With the 1 July 2026 deadline approaching, Australian accountants are searching for AML/CTF compliance tools — and finding a confusing mix of options at very different price points, with very different feature sets. Some come with aggressive sales follow-up. Others are built for large institutions, not a three-person accounting practice.
This article gives you an honest, plain-English comparison of the main options — including SimpleAML, which we built. We'll tell you what each is good for, what it costs, and who it actually suits.
If you are a sole practitioner or small accounting firm that just needs to meet the minimum AUSTRAC requirements without fuss or expense, SimpleAML or the AUSTRAC Starter Kit are your two free options. If you want more automation, cloud sync, or built-in identity verification, TrustEasy or easyAML are worth looking at — but expect to pay. First AML is built for much larger operations and is probably not relevant to most small practices.
What Every Accountant Actually Needs
Before comparing tools, it helps to be clear on what you actually need to comply. AUSTRAC requires every accounting firm providing designated services to have:
- A written AML/CTF program — Part A (governance) and Part B (client due diligence)
- A firm-level risk assessment covering ML/TF/PF risk
- Staff vetting records for anyone in an AML/CTF role
- A staff training register with documented completions
- Client due diligence records for every client receiving a designated service
- AUSTRAC enrolment completed by 29 July 2026
- A compliance evidence record — kept for 7 years
That is the minimum. Every tool in this comparison covers these requirements in some form — they differ in how automated, how expensive, and how complex they are to set up and use.
"The right tool for your practice is the one you will actually use — not the most feature-rich one."
The Options Compared
- Completely free
- Official AUSTRAC source
- Designed specifically for small practices (under 15 staff)
- No sign-up, no software, no vendor
- Just Word documents — no structure or guidance
- No client register, no training log, no dashboard
- You manage everything in files and folders
- No reminders, no overdue alerts, no audit trail
- Requires significant effort to customise properly
- Completely free — no credit card, no subscription
- No account required — open and start immediately
- Guides you step by step through every AUSTRAC requirement
- Built specifically for Australian accountants
- Free templates for all five required documents
- Client register, training log, staff vetting, risk assessment — all in one place
- Generates a formal Compliance Report PDF — your audit evidence
- Data stored in your browser — no cloud, no breach risk
- No sales calls, no spam, no upsells
- No built-in identity verification (DVS checks done separately)
- No automated transaction monitoring
- Currently single-device — no multi-user access yet
- No integrations with Xero, MYOB or practice management software
- User accounts and cloud sync coming — not live yet
- Free to use until 1 July 2026
- Covers all Tranche 2 sectors — accountants, real estate, lawyers
- Built-in risk assessment tools
- AUSTRAC Online integration
- Training resources included
- Australian-based support team
- Pricing after July 2026 not publicly listed — requires sign-up to find out
- Aggressive marketing — users report significant follow-up after signing up
- Account required before you can use it
- Data stored in their cloud — not on your device
- Built for multiple sectors — not as specific to accounting as SimpleAML or TrustEasy
- Purpose-built for Australian accounting firms
- Integrates with Xero, XPM, MYOB, HandiSoft
- Includes built-in KYC/identity verification
- Ongoing staff training modules included
- Multi-user access — team can all use it
- Cloud-based — access from any device
- Onboarding support from compliance specialists
- $1,200/year is a significant cost for a sole practitioner
- Additional $330 onboarding fee on top
- More complex than most small practices need
- Newer platform — still building reputation
- Very sophisticated KYC and CDD workflows
- Handles complex entity structures — trusts, multinationals
- Used by Grant Thornton, LJ Hooker, Raine & Horne
- Strong audit trail and reporting
- Dedicated account management
- Integrates with major practice management systems
- Built for large firms — likely overkill for most small practices
- Pricing not listed — requires a sales conversation
- Significant onboarding and setup investment
- Focused on KYC/CDD — less emphasis on full AML program documentation
Side-by-Side Summary
Here is a quick reference across the five options:
| AUSTRAC Kit | SimpleAML | easyAML | TrustEasy | First AML | |
|---|---|---|---|---|---|
| Cost | Free | Free | Free then paid | ~$1,200/yr | Quote |
| Account required | No | No | Yes | Yes | Yes |
| Step-by-step guidance | No | Yes | Yes | Yes | Yes |
| Built-in identity verification | No | No | Yes | Yes | Yes |
| Practice management integration | No | No | No | Yes | Yes |
| Compliance Report PDF | No | Yes | Yes | Yes | Yes |
| Data on your device | Yes | Yes | No — cloud | No — cloud | No — cloud |
| Best suited to | DIY confident | Sole practitioners & small firms | Multi-sector firms | Small-mid firms | Large firms |
The Honest Take on SimpleAML
SimpleAML was built by a CPA who saw sole practitioners struggling to find something simple enough to use without a compliance background or a budget for enterprise software. It does not do everything — and it is honest about that.
SimpleAML does not include automated identity verification. It does not integrate with Xero or your practice management system. It does not have multi-user access yet. If you need those things, TrustEasy or First AML are worth investigating.
What SimpleAML does is guide you through every step AUSTRAC actually requires — your firm risk assessment, staff vetting, training register, AML/CTF program documents, client CDD, AUSTRAC enrolment, and your Compliance Report. Everything is in one place, in the right order, with the right prompts. When you are done, you have a formal Compliance Evidence Report that documents everything an AUSTRAC auditor would want to see.
It is free, requires no account, and your data never leaves your device. There are no sales calls, no follow-up emails, and no subscription to cancel.
Not sure which to choose? If you are a sole practitioner or small firm just trying to meet the 1 July deadline without spending money, start with SimpleAML. You can always move to a paid platform later if your needs grow — and the work you do in SimpleAML won't be wasted, because the compliance records and documents transfer.
What About Compliance Consultants?
Some accounting firms are engaging compliance consultants to build their AML/CTF program from scratch. This is a legitimate option, particularly for larger or more complex practices — but costs can range from $3,000 to $15,000 or more depending on the scope.
For most small practices, this level of spend is not necessary. AUSTRAC has been explicit that the compliance requirements for small, low-complexity accounting practices are manageable without specialist help — which is why they released the free Starter Kit, and why tools like SimpleAML exist.
A Note on Pricing Changes
Pricing for several tools in this comparison — particularly easyAML — is expected to change after 1 July 2026. Tools offering free access until the deadline may shift to subscription models once the compliance rush is over. Before committing to any paid platform, make sure you understand the ongoing cost and what happens to your data if you cancel.
Try SimpleAML — free, no account needed
Open the app, follow the steps, and be compliant before 1 July. No credit card, no sign-up, no sales calls. If it's not right for you, nothing is lost.
Open SimpleAML Free →