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 and medium 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 and medium 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.
📚 Related Resources
Free KYC Check →
Verify customer identity in 60 seconds. Government ID + AML screening.
Free AML Program →
Board-ready AML/CTF Program template. All 10 AUSTRAC sections included.
Risk Assessment Generator →
AI-powered ML/TF risk assessment. 20-page compliant report in 5 minutes.
Free AML Training →
Online courses for staff. CPD-certified certificates included.
AUSTRAC Reporting Tools →
File SMRs, TTRs, IFTIs directly to AUSTRAC. Pre-filled forms.
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.
Try FreeAML Free