5.3 Lawyers

Transcript

This add-on is for lawyers. Here's how AML/CTF applies to your practice. Designated services include helping with real estate and business sales, receiving or holding client money, and creating or restructuring companies and trusts. Litigation and general legal advice on their own are generally not covered. Watch for red flags: clients who avoid giving identity details, money passing through your trust account with no clear legal work, complex structures with no clear purpose, and unexplained urgency. Check AUSTRAC's legal sector guidance, including how legal professional privilege interacts with reporting. Then focus on lessons 2.3, 2.4 and 3.4. Quick recap. Property and business sales, client money and entity work can be designated services. Litigation and general advice on their own are generally not covered. Check AUSTRAC guidance on privilege and reporting. That's your industry add-on. Revisit any core lesson anytime.