How Much Does AML Compliance Cost in Australia? (2026 Breakdown)
With Tranche 2 taking effect on 1 July 2026, over 100,000 Australian businesses need AML compliance for the first time. Here's what it actually costs — and how to minimize your spend without cutting corners.
Bottom Line
AML compliance costs range from $0/year (using FreeAML with client-pays) to $60,000+/year (using consultants). For most small businesses, the sweet spot is $1,800-$3,600/year using pay-per-check software like FreeAML.
The 4 Components of AML Compliance Cost
AML compliance under the AML/CTF Act 2006 has four main cost components. Understanding these helps you budget accurately and avoid overpaying.
1. AML Program Setup
Every reporting entity needs a written AML/CTF program. This includes risk assessments, policies, procedures, and controls. Consultants charge $3,000-$10,000 for this. FreeAML generates one automatically for free.
$0 – $10,000
2. Customer Due Diligence (CDD)
Identity verification for every client. This is your ongoing per-transaction cost. Ranges from $15/check (FreeAML) to $49/check (Australia Post VOI) to $200-500/check (manual consultant verification).
$15 – $500 per check
3. Training
Staff need AML/CTF training. Enterprise platforms include this. FreeAML provides free training modules with certificates. External training courses cost $200-500 per person.
$0 – $500 per person
4. Ongoing Monitoring & Reporting
Suspicious matter reports (SMRs), threshold transaction reports (TTRs), and ongoing monitoring. Software automates this. Manual processes require dedicated compliance staff ($80,000-$120,000/year salary).
$0 – $120,000/year
AML Compliance Cost by Approach
Here's what AML compliance actually costs for a typical small business (10 verifications per month) using different approaches:
1Hire a Consultant
2Subscription Software (easyAML, TrustSoft)
3Pay-Per-Check (FreeAML) ✓ Recommended
4In-Person (Australia Post VOI)
AML Costs by Industry
| Industry | Typical Checks/Month | FreeAML Annual Cost | easyAML Annual Cost |
|---|---|---|---|
| Solo real estate agent | 5-10 | $900 – $1,800 | $2,148+ |
| Real estate agency (10 agents) | 50-100 | $9,000 – $18,000 | $5,400+ |
| Small accounting firm | 10-20 | $1,800 – $3,600 | $2,148+ |
| Law firm (5 lawyers) | 20-40 | $3,600 – $7,200 | $3,588+ |
| Jeweller | 2-5 | $360 – $900 | $2,148+ |
| Conveyancer | 15-30 | $2,700 – $5,400 | $2,148+ |
FreeAML costs assume $15/individual check. Using client-pays reduces cost to $0. easyAML costs based on published Starter plan pricing.
5 Ways to Minimize Your AML Compliance Cost
1. Use client-pays verification
FreeAML lets you pass the $15 verification fee to your client. This is common practice — clients expect to cover identity verification costs, just like building inspection fees in real estate. Cost to you: $0.
2. Avoid monthly subscriptions if volume is low
If you do fewer than 15 verifications per month, subscription software ($179-249/mo) costs more than pay-per-check. FreeAML's $15/check model means you only pay when you verify.
3. Use automated risk assessments
AML consultants charge $3,000-$5,000 for risk assessments. FreeAML generates ML/TF risk assessments automatically as part of every verification — included at no extra cost.
4. Use free training modules
Staff AML training courses cost $200-500 per person externally. FreeAML includes training modules with assessment quizzes and compliance certificates — all free.
5. Automate record-keeping
AUSTRAC requires 7-year record retention. Manual filing costs staff time and storage. FreeAML automatically stores all verification records securely with instant search and export.
Frequently Asked Questions
Start Complying for Free
FreeAML costs $0/month. Just visit the site and verify your first client — no signup, no commitment, no catch.
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