The best AML software in Australia

If you’re looking for:

• The top vendors for anti-money laundering (AML) compliance software for Australian reporting entities.

• What financial institutions and newly regulated businesses should consider before picking a provider.

• Tips on how to judge the success of the vendor you choose.

Then this article is for you. It compares the best AML software in Australia and breaks down what really matters when choosing a compliance solution.

Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) framework has undergone substantial changes. The AML/CTF Amendment Act 2024 and the AML/CTF 2025 Rules took effect for existing reporting entities on March 31, 2026. 

Around 90,000 Tranche 2 entities – lawyers, accountants, real estate professionals, and trust and company service providers – came into scope on July 1, 2026, with enrollment expected as obligations commenced. 

Choosing the right software is now a crucial decision for far more businesses than before.

5 things to consider when selecting AML software in Australia

1. AUSTRAC-ready reporting capabilities

To meet obligations under the AML/CTF Act 2006, reporting entities must submit specific reports to the Australian Transaction Reports and Analysis Centre (AUSTRAC), Australia’s financial intelligence unit and AML/CTF regulator.

Software should support suspicious matter reports (SMRs), threshold transaction reports (TTRs) for physical currency of AUD 10,000 or more, and international funds transfer instructions (IFTIs). It also needs to handle enrollment, compliance reporting, record-keeping, and audit trails that withstand regulatory review.

2. Readiness for the reformed AML/CTF regime

The 2024 Amendment Act and 2025 Rules introduced a mandatory fit-and-proper AML/CTF compliance officer, an opt-out reporting-group model, and a more flexible, risk-based approach (RBA) to customer due diligence (CDD).

Buyers should confirm a vendor is configurable for the new Rules rather than the previous regime. Firms dealing in virtual assets should also note that, from March 31, 2026, the digital currency exchange category was replaced by the broader virtual asset service provider (VASP) definition, bringing custody, transfer, and brokerage services into scope.

3. AI capabilities that balance model transparency

Australian financial institutions need AML software with modern capabilities, including behavioral machine learning (ML) models, autonomous alert triage, and agentic workflows, to enhance due diligence (EDD), data gathering, and report drafting.

AUSTRAC’s outcomes-focused model rewards firms that can explain their decisions, so teams should prioritize vendors with explainable AI outputs, model validation workflows, thorough auditability, and human-in-the-loop controls.

4. International AML data coverage and sanctions screening

Australian firms need AML software that draws on a broad range of data sources and languages. That includes expert-validated data on sanctions, politically exposed persons (PEPs), including their relatives and close associates (RCAs), and adverse media across APAC jurisdictions.

Screening must cover the Australian Department of Foreign Affairs and Trade (DFAT) Consolidated List, which combines United Nations (UN) Security Council listings with Australia’s autonomous listings under the Autonomous Sanctions Act 2011. The cost of weak systems is well documented: AUSTRAC imposed penalties totaling AUD 1.3 billion against a bank in 2020 and a combined AUD 517 million against two gambling entities in 2023 and 2024.

5. Privacy Act and data hosting considerations

Any AML software used by Australian firms must comply with the Privacy Act 1988 and Australian Privacy Principle 8, which holds a firm accountable for how an overseas recipient handles personal information it discloses.

The Australian Prudential Regulation Authority (APRA)-regulated entities also need to comply with CPS 234, which sets information security requirements, including incident notification. Data residency and hosting arrangements should be part of the vendor conversation from the start.

The State of Financial Crime 2026: Asia-Pacific edition

Read our report to learn more about the financial crime trends shaping the region.

Download now

Top AML compliance vendors for Australian firms

1. ComplyAdvantage

ComplyAdvantage Mesh is a modular, SaaS-based risk platform used by modern financial institutions across Australia and APAC. It holds a distinct position among AML software providers because its risk applications run on its own proprietary AML data.

Its financial crime risk intelligence ingests data from around the world and interprets it in real time, helping financial institutions surface hidden relationships using built-in AI agents while maintaining the auditability that AUSTRAC demands.

Top ComplyAdvantage features:

• Sanctions screening: ComplyAdvantage owns its data pipeline end-to-end, so sanctions changes are searchable within hours rather than the industry standard of one to two days.
• Multi-jurisdictional PEPs database: The platform uses probabilistic matching across more than 100 attributes to accurately match PEPs, their relatives, and close associates, even when they share similar names.
• Multilingual adverse media coverage: It extracts news events from millions of global sources across multiple languages and classifies them, so compliance teams see only news that affects their specific risk profile.
• Agentic workflows: Because its AI agents are built directly into the global risk database, they receive explicit data context rather than relying on third-party feeds – enabling more accurate decisions with fewer missed risks.

Its expert-validated data reduces false positives by up to 82%, ingests sanctions updates 1000x faster, and covers 7x as much adverse media as other AML software.

2. FrankieOne

FrankieOne is a Melbourne-based platform for identity and compliance orchestration in a single API, checking against Australia’s Document Verification Service. According to G2, a reviewer valued having these services in “a single platform to streamline the customer onboarding journey,” though the same review noted that “third-party vendors FrankieOne uses often make updates without informing the end customers.” 

