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Identity Verification for Australian Law Firms

AUSTRAC Tranche 2 is here. Verify client identities before property transactions, trust formations and client funds management.

Law firms now regulated under Tranche 2

Maximum AUSTRAC penalty per breach

CDD record retention required

SMR deadline for terrorism financing

Your Obligations

Which Legal Services Trigger Verification?

Law firms must verify client identities before providing these designated services under Tranche 2:

✓
Property transactions
Acting in the purchase, sale or transfer of real estate on behalf of a client.
✓
Managing client funds
Receiving, holding or managing client money, securities or other property.
✓
Company and trust formation
Creating, structuring or restructuring body corporates or legal arrangements.
✓
Business sales and acquisitions
Assisting with the purchase, sale or transfer of a business or controlling interest.
✓
Acting as nominee or director
Acting as director, trustee, partner or nominee shareholder on behalf of a client.

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