In 2026, changes to AML compliance requirements in Australia will significantly change the way many firms operate, in particular, during client on-boarding processes.
There is a lot to learn about AML compliance and how to implement the right procedural changes for your firm. We strongly recommend starting now and taking advantage of ALPMA’s comprehensive AML Learning & Development program in 2025, established in partnership with First AML.
This date is the finish line. Law firms need to be fully compliant by 1 July 2026.
Client intake processes will need to change, and in most cases legal work cannot start until AML is completed.
Firms will need to assess and manage money laundering risks based on their clients, services and transactions rather than applying a one-size-fits-all approach.
Firms must verify client identities, assess risk levels and continuously monitor for suspicious activity.
Firms will need to implement AML policies, appoint a compliance officer, and train staff to meet regulatory requirements.
6 May 2025
First AML approaches AML from the perspective of not only a technology provider, but also from the lens of compliance professionals.
Prior to releasing Source, First AML’s end-to-end platform, we processed over 2,000,000 AML cases ourselves. Understanding the acute problem that faces firms these days as they try to scale their own AML, is in our DNA. That’s why Source now powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Source stands out as a leading solution for organisations with complex or international onboarding needs. It provides streamlined collaboration and ensures uniformity in all AML practices.
Milan Cooper is the co-founder and CEO of First AML. He founded the company in 2017 alongside Bion Behdin and Chris Caigou as New Zealand’s first phase of AML regulations placed increasing compliance demands on businesses. With a background in management consulting at Bain & Company, Milan saw an opportunity to simplify AML compliance, helping firms reduce paperwork and stay compliant with minimal effort.
Bion Behdin is the co-founder and Chief Revenue Officer of First AML, launching the company in 2017 alongside Milan Cooper and Chris Caigou. The trio identified a gap in AML compliance while working as corporate bankers, following the introduction of New Zealand’s first AML regulations for banks in 2013. Bion’s expertise spans industries and geographies, making him a leading voice in regtech and AML compliance across the globe.
Alpha AML Training helps law firms upskill their staff on AML/CTF obligations with engaging, Australia-specific online courses. Designed for legal professionals, our training references AUSTRAC guidance and is clear, practical, and easy to roll out. With thousands of professionals trained and great user reviews, our dedicated platform simplifies user management while keeping staff training records stored.
One AML provides expert-led AML compliance consulting, combining deep regulatory knowledge with a practical approach. As AML consulting specialists, the firm has worked with businesses across Australasia and the United Kingdom to develop robust compliance policy frameworks, conduct independent evaluations and audits, and deliver tailored risk assessments. One AML focuses on providing clear, effective, and compliant AML policy frameworks that help businesses meet regulatory obligations without unnecessary complexity.
Produced with the expertise of First AML, this 8 part article series tells you what you need to know about the upcoming AML regulations.
Part 1: Money and matters: A lawyer’s guide to navigating Tranche 2
Part 2: The global landscape of AML and why it’s coming to Australia
Part 3: Law Council of Australia (LCA) submission and other perspectives.
Part 4: Staying compliant: Setting up a robust AML programme for your law firm.
Part 6: Get the basics right: Risk assessments in law firms.
Part 7: Get the basics right. CDD in law firms.
Part 8: Get the basics right. Understanding Ultimate Beneficial Owners (UBOs)
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