Australia has introduced new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) reforms to help prevent financial crime, protect businesses and strengthen the integrity of financial and professional services. These reforms are commonly referred to as the “Tranche 2” reforms.
As a law firm, Argon Law will be required to verify the identity of clients before providing certain legal services. This means we may ask you to provide additional information or complete an identity verification process when opening a new matter.
The reforms extend AML/CTF obligations to professions such as lawyers, conveyancers, real estate professionals and accountants. The aim is to reduce the risk of money laundering, terrorism financing and other financial crime in Australia.
These requirements apply across the industry and are not unique to Argon Law.
Depending on the type of matter, we may need to collect and verify information such as:
These checks are a standard legal requirement. They are not a reflection on you, your business or your transaction.
To make the process as simple and secure as possible, we use InfoTrack’s secure identity verification platform.
You may receive a link by email or SMS allowing you to complete your verification electronically. In most cases, the process can be completed online using your identification documents and a smartphone or computer.
You can do this remotely on your own computer/smartphone/tablet. or we can guide you through the process in person in our offices.
If you need assistance, our team is available to help.
Your information will only be used to meet legal AML/CTF compliance obligations. This may include:
Your information will not be used for marketing purposes and will not be sold or shared except where required by law for AML/CTF compliance.
Under AML/CTF legislation, identification and verification records must be retained for seven years.
Information collected through the verification process is securely stored for the required retention period and then deleted in accordance with legal requirements.
Yes.
The InfoTrack platform uses ISO 27001-certified security controls, which are recognised internationally as best-practice standards for information security and risk management. These controls support:
Your privacy and the security of your information remain a priority throughout the verification process.
The new laws require law firms to verify a client’s identity before providing certain legal services. If the required verification cannot be completed, we may be unable to commence or continue acting in some matters.
We will always explain what is required and work with you to make the process as straightforward as possible.
If you have any questions about our identity verification process or the new AML/CTF requirements, please contact our team.
We are here to help and will guide you through the process.
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