NSW lawyers get help for AML/CTF rollout
Law Society publishes special guide to assist lawyers in implementing the necessary changes ahead of July 1.
THE Law Society of NSW has joined the push to ensure members are ready for the July 1 AML/CTF deadline.
It has announced publication of an AML/CTF Implementation Guide especially designed for sole practitioners and small practices.
Further guidance for medium and larger firms will be published in coming weeks.
This first guide, released on April 16, aims to provide practical assistance in navigating AUSTRAC’s legal profession starter kits.
Law Society of NSW President Ronan MacSweeney said the Guide will help small firms develop a program suited to the realities of their legal practice.
“The question is not whether to act but where to begin,” he said in the Guide’s foreword.
“The AUSTRAC program starter kits provide a practical foundation for compliance but the Law Society recognises that translating this guidance into an AML/CTF program for an individual practice is still a significant undertaking.
“This Implementation Guide has been developed to help ease that task.”
MacSweeney acknowledged the role of Grant Thornton Australia in developing the Guide, which is available to all NSW solicitors whether or not they are members of the Law Society.
The Society warns that copyright in the document is owned by Grant Thornton and it is intended solely for use by NSW solicitors.
