How do I choose compliance software for my business in Australia?
Visibl
Key Facts:- Businesses subject to Australia's Tranche 2 AML/CTF obligations should choose software that covers their entire compliance programme — including risk assessment, policy documentation, customer due diligence, suspicious matter reporting, staff training, and record keeping — rather than identity verification alone.
- Identity checks are only one element of customer due diligence; research cited in the article found that over 40% of businesses surveyed were failing to complete at least one other required check, such as sanctions screening, PEP screening, or beneficial ownership verification.
- AUSTRAC has warned against over-reliance on third-party AML/CTF solutions, emphasising that businesses remain accountable for their own compliance even when using software or outsourcing tasks, and that providers should be transparent about the limitations of their products.
- The true cost of AML compliance software should be assessed by combining the platform or subscription fee, per-check costs multiplied by expected monthly volumes, and any additional charges for setup, enhanced due diligence, specialist support, or data export.
- Before signing with any provider, businesses should ask what the software does not cover, whether access to qualified AML specialists is included, and how the platform handles complex customers such as companies, trusts, and beneficial owners.
How do I choose anti-money laundering compliance software for my business in Australia?
Choose software that supports your whole anti-money laundering / counter terrorism financing (AML/CTF) program, not just identity checks. It should help you build and update your risk assessment and policy, check and risk-rate customers, report suspicious matters, keep records, train your team, and give you access to real experts, where you need support. It should also have a whole-of-program cost you can predict.
By Kaan Yuksel, Founder and Managing Director, Visibl
If you're a real estate agent, buyers agent, accountant, lawyer, conveyancer or other provider of designated services, you probably never expected to be shopping for anti-money laundering software. Since Tranche 2 obligations started on 1 July 2026, many of you are. And the options can feel overwhelming: every provider says they're simple, all-in-one and built for Australia.
I built Visibl because I saw how hard this regime is for small businesses. So this guide is deliberately neutral. It's the set of questions I'd want any business owner to ask, whichever provider they choose.
What does AML/CTF software actually need to do?
Good software should map to the obligations AUSTRAC sets out for Tranche 2 businesses (AUSTRAC Tranche 2 obligations factsheet). In plain terms, it should help you:
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Understand your risk. Build an ML/TF risk assessment tailored to your services, customers, delivery channels and the countries you deal with, and update it when your business changes (AUSTRAC: develop your AML/CTF program).
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Turn that risk into a policy your team follows. Your policy and controls should link back to your risk assessment and show up in everyday tasks, not sit in a folder.
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Know your customer. Verify individuals, and for companies, trusts and partnerships, confirm the entity and its beneficial owners. Screen for sanctions, negative media and politically exposed persons (PEPs), then risk-rate the customer (AUSTRAC: customer due diligence; ownership and control structures; PEPs).
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Handle higher-risk customers properly. Record enhanced due diligence, such as source of funds and source of wealth, with senior manager approval where needed.
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Keep watching. Support ongoing customer due diligence, so a change in a customer's circumstances or behaviour gets noticed (AUSTRAC: ongoing CDD).
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Report when something doesn't sit right. Give your compliance officer a secure, confidential way to look into concerns and lodge suspicious matter reports, without tipping anyone off (AUSTRAC: SMR obligations).
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Train and check your people. Role-based training with completion records, and personnel due diligence for staff in AML/CTF roles (AUSTRAC: personnel due diligence and training).
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Prove it. Keep records and a full audit trail, so you can show AUSTRAC what you did and why (AUSTRAC: record keeping).
Is an ID check the same as AML compliance?
No, and this is the most common trap. In Visibl's Australia's AML Readiness Report 2026, 75.4% of businesses surveyed believed their identity verification checks alone satisfied their AML obligations. Of that group, more than half weren't consistently completing at least one other required check, such as sanctions and PEP screening or beneficial ownership verification. That's 42.6% of everyone surveyed.
Verifying identity matters. It's the first step of customer due diligence. But it's only one step. If a tool only checks IDs, you'll need other systems, or a lot of manual work, to cover the rest of your program.
What does AUSTRAC expect from AML software providers?
AUSTRAC has started talking to regtech providers directly. At its September 2026 Tranche 2 industry forum, it said it expects providers to be clear about scope, limitations and where judgement is still required; to support implementation, ongoing use and maintenance; to keep solutions current; and to understand the AML/CTF framework and their customers' context (AUSTRAC Industry Forum slides, September 2026). The same slides list "over-reliance on third party AML/CTF solutions" as a common issue in suspicious matter reports.
