AML software requirements
Not sure what to look for? Each requirement below explains what the capability means in product-selection terms and shows which providers are verified, partial, unestablished or confirmed absent.
AML program software
Software that helps you produce an AML/CTF program document — not just a checklist. For a firm that needs to build its program, this is the first question to ask a provider.
9 providers verified
AML program maintenance software
Keeping the program current after initial setup: reviews, updates and a corrective-action loop. A product that produces the document once but offers no upkeep is a different tool from one that maintains it.
3 providers verified
Independent evaluation support
Support for the periodic independent evaluation of your program, including tracking it as an obligation. Few providers document this at all.
3 providers verified
AML risk assessment software
A rated risk assessment that drives how the system treats each customer or matter, rather than a static form.
13 providers verified
AML staff training software
Assignments with completion tracking, so you can show who has been trained and when.
11 providers verified
KYC software
Structured capture of customer details with a recorded verification decision. KYC (know your customer) is the everyday term for customer due diligence (CDD).
12 providers verified
KYB software
Verifying a company or other entity against a reliable independent source. KYB (know your business) is separate from checking the people behind it.
10 providers verified
Beneficial ownership software
Identifying who ultimately owns or controls an entity, with threshold logic. This is different from a basic company check — it traces the people behind the entity.
9 providers verified
ECDD workflow software
Enhanced due diligence: structured capture of source of funds and source of wealth for higher-risk relationships. A different workflow from standard CDD.
5 providers verified
Reliance workflow software
Recording a third-party reliance arrangement where another entity performs some of your due diligence.
1 provider verified
Electronic identity verification software
Verification against an electronic data source rather than paper documents.
13 providers verified
Liveness detection software
Biometric liveness and face match: confirms a live person is present (anti-spoofing) and matches them to the document photo.
9 providers verified
AML software with DVS
Document Verification Service access: checking identity documents against the issuing agency through the government's DVS. If DVS is a must-have, only providers verified as offering it can fully satisfy you.
5 providers verified
PEP and sanctions screening software
Screening against politically exposed persons and sanctions lists, including DFAT consolidated lists.
12 providers verified
Adverse media screening software
Screening against negative news coverage. Recorded separately from PEP and sanctions screening.
8 providers verified
Ongoing customer monitoring software
Scheduled or event-triggered re-review of customers — not just a one-off check at onboarding.
11 providers verified
Automated AML transaction monitoring software
Bank-style rules running over a feed of transactions. Most Tranche 2 businesses provide designated services rather than hold accounts, so the Act asks them for risk-based monitoring tied to the designated service instead. Use this page only if you specifically need automated transaction surveillance.
3 providers verified
SMR workflow software
Suspicious matter report workflow: internal escalation of unusual activity through to a filing decision. This is not the same as direct AUSTRAC submission.
8 providers verified
AUSTRAC SMR XML software
Produces the AUSTRAC XML submission format. Few providers document this — most describe PDF output for manual entry into AUSTRAC Online.
4 providers verified
Tipping-off control software
System-enforced access restrictions so staff cannot tip off a customer that a report has been made.
4 providers verified
Threshold transaction reporting software
A threshold transaction register with the logic for identifying reportable transactions.
6 providers verified
AML evidence pack software
Packages records and evidence for review — for example handing a bundle to an auditor or evaluator. Evidence-pack capability means the software can package records for review, not merely store uploaded documents.
8 providers verified
Immutable audit trail software
An append-only record of changes that cannot be silently edited.
3 providers verified
AML software with API
A documented public API so the product can be integrated with systems you already run. A named integration is stronger evidence than a generic “API available” claim.
2 providers verified
AML risk assessment by designated service
Risk assessed for each designated service a firm provides, not only as a generic customer score. Tranche 2 obligations attach to the designated service, so this is how the amended Act frames risk.
3 providers verified
Ongoing monitoring by designated service and risk
Customers are re-reviewed when the service or the risk changes, such as a new designated service or a higher rating, not only on a timer. This is the risk-based monitoring the Act asks of Tranche 2 businesses, as distinct from bank-style transaction monitoring.
2 providers verified
AML program review schedule software
Tracks when program obligations fall due: risk assessment and policy review (at least every 3 years), effectiveness checks, the AMLCO report to the governing body (every 12 months) and the next independent evaluation.
1 provider verified
Versioned AML program and CDD records
Programs and CDD reviews kept as versions, so a firm can show what it knew and decided on a given date. A product that only keeps the latest copy cannot.
5 providers verified
AML escalation workflow software
Staff escalate a concern to the AMLCO or a manager, and the outcome is recorded. Different from the SMR workflow, which starts once a suspicion has formed.
3 providers verified
Expired identity document alerts
Flags customer identity documents that have expired, ideally while an engagement is still open, so the customer is re-verified before work continues.
4 providers verified
Reliance request software
Request a customer's CDD from another reporting entity, or answer such a request, inside the product. A register of reliance agreements on its own counts as partial.
3 providers verified
AML software with Australian data residency
Where customer data is stored. Processing by third-party verification and screening providers is recorded separately on each profile. For firms that must keep customer data in Australia, providers recorded as holding data in Australia are the only fully aligned options; mixed or overseas residency needs a closer look.
7 providers verified