AML Compliance Software for Lawyers

Visibl’s compliance platform provides law firms with a software solution to help automate and manage much of the daily work required for a well governed AML/CTF program. When you first set up an account with Visibl you’ll complete a risk questionnaire which is tailored towards law firms and the types of designated services legal teams offer that AUSTRAC now regulate. On completion this automates the creation of a tailored risk assessment and policy; two mandatory and cornerstone documents for any AML/CTF program. When the program is set up the Visibl software prompts you to invite team members, set up team roles and access, commence role-based training (also mandatory) and start verifying and risk profiling the customers. Inside Visibl is a full audit log of decisions and actions ensuring your program is always defensible with easy to access reports and risk registers. The workflows also guide users through ongoing monitoring, raising suspicious matters and internal escalations ensuring good governance and oversight of the program.

From 1 July 2026 AUSTRAC now regulates law firms under the AML/CTF regime. Regulation is largely around the types of services offered, including; the sale or transfer of property, receiving, holding or controlling client money, selling or transferring shelf companies, creating or restructuring a company or trusts, planning or executing a sale of a company, acting as a company director, secretary or principal place of business and conveyancing transactions. When any law firms offer these services they must now comply with the AML/CTF obligations and dedicated compliance software is a practical way to manage this.

Know-your-customer and know-your-business checks and processes for law firms means any firm offering the designated services now regulated under the AML/CTF Tranche2 regulation must now conduct KYC/KYB checks. Knowing your customer means more than simply verifying their identity, it involves conducting a more holistic risk profile. This involves screening against sanctions list, checking for connections to politically exposed persons (PEPs) and scanning for any adverse media. Collectively alongside verification checks this provides a complete risk picture and score. Visibl completes this checking against over 350 data sources completing checks in minutes. When verifying businesses law firms need to understand company structures, beneficial owners and run checks on directors and owners.

When verifying businesses and beneficial owners AUSTRAC requires law firms to both collect certain data and verify certain data. Law firms are required to collect all the information on a business as it is relevant to their clients. For example being clear on the entity type; is it a body corporate, partnership, trust, unincorporated association, government body or sole trader. From there firms will collect legal name, ABN/ACN, principal place of business, nature of business, relevant documents such as trust / shareholder deeds, partnership agreements and then signing representative, beneficial owners and executive decision makers. Know-your-customer verification then must be conducted for key individuals.