That's a useful lens for businesses. Ask any provider what its product doesn't do, and where you'll still need to use judgement. And remember that using software or outsourcing a task doesn't hand over your responsibility: your business remains accountable for its compliance (AUSTRAC: using outsourcing to help meet your obligations).
That's why I think software and people belong together. Every business in the regime needs a compliance officer, and there simply aren't enough compliance specialists in Australia for tens of thousands of small businesses. Software has to carry the day-to-day load. But when a check comes back high risk, you need a person who can guide you on what to do next. My aim is for clients to get the green tick around 95% of the time, and to have a specialist on hand for the other 5%, if needed.
What will AML software really cost?
Look past the headline price. Total cost usually has three parts:
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The platform or subscription fee. Check what's included: risk assessment, policy, training, record keeping, reporting and support.
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Per-check fees. Multiply your expected monthly checks by the price per check, and remember that companies and trusts may need several people checked.
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The extras. Setup, extra users, enhanced due diligence, specialist support, and exit or data-export fees.
A simple formula: platform fee + (average monthly checks × per-check fee) + any extras. We've written more about this in Is a per-check price the whole cost of AML compliance?
What should different types of businesses look for?
Real estate agencies and buyers agents
Speed, a smooth check experience for buyers and vendors, and a fast path to a specialist when an overseas or complex buyer comes back high risk. Multi-office groups need visibility across offices. See our real estate guide to choosing AML software.
Accounting firms
Strong support for companies, trusts and beneficial owners, clarity on which of your services are designated, and a way for the whole team to run checks while the compliance officer keeps oversight.
Legal and conveyancing practices
Checks that fit how matters start, such as a verification link you can include in an engagement letter or practice management workflow, with sensitive compliance records kept separate and secure.
Virtual office and registered office providers
One program across every site, a low-friction experience for members, and clear guidance on which services bring you into scope. See Do co-working and registered office providers need an AML program?
What questions should I ask a provider before signing?
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Does it cover my whole AML/CTF program, or mainly identity checks?
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Will it produce a risk assessment and policy tailored to my business, and help me update them when things change?
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Can it handle companies, trusts and beneficial owners, plus sanctions, PEP and adverse media screening?
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How does it support enhanced due diligence and senior manager approval?
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How are suspicious matters handled, and who in my business can see that information?
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What training is included, and how is completion recorded?
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What records and audit trail will I have if AUSTRAC asks?
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Can I speak to an AML specialist, and is that included in the price?
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Are these specialists experienced at working with AUSTRAC directly?
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What is the full cost: platform, per check, extras, and contract or exit terms?
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What doesn't it do, and where will I still need to use my own judgement?
How does Visibl approach this?
Visibl is an Australian AML/CTF platform built for Tranche 2 businesses. Our online risk questionnaire takes less than 30 minutes and produces a tailored risk AML/CTF assessment and policy. The platform covers customer verification, screening and risk rating, workflows and reminders, training and reporting, with Australian AML specialists on call. Our pricing is published at visibl.com.au/pricing. Whatever you choose, use the questions above.
Frequently asked questions
Do I have to use software to comply with AML/CTF laws?
No. The law doesn't require software, but most small businesses find it very hard to run a full program, keep it current and prove it with spreadsheets and paper files alone.
Is an AML ID check enough to be compliant?
No. Identity verification is one part of customer due diligence. You also need screening, beneficial ownership checks for entities, risk rating, ongoing monitoring, reporting, training and records.
Does using AML software or a provider make my business compliant?
Not on its own. Your business stays responsible for its compliance, even when it uses software or outsources tasks. Software helps you do the work and show you've done it.
How much does AML compliance software cost in Australia?
It varies widely. Add the platform fee, your expected per-check costs and any extras such as setup, users or specialist support, if required, to compare providers fairly.
What's the difference between AML software for real estate, accounting and law?
The core obligations are the same. The differences are in workflow: how checks fit into a sale, an engagement letter or a membership, and how complex your customers' structures are.
Next step
Want to see how this looks in practice? Book a free demo with one of our team at visibl.com.au.
General information only, not legal advice. Businesses should seek advice on their specific obligations.
About us:
Visibl is an Australian AML compliance platform for the real estate, legal and accounting sectors, combining certified AML specialists with automation: AUSTRAC enrolment, a tailored risk-based AML/CTF program, screening, training, audit-ready reports and records. www.visibl.com.au
Contact details:
Lucy Allen