AML regulation of accountants and lawyers
Published Date: 16 Mar 2026
The “tranche 2” reforms to Australia’s antimoney laundering and counter terrorism financing regime will extend to a new range of businesses and services, including accountants and lawyers. The legislation takes effect on 31 March 2026, with newly regulated entities commencing compliance from 1 July 2026. This article considers the disciplines of accounting and law within the context of the forthcoming AML/CTF regulation. First, it introduces readers to the concept of AML/CTF regulation in Australia, including the justification for the regulation of professionals, namely, accountants and lawyers. Next, it contrasts the two professions generally. The discussion then turns to lawyers’ status as officers of the court and the resulting tension created by co-regulation. Finally, the article analyses some practical aspects of the availability of legal professional privilege and its administration.
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- Published By: Matthew Leighton-Daly
- Published On:16 Mar 2026
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