Anti-Money Laundering and Counter-Terrorism Financing Laws
From 1 July 2026, Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws apply to all Australian law firms and many other professional service providers. Consequently, Blackwattle IP comes under AUSTRAC regulation and must comply with relevant AML/CTF requirements.
The AML/CTF laws seek to protect against money laundering, terrorism financing, proliferation financing and other criminal activity. In particular, the AML/CTF laws impose obligations on legal services that present a higher risk of financial crime or money transfer.
What this means for our clients
Under the updated AML/CTF regime, if the scope of our engagement involves, or is expected to involve, the provision of a ‘designated service’, Blackwattle IP must collect and verify certain information about our clients in order to satisfy our customer due diligence requirements.
Privacy and Data Handling
All personal information you provide to Blackwattle IP is handled in accordance with:
- the Australian Privacy Act 1988 (Cth); and
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) regulatory requirements.
