http://www.cleardocs.com/clearlaw/professional-adviser-related/index.html ClearLaw articles How-the-AUSTRAC-process-applies-to-lawyers <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: '233403a7-253e-40cb-946a-85e9b3cbf2b7' })"> </script> <p></p> <p>From 1 July 2026, certain legal services will be regulated under Australia’s Anti‑Money Laundering and Counter‑Terrorism Financing (<strong>AML/CTF</strong>) regime. These reforms which introduce newly captured “reporting entities” — known as “Tranche 2 entities” — are administered by AUSTRAC and will introduce new compliance obligations for law firms that provide designated services.</p> <p>This article explains when lawyers are captured as Tranche 2 entities and what the AML/CTF obligations look like in practice — in simple, practical terms</p> Thu, 25 Jun 2026 01:57:38 GMT Cleardocs Team 1333 What-the-AUSTRAC-changes-mean-for-accountants <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: '8c1c9b0a-6744-4a77-a5ca-9f903e8724a8' })"> </script> <p></p> <p>From 1 July 2026, certain services commonly provided by accountants will be regulated under Australia’s Anti‑Money Laundering and Counter‑Terrorism Financing (<strong>AML/CTF</strong>) regime for the first time. These changes —which apply to ‘Tranche 2’ entities — are administered by Australia's AML/CTF regulator AUSTRAC and will introduce new compliance obligations for accountants that provide designated services.  </p> <p>This article explains when accountants are captured as Tranche 2 entities and what the AML/CTF obligations look like in practice — in simple, practical terms.</p> Thu, 25 Jun 2026 01:57:35 GMT Cleardocs Team 1332 Nominating-a-purchaser-into-a-contract-of-sale-can-have-adverse-Victorian-stamp-duty-consequences <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: 'be9779cd-6839-4437-bc63-6459663276b5' })"> </script> <p></p> <p>This article covers unintended ‘double’ stamp duty consequences which may arise when nominating a new purchaser into a contract of sale to acquire Victorian land.  The article includes:</p> <ul> <li>what it means to ‘nominate’ a purchaser;</li> <li>practical guidance of when double stamp duty could be payable; and</li> <li>tips for purchasers and advisors to reduce exposure to double duty risks.</li> </ul> Thu, 28 May 2026 03:38:30 GMT Jack Leeds, Maddocks Lawyers 1301 How-to-Prepare-for-KYC-A-Practical-Guide-for-Cleardocs-Customers <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: 'c45973ac-f8ca-4dc9-9239-086f34a5a429' })"> </script> <p></p> <p>With upcoming changes under the AML/CTF Tranche 2 reforms, Know Your Client (KYC) requirements will soon become a key part of how you work with Cleardocs.</p> <p>While Cleardocs itself is <span style="font-weight: bold;">not classified as a designated service</span>, new compliance obligations mean that KYC will be required when creating and managing entities such as companies, trusts, and SMSFs.</p> <p>Here’s what you need to know—and how to prepare.</p> Thu, 28 May 2026 03:32:51 GMT Cleardocs Team 1299 Updates-to-AML-CTF-Rules-New-requirements-for-AML-CTF-regime <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: '1902f0d2-f981-4af8-8964-b487522cac1a' })"> </script> <p></p> <p><em>Australia’s anti</em><em>‑money laundering and counter</em><em>‑terrorism financing (<strong>AML/CTF</strong>) regime is moving into a new phase. In 2024 and 2025, Parliament passed major changes to the AML/CTF laws, which set up a new framework for how the regime will operate. The ‘Tranche 2’ reforms, which expand the range of services and types of organisations captured by AML/CTF obligations, will commence from 1 July 2026.<a href="#_ftn1" name="_ftnref1">[1]</a></em></p> <p><em>Supporting the legislative changes introduced by the new AML/CTF regime, AUSTRAC issued new Rules<a href="#_ftn2" name="_ftnref2">[2]</a> which were tabled in Parliament in August 2025. Shortly before the Rules were due to take full effect on 31 March 2026, AUSTRAC made further changes to address minor issues, improve the effectiveness of the Rules, and simplify compliance obligations – particularly for corporate groups.<a href="#_ftn3" name="_ftnref3">[3]</a></em></p> <p><em>This article provides an overview of the key changes introduced by the amendments to the Rules that reporting entities should be aware of to ensure compliance with the new AML/CTF regime. </em></p> <p> </p> Wed, 29 Apr 2026 09:51:23 GMT Gabriella Valadon, Maddocks Lawyers 1236 AML-CTF-Tranche-2-The-Legislation-Behind-the-Reforms <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: '315d81ca-5c15-4d56-8624-93dea5e5a8cd' })"> </script> <br></br> <p>Australia’s Anti-Money Laundering and Counter-Terrorism Financing (<strong>AML/CTF</strong>) Tranche 2 reforms are not policy ideas or guidance notes — they are grounded in formal legislation passed by Parliament and supported by binding rules and detailed government analysis. If you’re looking for the “why”, the legal authority, and the policy reasoning behind the changes, it starts with one key law.