Helping Australian law firms prepare for 1 July
Momentum continues to build as the 1 July commencement of Tranche 2 approaches. This month brings several key events designed to help firms accelerate their readiness as AUSTRAC CEO, Brendan Thomas, opens direct lines of communication with the industry to answer your biggest questions.
If you still need your AML preparation to gain traction internally, the first two items in this month’s update are your “Do Today” tasks.
AUSTRAC CEO Brendan Thomas joins ALPMA’s March webinar
Brendan Thomas will join ALPMA’s upcoming webinar, Preparing for Tranche 2: What Law Firms Need to Know About the New AML/CTF Reforms, alongside Bion Behdin, Co-Founder of FirstAML, and moderated by Emma Elliott, CEO, ALPMA.
This session will unpack the why, what and how of the reforms — from understanding the purpose behind Australia’s expansion of AML/CTF regulation to the practical steps law firms should take now to ensure compliance.
- Clarity on new obligations
- Confidence in applying LPP and reporting duties
- Practical compliance pathways
- Technology and efficiency insights
Free registration for ALPMA Members and Corporate Subscriber firms.
Webinar recording: ALPMA CEO joins AUSTRAC CEO Brendan Thomas
This session features Ray Martin in conversation with AUSTRAC CEO Brendan Thomas and industry leaders Emma Elliott (ALPMA) and Brook Durling (AICWA), discussing:
- What AUSTRAC expects from law firms between now and July
- How the regulator is supporting the profession
- Common misconceptions about Tranche 2
- Practical advice for firms starting late or struggling with resourcing
This recording is an excellent primer for partners, practice managers, and compliance leads seeking clarity directly from the regulator.
Struggling for buy-in? Send this video to your Partners.
Some of our members say this is one of the best sessions about AML they’ve seen yet!
New message to the legal profession from AUSTRAC CEO
Complementing his appearances in industry-driven events, Brendan Thomas has also released a new public message to barristers and solicitors, reinforcing:
- The importance of early preparation
- AUSTRAC’s expectations for legal practices
- The regulator’s focus on education during the transition period
WA AML/CTF Countdown Conference almost sold out
The Law Society of Western Australia’s AML/CTF Countdown Conference is close to capacity.
This full‑day program focuses on practical implementation for WA firms, including risk assessment, CDD, reporting obligations, and technology adoption. Firms in Western Australia are encouraged to secure remaining places as soon as possible.
New demos from the February Legal Solutions Showcase
Recordings from ALPMA’s February Legal Solutions Showcase are now available on demand.
Most participating providers highlighted new or expanded AML/CTF features, including:
– CDD automation
– ID verification and workflow integrations
– Matter‑level risk assessment tools
– Reporting and audit‑trail capabilities
These demos offer practical insight into how technology can support compliance and reduce manual workload.
2026 AML/CTF Tranche 2 Readiness Report now available
In January 2026, we held a snap survey of 108 law firm participants to assess the sector’s preparedness for upcoming anti-money laundering and counter-terrorism financing (AML/CTF) reforms, focusing on confidence, readiness, leadership allocation, and key concerns.
- 57% of firms are very confident they understand their reporting obligations, but only 24% are very confident they could meet AML/CTF obligations by the commencement date.
- 41% are just starting, 40% are partially ready, and only 13% are mostly ready.
- 43% have assigned responsibility to a practice/general manager, while 20% have a dedicated compliance officer. Notably, 12% have not yet allocated responsibility.
- In relation to Journey Stage, over half (56%) are in early planning, 25% in the design phase, and only 3% in implementation. No firms report being fully embedded.
- Many firms are seeking external support, especially technology vendors (70%) and training providers (50%).
The legal sector is in the early stages of AML/CTF Tranche 2 readiness, with most firms still planning or designing their approach. Leadership allocation and confidence vary by firm size, and resource constraints are a major concern. There is strong demand for practical guidance, technology solutions, and training as the sector prepares for regulatory changes.
Featured Resource: How to hire an AML Compliance Officer (AMLCO)
Many Australian firms are facing the need to hire someone to lead their AML compliance program, known as the AML Compliance Officer (AMLCO). This vital role will be responsible for protecting your
firm from regulatory breaches, suspicious clients and reputational damage.
But here’s the challenge: few in your industry have done this role before, at least not under legal obligation. That means you won’t find a perfect CV. You need someone with the right judgement, transferable experience and the confidence to build from scratch.
Developed by First AML, this comprehensive paper outlines exactly what an AMLCO does, things to consider in the hiring process, template job description and interview questions.
Monthly Q&A sessions scheduled for 2026
To support firms through the transition, our live Q&A sessions are continuing between now and July. These candid, unrecorded sessions are designed to give members direct access to experts, provide space for scenario‑based questions, and help firms benchmark their progress.
Sessions are driven by attendee questions, but could cover:
- Interpreting AUSTRAC’s starter kit
- Building your AML/CTF Program
- Client onboarding and CDD workflows
- Managing privilege, confidentiality, and reporting obligations
- Technology and automation options for compliance
🎟️ Register: 17 March | 21 April | 19 May | 16 June
All sessions are held 11 – 11:45am Sydney/Melbourne time
What to expect in next month’s update
ALPMA will continue to provide monthly updates through to July to ensure firms have the information, tools, and support they need to meet their obligations with confidence.