3. Arctic Intelligence

Arctic Intelligence is a Sydney-based RegTech focused on financial crime risk assessment rather than transaction processing. Its AML Accelerate and Risk Assessment Platform products help firms document and manage ML/TF risk using sector-specific templates – a natural fit for Tranche 2 businesses building their first AML/CTF program. 

4. Jade ThirdEye

Jade ThirdEye is an automated AML SaaS aimed at SMEs and the mid-market across Australia and New Zealand, covering transaction monitoring, customer, PEP, and sanctions screening, case management, and regulatory reporting. On G2, reviewers highlight its alerts and case management that “save time for our team,” while noting that “the watchlist management system is not fully automated.” 

5. First AML

First AML is a KYC and AML onboarding platform with strong adoption among Australian accounting and legal practices. According to G2, users like having “a single platform for all my AML needs,” though some found it “difficult for first-time users” and note the “cost is on the higher side.” 

6. Napier AI

Napier AI is a financial crime compliance platform that combines ML-enhanced transaction monitoring, client and transaction screening, and behavioral analytics, used by more than 150 firms, including those in Australia. On G2, a reviewer said it helps “simplify and automate the process of client screening for KYC and AML compliance,” while cautioning that “teams require some initial training to fully understand and use all its features.”  

7. Tookitaki

Tookitaki is a Singapore-based anti-financial-crime vendor whose FinCense platform delivers transaction monitoring, screening, and fraud detection built for Asian markets. Its distinctive feature is a community-driven ecosystem that shares real-world typologies via federated learning without exposing sensitive data.

8. Sardine

Sardine is a unified fraud and AML platform with a strong focus on US BSA/AML programs, so firms should confirm its AUSTRAC-specific configuration for the Australian market. According to G2, users highlight its device intelligence, which helps them “detect suspicious activity much earlier than we could previously,” though some note “there are a lot of rules” and it “can be quite hard to get started.” 

9. Hawk

Hawk is an AI-native AML and fraud platform for banks, payments companies, and fintechs based in Munich. It combines traditional rules with explainable AI across transaction monitoring, screening, and perpetual KYC. It serves clients globally, though buyers should verify local Australian deployments and support.

10. LexisNexis Risk Solutions

LexisNexis Risk Solutions is a global data and analytics provider with a comprehensive financial crime suite, and its data covers millions of risk profiles. According to G2, users find its Bridger Insight XG API “easy to integrate into our existing systems,” though some note the “configuration process can feel quite heavy and complex at times.” 

How to measure success

Different businesses will use different benchmarks, depending on their risk-based approach. But all Australian reporting entities should weigh the following when assessing the AML software they adopt:

• Compliance productivity: Does the solution save time on manual tasks, reduce false positives, and improve alert resolution times?
• Detection coverage: Does it detect risks across relevant typologies such as structuring, mule accounts, and crypto layering? Does its data cover the jurisdictions relevant to Australian firms, including the newly regulated Tranche 2 sectors?
• Data quality and accuracy: Do teams have access to the latest sanctions, PEPs, and adverse media data in near-real time? Is the data reliable?
• Scalability and auditability: As the system scales to onboard more customers and process more transactions, are decisions still explainable and data provenance still traceable?
• Vendor support and responsiveness: Is support, from implementation to ongoing issue resolution, as fast and helpful as the firm needs?
• Innovation roadmap: How often does the provider deliver meaningful updates and adopt new technologies like AI to future-proof your compliance program?

Top AML software in Australia FAQs

What is AUSTRAC, and who must enroll?

AUSTRAC is Australia’s AML/CTF regulator and financial intelligence unit. Any business that provides a “designated service” – from banks and remittance providers to the newly regulated Tranche 2 sectors – must enroll as a reporting entity, and some, such as remittance and virtual asset providers, must also register.

When did Tranche 2 obligations start, and what changed for existing entities?

Existing reporting entities moved to their new obligations under the 2024 Amendment Act and 2025 Rules on March 31, 2026. Around 90,000 Tranche 2 entities – lawyers, accountants, real estate professionals, and trust and company service providers – came into scope on July 1, 2026.

What transactions must be reported to AUSTRAC?

Reporting entities must submit SMRs for any suspected offense, threshold transaction reports for physical currency of AUD 10,000 or more, and international funds transfer instructions for transfers into or out of Australia.

What is an SMR?

An SMR is filed with AUSTRAC when a reporting entity forms a reasonable suspicion that a matter may relate to money laundering, terrorism financing, or another serious offense. It must be submitted within strict timeframes.

What should an AML/CTF program include under the 2025 Rules?

Under the reformed regime, a program should reflect a documented ML/TF/proliferation-financing risk assessment, a fit-and-proper AML/CTF compliance officer, risk-based customer due diligence, ongoing monitoring, and clear governance and record-keeping controls.

Do lawyers, accountants, and real estate agents need AML software?

Yes. As Tranche 2 entities, these professions came into scope on July 1, 2026. Software helps them run risk assessments, verify customers, screen against sanctions and PEP lists, and maintain the audit trails AUSTRAC expects – often for the first time.

How do Australian firms screen against the DFAT Consolidated List?

Firms screen customers and transactions against the DFAT Consolidated List, which combines UN Security Council listings with Australia’s autonomous listings. AML software automates this matching and flags potential hits for review, reducing the risk of dealing with a sanctioned party.