</p> Wed, 29 Apr 2026 09:51:18 GMT Cleardocs Team 1235 AML-CTF-reforms-for-Tranche-2-entities-what-accountants-and-lawyers-must-be-ready-for <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: '48150011-0d67-415d-a1ea-4c5928a64e7d' })"> </script> <p></p> <p>From 1 July 2026, Australia’s anti-money laundering and counter terrorism financing (<strong>AML/CTF</strong>) laws will change.<a href="#_ftn1" name="_ftnref1">[1]</a> For many accountants and lawyers, the impact will be significant.</p> <p>Under the AML/CTF reforms, a range of professional services that were previously outside the regime will become regulated by AUSTRAC<a href="#_ftn2" name="_ftnref2">[2]</a>. If your firm helps clients set up companies or trusts, manages client money, or assists with certain transactions, you may soon have formal AML/CTF obligations for the first time.</p> <p>This article explains what's changing, who is in scope, and why now is the right time to start preparing.</p Wed, 29 Apr 2026 09:50:00 GMT Cleardocs Team 1266 Directors-Duties-in-Focus-Practical-Insights-from-ASIC-and-the-Federal-Court <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: '091e64c7-5528-46cd-b427-b7d73ce74a46' })"> </script> <p></p> <p>Australia’s directors’ duties are back in focus following a recent Federal Court decision concerning the directors of Star Entertainment Group Limited (<strong>Star</strong>). <a href="#_ftn1" name="_ftnref1">[1]</a></p> <p>The case highlights that while the role of directors is becoming more complex — driven by technology and higher regulatory expectations — meeting directors’ duties is still achievable and remains critical to strong, compliant organisations.</p> <p>This article explains the practical implications of the case, including how directors can improve the way board information is managed, use artificial intelligence (<strong>AI</strong>) tools appropriately, and take practical steps to continue meeting their core duties in an increasingly complex regulatory environment.</p> Tue, 24 Mar 2026 04:24:15 GMT Jasmine Joyce, Maddocks Lawyers 1202 Crypto-Crackdown-ASICs-14m-Win-Against-Qoin-Sets-New-Regulatory-Benchmark <script async defer src="https://proxy.beyondwords.io/npm/@beyondwords/player@latest/dist/umd.js" onload="new BeyondWords.Player({ target: this, projectId: 53799, contentId: '4dd6851a-1309-425a-9c74-35d75ff9fa24' })"> </script> <p></p> <p>The Australian Securities and Investments Commission (<strong>ASIC</strong>) has secured a landmark win in its regulatory oversight of the crypto sector, with a recent decision<a href="#_ftn1" name="_ftnref1">[1]</a> in the Federal Court (<strong>Court</strong>) ordering BPS Financial Pty Ltd (<strong>BPS</strong>) to pay $14 million in penalties over its promotion and operation of the Qoin Wallet.</p> <p>The Court found that BPS operated without an Australian Financial Services Licence (<strong>AFSL</strong>) and made misleading statements about the usability and regulatory status of its Qoin product.</p> <p>The decision confirms that crypto products can fall within the scope of existing financial services laws and shows that ASIC intends to hold digital asset providers to the same standards as traditional financial services businesses.</p> <p>This article outlines the key findings of the case, ASIC’s enforcement approach, and what crypto businesses should do to stay compliant in an increasingly regulated environment.</p> Wed, 25 Feb 2026 23:58:15 GMT Cooper Smith, Maddocks Lawyers 1169 Advice-Matters-ASIC-targets-SMSF-auditors-amid-rising-compliance-failures <p>ASIC has increased its focus on SMSF auditors after identifying significant problems with audit quality. In a recent update, ASIC said it had taken action against 28 SMSF auditors in the first half of the 2025–26 financial year. <a href="#_ftn1" name="_ftnref1">[1]</a> The breaches by SMSF auditors included not following auditing standards, losing independence, not keeping up with required training, and not responding to ASIC’s requests.</p> <p>The actions taken by ASIC included banning auditors, cancelling auditor registrations, and adding new conditions to some registrations. These actions highlight ASIC’s continued focus on lifting standards across the SMSF sector.</p> <p>This article outlines ASIC’s recent actions to address growing problems with SMSF audit quality, the main types of breaches ASIC found, and why these issues matter for trustees and the wider superannuation system. It also outlines what good SMSF audit practice looks like and highlights the key takeaways that SMSF trustees and auditors should keep in mind</p> Wed, 25 Feb 2026 23:58:11 GMT Nick Brewin, Maddocks Lawyers 1168