From 1 July 2026, major new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will change how professional service providers, including law firms like Hillhouse Legal Partners, work with their clients across Australia.

For many people, this will mean providing more identification and information when working with lawyers, accountants, real estate agents and other advisers.

While the process may feel unfamiliar at first, these changes are designed to help protect Australia’s financial system, businesses and communities from criminal activity.

1. More industries are now captured by the laws

Australia’s AML/CTF laws are expanding to include more industries and professions.

From 1 July 2026, these obligations will apply to businesses including:

• Law firms like Hillhouse
• Accounting firms
• Real estate agencies
• Trust and company service providers
• Businesses involved in high-value transactions

These reforms will require firms to:

• Verify client identity
• Understand who owns or controls companies and trusts
• Assess money laundering risks
• Monitor certain transactions and activities
• Report suspicious matters to AUSTRAC

2. Clients will need to provide more information

From 1 July, Hillhouse clients may notice additional checks and requests for information when engaging our team for certain legal services and transactions.

Depending on the work involved, our team may request:

• A passport or driver licence
• Proof of address
• Company, trust or SMSF documentation
• Information about ownership or control of entities
• Source of funds information for certain transactions

These checks will become a standard legal requirement across many industries and services.

Importantly, businesses and professional advisers, including law firms, may not be able to provide some services if the required information is not supplied.

3. The laws are designed to target financial crime

AUSTRAC estimates more than $68 billion of crime-related money is laundered through Australia every year.

The reforms are designed to:

• Help prevent organised crime and fraud
• Reduce financial abuse and illegal activity
• Protect businesses and consumers
• Bring Australia in line with global AML standards

These laws are not aimed at everyday Australians doing the wrong thing.

They are designed to stop criminals from using legitimate businesses and professional services to move illegal money through the economy.

4. The checks apply to everyone

Under the new laws, firms like Hillhouse will need to understand who they are acting for and assess whether certain transactions or arrangements present higher risks.

For example, where companies or trusts are involved, firms may need to identify the individuals who ultimately own or control those structures.

This does not mean there is a problem with a client or transaction.

The law requires firms to apply consistent checks across their client base.

5. Hillhouse is preparing now to support clients

At Hillhouse Legal Partners, our team has been preparing for these reforms for some time to ensure we are ready to support our clients well before the changes commence.

Our focus is on making the process as practical, secure and straightforward as possible.

Hillhouse clients can expect:

• Clear communication about what is required
• Secure handling of personal information
• Streamlined systems and processes
• Support and guidance throughout the process

We understand these changes may raise questions for clients and businesses alike.

The Hillhouse team is here to help clients understand what the new obligations mean and how they may affect future transactions and engagements.

While the additional checks may feel like another layer of administration, they form part of a much broader effort to help protect Australia’s financial system and reduce financial crime.

For further guidance and information please visit www.austrac.gov.au.

If you have any questions please reach out to us at email@hillhouse.com.au