AML/CTF information

AML/CTF means anti-money laundering and counter-terrorism financing. The laws are intended to reduce the risk of businesses and professional services being misused to facilitate financial crime. From 1 July 2026, Australia’s AML/CTF regime was extended to certain services provided by lawyers and is administered by AUSTRAC.

A designated service is the legal term for a type of service covered by the AML/CTF laws. Whether the requirements apply depends on the work Cream Legal is asked to perform, not simply the name given to the matter or transaction. Not every legal matter involves a designated service, and a matter may include both designated and non-designated work.

Some of the services that may be covered include:

• certain real estate transactions;
• buying, selling or transferring a company or legal arrangement;
• forming or restructuring a company or trust;
• certain business financing arrangements; and
• receiving, holding, controlling or managing money or other property as part of a covered transaction.

An ordinary sale of business assets is not automatically a designated service merely because it is described as a “business sale”, although particular components of the transaction may be covered.

1. We determine whether the requirements apply.
2. You provide the relevant information and documents.
3. We complete the required checks.
4. We let you know if anything further is needed.

The information required will depend on whether the client is an individual, company, trust or another type of entity.

For an individual, this may include the person’s full name, date of birth, residential address and appropriate identity documents.

For a company or trust, this may include an ACN or ABN, company extract, trust deed, details of directors, trustees or authorised representatives, and information about the individuals who ultimately own or control the entity.

Cream Legal will explain which information is required in your circumstances.

Depending on the client and matter, Cream Legal may need to identify the individuals who ultimately own or control a company, trust or other entity.

Source of funds means where the money for a particular transaction is coming from. Source of wealth means how a person accumulated their overall financial position.

These questions are not required in every matter, and being asked to provide this information does not necessarily mean that Cream Legal considers you or your transaction suspicious.

A politically exposed person, or PEP, is someone who holds a prominent public position, or who is closely connected to someone who does. Being a PEP does not mean that a person has done anything wrong, but it may mean that additional consideration is required.

Sanctions checks identify whether a person or entity is subject to restrictions imposed under applicable sanctions laws.

They are related but separate requirements. AML/CTF checks help Cream Legal meet its customer due diligence obligations. Verification of Identity, or VOI, is conducted for certain land registry or electronic conveyancing requirements. The same verification process may sometimes support both requirements, but one does not automatically replace the other.

Most clients should be able to complete identity verification remotely through a secure electronic process. Depending on the circumstances, additional documents or another form of verification may be required.

An external provider charge may apply for identity, AML/CTF or Verification of Identity checks. Cream Legal will tell you before the check is arranged. The charge may be included as a disbursement in your costs agreement.

Information collected for identity and AML/CTF purposes will be handled in accordance with Cream Legal’s privacy policy and applicable law. It may be provided to secure external verification providers or government authorities where permitted or required by law.