Tranche 2 · Lawyers
AML compliance designed for legal practice
Law firms assisting with real estate transactions, buying/selling entities, managing client property/funds, or certain trust/company services are reporting entities. Designated services include assisting buy/sell/transfer of real estate or entities; receiving/holding/managing property in transactions; acting as trustee. Mixed practices should use both Legal and Conveyancing Starter Kits.
Need specialist support? Speak with our in-house team.
Am I captured?
Trigger is the service, not the practising certificate.
Designated services include:
- Assisting a client to buy, sell or transfer real estate
- Assisting a client to buy, sell or transfer a company or other entity
- Receiving, holding or managing property or funds in a transaction
- Acting as trustee, or providing certain trust and company services
Mixed practices should treat legal and conveyancing work separately if both are offered.
Your obligations
If you provide a designated service, you are a reporting entity. You must enrol with AUSTRAC, run a risk-based AML/CTF program, identify and monitor clients, keep records and report when the law requires it. For law firms that usually means property, entity and funds work on a file — not courtroom advocacy or general advice that never touches a designated service.
AUSTRAC enrolment
Enrol with AUSTRAC and keep the enrolment current — including nominating a Compliance Officer. Enrolment is how AUSTRAC knows you are a reporting entity and how it contacts you.
Risk assessment
Document how your firm could be used for money laundering or terrorism financing — clients, services, delivery channels and geography — and keep that assessment current as the practice changes.
AML/CTF program
Put in writing how the firm will meet its AML/CTF duties: who does what, how clients are identified, how higher-risk work is handled, how staff are trained and how you will check the program still works.
Customer due diligence
Identify the client (and beneficial owners where relevant), verify that identity, screen for PEPs, sanctions and adverse media, and apply extra checks when risk is higher. Repeat when circumstances change.
Reporting
Submit suspicious matter reports to AUSTRAC when you form a suspicion, and any other reports that apply to your services. Do not tip the client off that a report has been made or is being considered.
Record-keeping
Keep the program, risk assessment, identification records and transaction records for at least seven years so you can show AUSTRAC what you did and why.
This is a plain-English guide, not a determination of your status. If unsure, use the Am I in scope? guide or speak with us.
How Trancher helps
Sits alongside how legal work happens — not a banking-style process. Clear designated-service guidance, tailored program, efficient CDD, higher-risk/PEP handling, tipping-off-aware reporting and a full audit trail.
Risk assessment and AUSTRAC-aligned program builder
Client verification (KYC/KYB) with PEPs, sanctions and adverse media screening
Ongoing monitoring and risk scoring
Reporting support (SMRs)
Staff training modules
Audit-ready records and dashboard
Three clear paths
Choose the level of support that works for your firm — manage compliance yourself, add expert support when you need it, or have agreed activities managed for you.
Path 1
Self-managed
Run your AML program through Trancher using clear workflows and built-in guidance.
From $9.99 per week.
Path 2
Self-managed + expert support
Use the platform day to day and bring in our compliance specialists when you need help with set-up, risk assessment, program development, onboarding, training or first files.
Path 3
Fully managed by our experts
Ask our experienced compliance specialists to manage agreed AML compliance activities on your firm’s behalf.
Need specialist support? Speak with our in-house team.
How long does it take?
Most firms move from start to operational compliance within weeks.
Days 1–7
Enrolment and risk assessment underway
Days 8–21
Workflows live and team trained
Thereafter
Fully operational and audit-ready
Guides and articles for law firms
Questions from law firms
Am I captured?
Trigger is the service, not the practising certificate. Mixed practices should treat legal and conveyancing work separately if both are offered.
What are the deadlines?
[Answer needed — Tranche 2 commencement and enrolment timing]
What goes in the program?
[Answer needed — program content for a law firm]
What does CDD look like in practice?
[Answer needed — CDD in practice for law firms]
How is KYC/KYB charged?
Every verification check triggers one transaction. If you are identifying individuals within an entity (for example directors, beneficial owners or authorised persons), each individual check is a separate transaction and is charged accordingly.
Ready to simplify compliance?
Book a short overview or speak with our in-house specialists about the right path for your firm.