Company News
Anti-Money Laundering
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Managing financial crime risks
From 1 July 2026, Australia’s new anti-money laundering (AML) and counterterrorism financing (CTF) laws apply to certain legal services. As a result, Oakley
Thompson & Co comes under AUSTRAC regulation and must comply with all
applicable AML/CTF requirements.
Legal services subject to AML/CTF laws
Some legal services carry a higher risk of financial crime or involve the movement of
funds. When we provide these services, the AML/CTF laws require us to take
additional steps to meet our legal obligations. These services typically include:
• assisting with buying or selling property
• handling client money or assets (including through trust accounts)
• setting up or managing companies, trusts, or other structures
• assisting with significant business or commercial transactions.
What this means for our clients
Before we can provide certain legal services, we are required to verify your identity
and complete client due diligence checks. In accordance with the AML/CTF laws we
may need to:
• request additional documentation
• verify identities of clients and key associated people
• verify whether you are a politically exposed person (PEP), as required
under Australian law
• understand business activities, ownership structures and verify the beneficial
ownership of our clients
• confirm the source of funds for certain transactions and clients.
Your privacy is protected
We are committed to minimising disruption to you and your business. Our approach
is to only request information where required.
We collect, use, and store personal information in accordance with applicable
privacy laws. For more information, please refer to our Privacy Policy.
Our commitment
Thank you for your cooperation as we implement these new requirements. We
remain committed to providing you a seamless and professional service while
meeting Australia’s evolving regulatory requirements and helping protect our clients,
our firm, and the wider community.
