What is the best AML software for accountants in Australia?

For Australian accounting firms, the best AML software must be purpose-built for AUSTRAC obligations, handle trust and company KYB, automate screening, and support AUSTRAC reporting. ClearAML, EasyAML, First AML, and TrustSoft are among the platforms Australian accountants commonly evaluate — compare each vendor's current features and pricing. ClearAML bundles ID verification and screening at $8 per check and includes built-in staff compliance testing.

Do Australian law firms need AML software?

Yes. From 1 July 2026, law firms and conveyancers providing designated services are captured under the AML/CTF Act as Tranche 2 entities. They must enrol with AUSTRAC, adopt an AML/CTF Program, conduct customer due diligence, and submit Suspicious Matter Reports. AML software automates these obligations and reduces the manual compliance burden significantly.

What should Australian firms look for in AML software?

Australian Tranche 2 firms should prioritise: AUSTRAC-specific compliance workflows (not generic global KYC tools), local data hosting, KYB support for trusts, SMSFs, and corporate structures, digital ID verification at a reasonable per-check cost, built-in staff training, automated PEP and sanctions screening, and pre-built SMR/TTR reporting. Avoid platforms built primarily for overseas markets that lack AUSTRAC-specific features.

How much does AML compliance software cost in Australia?

Costs vary by platform. Most charge a base subscription plus a per-check fee for identity verification, so compare each vendor's current published rates and what a check includes. ClearAML bundles ID verification and screening at $8 per check with a low-cost entry subscription.

Can reporting entities use cloud-based AML software?

Yes. AUSTRAC does not prohibit cloud storage, but your records must be available on request. Check where a platform stores and processes your data, and that it maintains audit trails, produces exportable records, and supports AUSTRAC reporting.

Best AML Software Australia 2026: Complete Guide for Accountants, Lawyers & Real Estate Agents

Australia's Tranche 2 AML/CTF reforms bring an estimated 80,000 new reporting entities into AUSTRAC's regulatory framework from 1 July 2026. Accountants, lawyers, conveyancers, and real estate agents now need AML compliance software — but not every platform is built for Australian obligations.

This guide compares the leading AML software options for Australian Tranche 2 firms in 2026, covering features, pricing, AUSTRAC compliance depth, and which platform is best suited to each firm type.

Quick Comparison: AML Software for Australian Firms

Platform	Best For	ID Check Cost	AUSTRAC Reporting	Training LMS
ClearAML	All Tranche 2 firm types	$8/check (ID + screening)	SMR + TTR guided drafting	✓ Included
EasyAML	Accountants & conveyancers	Check vendor	Check vendor	Check vendor
First AML	Accounting, legal, real estate & finance	Check vendor	Check vendor	Check vendor
TrustSoft	Real estate & property firms	Check vendor	Check vendor	Check vendor
OverSEER AML	Australian reporting entities	Check vendor	Check vendor	Check vendor

What Australian Firms Actually Need from AML Software

Many AML platforms on the global market are built for banks, fintechs, or crypto exchanges — not for the professional services firms now captured by Tranche 2. Before evaluating any platform, confirm it covers these Australian-specific requirements:

AUSTRAC enrolment and reporting workflows — SMR and TTR drafting built in, ready for you to lodge through AUSTRAC Online
Australian KYB for complex structures — trusts, SMSFs, discretionary trusts, unit trusts, and multi-layer corporate chains are common in Australian professional services; the platform must handle them
VOI support for conveyancers — conveyancers have identity verification obligations under the ARNECC Model Participation Rules
Australian data hosting — client records and compliance documents should be stored in Australia
Staff training and certification — AUSTRAC expects ongoing staff training suited to each role; a built-in LMS avoids a separate system
AML/CTF Program builder — AUSTRAC requires a written, tailored program; guided software dramatically reduces the time to produce one

Platform-by-Platform Breakdown

ClearAML

ClearAML is purpose-built for Australian Tranche 2 entities — accountants, lawyers, conveyancers, and real estate agents. The platform covers the full compliance stack: identity verification and screening at $8 per check bundled, automated KYB for trusts, SMSFs, and corporate chains, real-time PEP and sanctions screening, an AML/CTF Program Generator (a tailored program in about 30 minutes), built-in staff compliance testing, structured AUSTRAC report drafting, and an append-only audit trail.

ClearAML combines all of these capabilities without requiring add-on modules or enterprise contracts. It is designed to be operational within hours of signup.

