AMLify's Audit Readiness Features for Law Firms

AMLify's law firm module includes built-in audit log, record-keeping, and programme review tools designed for AUSTRAC supervision readiness. Now that Tranche 2 has commenced (1 July 2026), Australian law firms face active AUSTRAC supervision — AMLify surfaces the evidence AUSTRAC typically requests in a structured, exportable format without any manual administration.

What does AUSTRAC supervision look like for law firms post-Tranche 2?

AUSTRAC's post-commencement supervision of Tranche 2 reporting entities typically begins with a questionnaire or desktop review. For law firms, AUSTRAC is likely to examine enrolment status, the written AML/CTF programme (Part A and Part B), the appointed AMLCO's documented authority, CDD records for recent designated service matters, and evidence of staff training completion. The common gap is documentation: a firm may have taken the right steps but cannot produce a coherent record of them.

How does AMLify's audit log help law firms respond to AUSTRAC?

AMLify maintains a timestamped, immutable audit log of every compliance action taken within the platform. Every CDD collection and verification event, every programme change and approval, every AMLCO decision, and every staff training completion is logged automatically. When AUSTRAC requests evidence, the firm exports a structured record set rather than assembling documents from email threads and file drawers. The audit log is retained for the full seven-year period required under the AML/CTF Act 2006.

What record-keeping tools does AMLify provide for law firms?

• CDD document vault — identity documents, verification results, and beneficial ownership maps stored against each client matter, searchable and retrievable on demand
• Programme document control — Part A and Part B version history with approval signatures and effective dates
• Staff training log — each staff member's name, training completed, and completion date; exportable as a formatted register for AUSTRAC review
• SMR record — a copy of every suspicious matter report lodged, with the facts and circumstances that triggered the suspicion, retained for seven years
• Ongoing monitoring register — re-screening records, risk tier changes, and monitoring alert disposals, all timestamped

How does AMLify support the ongoing programme review obligation?

The AML/CTF Act 2006 requires reporting entities to periodically review their AML/CTF programme to ensure it remains current and effective. AMLify prompts the AMLCO when a scheduled review falls due and tracks the review outcome — whether the programme was confirmed adequate or changes were required. Updated sections are versioned and re-approved in the platform, creating a documented record that the programme is live and actively maintained. AMLify also notifies users when AUSTRAC publishes new guidance relevant to legal practices, reducing the risk that the programme drifts out of alignment with current expectations.

How does AMLify's conveyancing CDD workflow function?

For each conveyancing matter, AMLify opens a structured CDD workflow: collect and verify the buyer's identity, map beneficial ownership if the buyer is a company or trust, run PEP and sanctions screening, and document the risk rating assigned to the matter. The workflow flags third-party payment instructions and last-minute account changes before settlement as monitoring alerts for the AMLCO to review. All CDD steps are timestamped and locked to the matter file — records cannot be edited without an audit trail entry. Explore the full module at AMLify for law firms.

Key Takeaways

• AMLify's audit log records every compliance action automatically — CDD, programme approvals, training, and SMRs — so law firms can respond to AUSTRAC without assembling documents manually
• Five record-keeping categories: CDD vault, programme document control, training log, SMR records, and ongoing monitoring register — all retained for seven years
• Programme review prompts ensure the firm's Part A and Part B remain current and documented as actively maintained
• Conveyancing CDD workflow structures each matter from identity collection through to settlement monitoring, with alerts for third-party payment changes
• Explore the full feature set at AMLify for law firms

Frequently Asked Questions

Q: What records does AUSTRAC typically request from law firms in a supervision review?

AUSTRAC typically requests the firm's written AML/CTF programme (Part A and Part B), evidence of AMLCO appointment, CDD records for a sample of designated service matters, staff training records, and any suspicious matter reports lodged in the review period. For conveyancing-heavy practices, AUSTRAC may also request beneficial ownership mapping records for entity clients.

Q: How long does AMLify retain compliance records for law firms?

AMLify retains all compliance records for the seven-year period required under the AML/CTF Act 2006. Records cannot be manually deleted before the retention period expires — the platform enforces the statutory minimum. Seven-year retention applies to CDD records (running from the end of the business relationship), transaction records, monitoring records, and SMR copies.

Q: Can law firms export their compliance records from AMLify for AUSTRAC?

Yes. Law firms can export the full audit log, CDD document sets, training records, and programme document history from the AMLify dashboard in structured formats. Exports are timestamped at the point of generation, providing a defensible record of what the firm's compliance position was at any given date. AUSTRAC reviewers can be provided with a formatted export rather than unstructured email archives.

This is general information only and not a substitute for legal advice.

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