Choosing the right AML/CTF compliance software for your practice

Every accountant is now acutely aware of this deadline: 1 July 2026. That’s when 80,000 new entities come under the AML/CTF Act, including thousands of accounting firms providing designated services.

The AUSTRAC enrolment window is open. Accounting firms have limited time to become AML/CTF-compliant or risk fines of up to $18,780 per day for body corporates. Like it or not, it is the most significant compliance change since GST was introduced in 2000.

As with GST, firms that treat AML/CTF compliance as a ‘figure-it-out-later’ problem will be the ones that scramble when 1 July rolls around. History will repeat itself for those who delay.

Given the administrative burden of AML/CTF compliance, a software solution is a no-brainer. There are already tools in the market that accounting firms can implement to help them meet their AML/CTF obligations.

In this article, we explore:

• What you need in an AML/CTF solution
• Comparison of available tools in the market

The challenge is that most solutions in the market were either built for financial services and adapted for accountants or built to solve just one part of a multi-pronged problem:

1. TPB Regulated engagement letters
2. ASUTRAC regulated AML/CTF program, Identity verification, and ongoing monitoring

These aren’t separate things. Engagement letters and identity verification are linked legal requirements. Unfortunately, most tools treat these as separate workflows requiring separate systems. So, a firm has to navigate between the two while making sure nothing falls through the cracks. 

Then there’s pricing. Not only do different solutions focus on different aspects of the AML/CTF legislation, but they also vary in pricing structures, which makes ongoing costs difficult to predict.

Here are three things to consider when thinking about costs:

1. KYB & KYC fees are tough to predict: The driver of these costs is the number of entities connected to each designated service you offer. Unlike tax compliance, these are not repetitive and are based on client needs. Forecasting becomes challenging.
2. AML/CTF + TPB compliance covers more thank you think: You have to consider the cost of engagement letter software in your firm's total compliance spend.
3. Lower quality checks mean more manual work: When choosing a vendor for KYB & KYC checks, find out how many databases the provider verifies against, as it is directly related to pass rates (quality of checks).

What’s out there in the market to support accountants with the latest in TPB and AUSTRAC red tape?

Well, there are several solutions that offer everything from engagement letter generation to stand-alone AML/CTF compliance. But not all have been created equal.

Before you go down the path of adding yet another software solution to your toolkit, we urge you to read on. And in the spirit of this legislation, make sure you do your due diligence!

EasyAML

• AML/CTF platform for SME accounting firms, real estate agents, and other Tranche 2 entities.
• Covers the compliance lifecycle: risk assessment, AML/CTF program builder, client due diligence (CDD), screenings, transaction monitoring, and reporting.
• Key gaps: operates as a standalone portal with no native integrations into practice management software; offers a one-size-fits-all KYC check at $15, which drives up costs.

NowInfinity

• Corporate compliance and SMSF documentation platform.
• Has KYC identity verification.
• Key gaps: not an end-to-end AML/CTF solution, doesn’t have AML/CTF program builder, risk assessment, training, or reporting.

TrustEasy

• AML/CTF compliance platform for Australian accounting and tax practices.
• Provides risk assessment, AML/CTF program templates, CDD, screenings, reporting, and training.
• Key gaps: no engagement letter generation and no designated services autodetection.

BGL

• For businesses in all sectors.
• Some AML/CTF compliance support, including training and verification.
• Key gaps: full AML/CTF compliance platform still in phased release throughout 2026.

Ignition

• Proposal, engagement letter, and billing automation.
• Key gaps: no AML/CTF compliance functionality, payments are more expensive than other integrated payment solutions.

EngageAML

• Engagement letter generation and AML/CTF compliance in one workflow for Australian accounting firms.
• Powered by the global identity verification platform, FrankieOne, to embed bank-grade verification infrastructure
• End-to-end compliance lifecycle from risk assessment and CDD to reporting and training
• Auto-detects designated services in the engagement letter process to automatically trigger the AML/CTF workflow.

We’ll note that BGL also uses FrankieOne as its underlying verification infrastructure. However, not all FrankieOne integrations are equal. The depth and configuration of checks vary between platforms, which directly affects pass rates.

EngageAML’s integration with FrankieOne is configured to run more comprehensive checks (including adverse media screenings), which means higher pass rate percentages. Essentially, identity checks and verification are of higher quality. So, accounting firms don’t have to spend time manually augmenting each check. In practice, that’s hours of staff time saved on hundreds of client verifications.

Here’s a quick look at how different solutions compare to EngageAML.

EngageAML was built in partnership with FrankieOne, which serves some of Australia’s leading banks and fintechs, including CBA, Westpac, Shopify and Afterpay. This partnership embeds bank-grade compliance infrastructure directly into EngageAML.

With EngageAML, accounting firms get:

• 350+ verification, screening, and monitoring data sources for comprehensive Know Your Business (KYB), Know Your Client (KYC), and Politicaly Exposed Persons (PEP), sanctions, and adverse media screenings in a single workflow.
• Continuous monitoring against the Department of Foreign Affairs and Trade (DFAT) Consolidated list.
• Access to FrankieOne’s ecosystem of compliance and fraud specialists, including AML advisers, KYB specialists, and document fraud detection experts.
• AML/CTF and TASA compliant engagement letter generation.

EngageAML is the only platform currently in the market that handles both engagement letters and AML/CTF compliance together, within a single audit trail. Engagement letters become the compliance engine, seamlessly integrating AML/CTF compliance into the day-to-day workflow of an accounting firm.

Creating an engagement letter in EngageAML automatically:

• Identifies which services trigger AUSTRAC’s designated services obligations
• Conducts the risk assessment and identifies the correct client due diligence (CDD) tier per entity
• Initiates appropriate KYC workflows, ordering only the necessary checks required
• Generates an engagement letter with all compliance disclosures built-in
• Feeds the practice risk dashboard and creates a defensible audit trail

The clock is ticking. Firms must move now to get their AML/CTF programs built, their teams trained, and their client verifications started before the deadline. Those that don’t will be scrambling with potential penalties looming overhead.

See how EngageAML can help your firm get AML/CTF compliant by 1 July.