Best for: Accountants, lawyers, conveyancers, real estate agents of any firm size
Standout feature: $8 per check (ID verification + screening bundled) — transparent pricing with no hidden per-module costs
Limitation: Focused on the Australian market; not suited for multi-jurisdiction global compliance

EasyAML

EasyAML is an established Australian AML platform targeting real estate, conveyancing, legal and accounting firms. Its website describes digital ID verification, risk assessments, AML/CTF program building, free staff training and AUSTRAC reporting support. Compare its current per-check pricing and staff-training options against your expected verification volume.

Best for: Established accounting practices already familiar with the platform
Standout feature: Free staff training and free risk assessment offered
Check: current per-check pricing, and KYB depth for complex structures

First AML

First AML is an AML, KYC and KYB platform with deep KYB capabilities and global data coverage (its website cites 180+ countries and 300+ corporate registries). It serves accounting, legal and conveyancing, real estate and finance firms. Compare its pricing model against your firm's size and verification volume.

Best for: Large law firms, financial institutions, enterprise compliance teams
Standout feature: Deep KYB for complex global entity structures
Check: pricing model and setup effort for a smaller practice

TrustSoft

TrustSoft is an Australian trust accounting and AML/CTF platform, positioned primarily at real estate agents and also marketed to conveyancers, lawyers and other professional service providers. Its website lists SMR/TTR management and approval, ID and PEP/sanctions checks, company beneficial ownership checks, and self-paced staff training with completion certificates.

Best for: Real estate agencies wanting trust accounting and AML in one system
Standout feature: Simple, approachable interface
Limitation: Check: KYB depth for trusts and multi-layer structures

OverSEER AML

OverSEER AML is an Australian compliance platform targeting professional services firms. It provides core CDD, screening, and document collection workflows. Third-party software directories describe transaction monitoring, AUSTRAC report generation and a built-in training module — confirm current features directly with the vendor.

Best for: Small practices seeking a basic compliance starting point
Standout feature: Australian-built with AUSTRAC focus
Limitation: Check: current features and pricing directly with the vendor

How to Choose the Right Platform for Your Firm

The right AML software depends on your firm type, client volume, and budget. Use this as a guide:

Small accounting or bookkeeping practice (under 200 clients): ClearAML or TrustSoft — lower cost, faster setup, no enterprise contract required
Mid-size accounting firm (200–1,000 clients): ClearAML — bundled ID verification and screening at $8 per check keeps per-client costs predictable at this volume
Law firm or conveyancer: ClearAML — biometric VOI, trust and company KYB, and AUSTRAC reporting built in
Real estate agency: ClearAML — mobile-first design for agents verifying clients on-site
Large firm or financial institution: First AML — enterprise depth and global capability

Get Started in Hours with ClearAML

ClearAML covers the full Tranche 2 compliance stack — identity verification, KYB, screening, program builder, staff training, and AUSTRAC reporting — in a single platform with no enterprise contract. View pricing or start a free trial.

Frequently Asked Questions

What is the best AML software for accountants in Australia?: For Australian accounting firms, the best AML software must be purpose-built for AUSTRAC obligations, handle trust and company KYB, automate screening, and support AUSTRAC reporting. ClearAML, EasyAML, First AML, and TrustSoft are among the platforms Australian accountants commonly evaluate — compare each vendor's current features and pricing. ClearAML bundles ID verification and screening at $8 per check and includes built-in staff compliance testing.
Do Australian law firms need AML software?: Yes. From 1 July 2026, law firms and conveyancers providing designated services are captured under the AML/CTF Act as Tranche 2 entities. They must enrol with AUSTRAC, adopt an AML/CTF Program, conduct customer due diligence, and submit Suspicious Matter Reports. AML software automates these obligations and reduces the manual compliance burden significantly.
What should Australian firms look for in AML software?: Australian Tranche 2 firms should prioritise: AUSTRAC-specific compliance workflows (not generic global KYC tools), local data hosting, KYB support for trusts, SMSFs, and corporate structures, digital ID verification at a reasonable per-check cost, built-in staff training, automated PEP and sanctions screening, and pre-built SMR/TTR reporting. Avoid platforms built primarily for overseas markets that lack AUSTRAC-specific features.
How much does AML compliance software cost in Australia?: Costs vary by platform. Most charge a base subscription plus a per-check fee for identity verification, so compare each vendor's current published rates and what a check includes. ClearAML bundles ID verification and screening at $8 per check with a low-cost entry subscription.
Can reporting entities use cloud-based AML software?: Yes. AUSTRAC does not prohibit cloud storage, but your records must be available on request. Check where a platform stores and processes your data, and that it maintains audit trails, produces exportable records, and supports AUSTRAC reporting.