The Department of Internal Affairs anticipates that a further 6,000 businesses will be required to meet AML/CFT obligations as phase 2 of the legislation is progressively phased in over the next 18 months.

Lawyers and conveyancers are the first of the new sectors to be covered by phase 2, by 1 July 2018.

In its latest AML/CFT newsletter, the department says industry-specific guidance for lawyers and conveyancers will be published by the end of 2017.

"A Sector Risk Assessment for all phase 2 sectors will be released around the same time to help these new reporting entities prepare their AML/CFT compliance programmes," it says.

"All of these resources will be available through our website. The department will also be leading roadshows throughout the country in 2018 as guidance for each sector is released, with the first series for lawyers and conveyancers taking place in about February-March next year."