prepare for the changes.
Today, the Law Society released its AML/CTF Implementation Guide: for sole practitioners and small practices, providing practical guidance on AUSTRAC’s Legal Profession Program starter kit ahead of the Tranche 2 reforms due to commence on 1 July 2026.
The reforms will extend Australia’s AML/CTF regime to the legal profession, introducing new compliance obligations for firms handling designated services.
While large firms are generally expected to have greater internal capacity to adapt, small practices are expected to face more substantial operational challenges in implementing the required systems and procedures.
The guide has been made available free of charge to all NSW solicitors, regardless of whether they are members of the Law Society.
The president of the Law Society, Ronan MacSweeney, expressed how the new guide is designed to give small firms a clear, practical pathway to building proportionate AML/CTF programs tailored to the realities of their practice.
“The Guide will help small firms chart a clear path for developing an AML/CTF program that is proportionate, workable, and suited to the realities of their legal practice,” MacSweeney stated.
MacSweeney noted that the changes represent a substantial shift in regulatory responsibility for the profession, which will now play a direct role in identifying and mitigating risks associated with illicit financial activity.
“These new obligations reflect the profession’s commitment to play its part in upholding the rule of law. Helping combat money laundering and terrorism financing across our community is now a legislated responsibility of the legal profession,” MacSweeney noted.
The publication of the new guide was a key priority for Ronan MacSweeney, set out in his 2026 Presidential Priorities, with the Law Society president noting he recognised early on that the reforms would mark a significant shift for many firms, particularly small practitioners.
“As I began my term as Law Society President this year, I was conscious that the introduction of the new AML/CTF obligations would represent a significant change for many firms, especially small practices,” MacSweeney said.
“That’s why I committed the Law Society to provide legal practitioners with the support and resources required to meet their regulatory obligations, including compliance with the AML/CTF regime.”
MacSweeney also confirmed the guide is not static and will be updated over time as the AML/CTF regime evolves and practitioners begin embedding compliance systems into practice.
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