AML/CTF information

AML/CTF stands for anti-money laundering and counter-terrorism financing. These 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 Australian Transaction Reports and Analysis Centre (AUSTRAC).

A designated service is a service listed in section 6 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth). Designated services are regulated under the AML/CTF Act because they have been identified as posing a risk for money laundering, terrorism financing and proliferation financing. If a legal practice provides one or more designated services geographically linked to Australia, it becomes a reporting entity. Reporting entities must meet their obligations under the AML/CTF Act.

• assisting in the planning or execution of a transaction to sell, buy or transfer real estate
• assisting in the planning or execution of a transaction to sell, buy or transfer a body corporate or legal arrangement
• receiving, holding, controlling or managing a person’s property to help in the planning or execution of a transaction
• assisting in organising, planning, or executing a transaction for equity or debt financing relating to a body corporate or legal arrangement
• selling or transferring a shelf company
• assisting in the planning or execution of the creation or restructuring a body corporate or legal arrangement
• acting, or arranging for someone to act on behalf of a person in particular positions in a body corporate or legal arrangement
• providing a registered office address or principal place of business address of a body corporate or legal arrangement

Whether the AML/CTF requirements apply will depend on the work Cream Legal is engaged to complete. Not every legal matter involves a designated service, and a matter may include both designated and non-designated work.

1. We discuss your matter with you and agree the scope of the legal services Cream Legal will provide. Cream Legal then determines whether any part of those services is a designated service under the AML/CTF laws.
2. If you engage Cream Legal to provide a designated service, even if it forms only part of your matter, you will need to provide the information and documents required for Cream Legal to meet its AML/CTF obligations.
3. Cream Legal will arrange for the required identification, verification and other AML/CTF checks to be completed.
4. Cream Legal will tell you if further information or ongoing checks are required. The required initial checks must be completed before Cream Legal can begin providing the designated service.

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. Cream Legal may also need information about the source of funds being used for a transaction and, in some circumstances, the source of wealth of the client or relevant individuals. 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.

Cream Legal will also determine whether relevant persons are politically exposed persons (PEPs), and whether relevant persons or entities are subject to targeted financial sanctions. A 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 checks are required. A person or entity may be subject to targeted financial sanctions where restrictions have been imposed under Australian sanctions laws. These restrictions can prevent assets being made available to them and restrict dealings with assets they own or control.

These are separate requirements. AML/CTF checks help Cream Legal meet its customer due diligence obligations under AML/CTF legislation. Verification of identity (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.

Where checks are required, Cream Legal may engage a specialist provider to conduct them. The provider’s fee will be disclosed and charged to you as a disbursement. Completion of the check, including payment of the provider's fee, must be attended to before we can commence or continue providing you with the relevant service.

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.

Information collected for identity and AML/CTF purposes will be handled in accordance with Cream Legal’s privacy policy.