Conveyancing: What You Need To Know

These new requirements for solicitors include:

 

• Collecting and verifying detailed personal information,

• Conducting ongoing client due diligence,

• Reporting certain matters to AUSTRAC

and

• Maintaining records in ways that may affect the traditional confidentiality of the solicitor–client relationship.

 

As stated above, because of the substantial impact these obligations have on client privacy and confidentiality, and because the legislation is still in its early implementation phase, I have made the professional decision to temporarily suspend all conveyancing work that falls within the “captured” categories of the AML/CTF regime.

 

This suspension is not permanent. It is a protective measure to ensure that:

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• I can fully assess the new requirements,

• I can implement compliant systems,

• I can understand the practical effect on client confidentiality, and

• I can preserve my ability to keep client matters entirely confidential unless and until the law requires otherwise.​

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My priority is, and always has been, the protection of my clients’ privacy, legal rights, and personal information. Until I can guarantee that conveyancing work can be carried out in a way that meets both the new legislative requirements and my professional standards for confidentiality, I will not be accepting new matters that fall within the AML/CTF captured activities.

 

I will continue to provide all other legal services unaffected by the reforms.

 

If you have questions about how the AML/CTF changes may affect your matter, or if you require assistance determining whether your transaction is captured under the new regime, please feel free to contact me.