Lawyers get ready for AML/CTF reform
As the AML/CTF compliance deadline looms, lawyers in NSW have raped up their efforts to be ready for obligations that come with the reforms.
THE Law Society of NSW has joined the push to ensure members are ready for the July 1 AML/CTF deadline.
It has announced the 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 the 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 would 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 says 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.”
Mr MacSweeney acknowledged the role of Grant Thornton Australia in developing the Guide, which is available to all NSW solicitors, whether 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.
