Frequently Asked Questions

We are making these changes to comply with the new AML/CTF laws. These new laws are intended to simplify and modernise Australia’s AML/CTF regime and align Australia’s regulations more closely with those found elsewhere in the world.

The reforms are being introduced in response to a government review that identified a list of services at risk of being used to support the financing of criminal activities. In order to close the potential gaps in our financial system, the reforms mean businesses that provide these particular services are going to be regulated and subject to additional obligations.

These newly regulated services (referred to as Designated Services), include (among others):

• Acting in the buying and selling of real estate

• Acting in the buying and selling of company shares resulting in a change of control of the company

• Receiving, holding or controlling client money

• Creating new companies (including shelf companies) or trusts

• Assisting in equity or debt financing

• Restructuring companies or company groups

• Arranging nominee directors, secretaries or shareholders of companies

Because we provide those services in Australia, we will be subject to these new regulations when providing those services.

The changes will primarily impact our client due diligence processes, including client onboarding and new matter opening.

Going forward, where we are providing you with a Designated Service, we may now be required to understand who your ultimate beneficial owner is. This includes:

We may also have to make enquiries to establish:

• If you, the ultimate beneficial owner or any person you are acting for or on behalf of is:

  • A politically exposed person (PEP), being someone who holds a prominent public position in a government body or international organisation (such as a government minister or member of parliament), or their family member or close friend

  • Subject to targeted or other financial sanctions

• The nature and purpose of the business relationship or occasional transaction

• The nature and source of funds being exchanged as part of a transaction

These new obligations will apply to:

• New clients who start with us on or after 1 July 2026 to whom we provide a Designated Service

• Existing clients where:

  • You open a new matter with us after 1 July that is a Designated Service.

  • There is a substantial change in the scope or nature of your matter or transaction involving a Designated Service (for example, a significant change in the source of funds for a transaction on which we are acting while the matter is ongoing).

The biggest change will be in relation to the type and amount of information you provide as part of our client onboarding and matter opening process.

As the type and amount of information you will need to provide will depend on the nature of your matter or transaction, we will let you know what information we need you to provide. However, we anticipate you might need to provide documents like:

• Government-issued forms of identification (such as a passport or driver’s licence) to assist with verification of identify (VOI) checks

• A copy of your company constitution

• A diagram of the structure of the corporate group (if applicable)

If you have ever opened a bank account in Australia, you might find the new process to be similar.

VOI checks can be conducted in person or with our specialist third-party provider, InfoTrack. InfoTrack operates an online identify verification platform that allows users to verify their identity securely and efficiently. In accordance with InfoTrack’s non-storage policy, all personal identity information is permanently deleted after 90 days.

The only clients for whom we will not utilise InfoTrack, and will conduct VOI checks directly, are clients who are private individuals and who do not have an Australian business number (ABN). In this case, we will be required to record the personal ID document number (e.g. passport or driver’s licence number) and retain that number for seven years. We will store this information in a specially designated area of our document management system with access restricted to approved personnel from our business intake team and internal Office of General Counsel. We will not be making or retaining a copy of the document itself.

In accordance with guidance issued by the Office of the Australian Information Commissioner, we will only be collecting personal information to the extent reasonably necessary to comply with our AML/CTF obligations.

Additionally, any personal information we obtain through our revised client onboarding and matter opening process will be handled, stored and retained in accordance with our privacy policies.

Many other countries already have in place AML/CTF obligations very similar to those being introduced in Australia. These countries include the UK, the countries of the EU, Canada and New Zealand. Because of this, we anticipate that many of our international and overseas-based clients will find these new processes familiar.

However, if you are from a jurisdiction that does not have similar laws in place already, we understand that this might be a big change for you. We would invite you to make a time to discuss with us any concerns you may have.