Use FreeAML when the engagement is a designated service: forming a company or trust, acting as nominee, providing a registered office, or holding client money. A tax return or BAS on its own is not the trigger. Your client pays $20 for a person or $40 for an entity. No subscription. The link goes out by email.
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FreeAML started in real estate and proptech, then opened the same suite to accountants: KYC, KYB, beneficial owners, watchlist screening, and a CDD report for the file. You pay nothing unless you choose to. Your client pays the check, and you can add an optional service charge.
Email a link to your client, each director, and each beneficial owner on the same company or trust job. Group them by engagement so the file shows who has finished.
Track client relationship type. One-off services auto-complete. Ongoing clients get annual review reminders and periodic PEP/sanctions re-screening. You'll be notified if a later watchlist hit appears.
An audit pack for your firm: your program and risk assessment, CDD reports, AUSTRAC reports you prepared, the audit trail, the training register (progress, FAML- certificate IDs when issued in FreeAML, and self-reported device imports), sanctions checks, and annual compliance reports. FreeAML takes reasonable measures to retain order and history data so you can export what you need. Your firm still keeps the records the law requires.
Designated services for accountants under Tranche 2
Formation of companies, trusts, partnerships, or other legal entities. Includes all directors, shareholders, trustees, and beneficial owners.
Acting as a nominee director, shareholder, company secretary, or trustee. Providing registered office or business address services.
Acting as a trust or company service provider — managing trusts, providing administrative services, or facilitating business transactions.
Operating client trust accounts, managing client funds, or handling significant financial transactions on behalf of clients.
Services involving high-risk jurisdictions, complex structures, or clients with heightened money laundering/terrorism financing risk.
Tax returns, bookkeeping, payroll, BAS lodgement, and financial statement preparation do NOT require AML verification unless combined with designated services above.
Penalties for non-compliance: significant civil penalties set in penalty units, or up to 2 years imprisonment for individuals. Start verifying your clients now.
Read how an accounting firm meets Tranche 2 customer due diligence without a monthly fee. If the engagement is advice plus company or trust setup, use the financial services Tranche 2 guide beside the accounting one.
Connect the practice system you already use: connect BGL or connect MYOB.
Everything accountants need to know about Tranche 2
$20 for a person. $40 for a company, trust, or SMSF. Your client pays. No subscription.