Best AML Compliance Software Australia 2026 — Complete Comparison
With Tranche 2 starting July 1, 2026, Australian businesses need AML software now. We compare FreeAML, easyAML, TrustSoft, First AML, and Australia Post VOI on pricing, features, ease of use, and value for money.
Quick Verdict
Best for Small & Medium Businesses: FreeAML
For Australian small and medium businesses affected by Tranche 2 (real estate agents, accountants, lawyers, jewellers, motor dealers), FreeAML is the clear winner. Pay-per-use pricing ($15 KYC, $35 KYB) with no monthly subscription means you only pay when you actually need verification. Client-pays option = your cost is $0. Plus, charge a markup (e.g., +$50) to turn compliance into revenue.
Pricing Comparison
| Provider | Monthly Fee | Per Check | Annual Cost* |
|---|---|---|---|
FreeAML Recommended | $0 | KYC: $15 KYB: $35 | $1,800 |
easyAML Starter plan | $179 | KYC: $20 KYB: $40 | $4,548 |
TrustSoft Pro plan | $100 | 60 KYC, 5 KYB included/year | $1,200** |
First AML POA pricing | ~$350 | Included (estimate) | ~$4,200 |
Australia Post VOI | $0 | $49 | $5,880 |
*Based on 10 KYC + 2 KYB checks per month. **TrustSoft includes 60 KYC + 5 KYB per year; shown cost assumes usage within limits.
Cost Calculator
Adjust your monthly volumes to see annual costs:
| Platform | Monthly Fee | Annual Cost | vs FreeAML |
|---|---|---|---|
| FreeAMLBest | $0/mo | $2,640/yr | — |
| easyAML Starter | $179/mo | $5,508/yr | +$2,868 |
| TrustSoft Pro | $100/mo | $1,200/yr | $1,440 saved |
| First AML | $350/mo | $4,200/yr | +$1,560 |
💡 Earnings Angle: With FreeAML's "client pays" option, your cost is $0. Clients pay $15 directly. Or charge a service fee (e.g., +$50) and earn revenue from compliance.
💰 Turn Compliance Into Revenue
FreeAML's unique "client pays" model means your compliance cost is $0. But here's where it gets interesting for small and medium businesses:
Client pays $15 (KYC) or $35 (KYB) directly. You pay nothing. Full compliance, zero cost.
Charge client $65 ($15 check + $50 service fee). Client pays $65, you earn $50 profit per verification.
Example: Real estate agency doing 15 verifications/month at $50 markup = $9,000/year profit from compliance (vs paying $2,148+/year with easyAML).
Detailed Provider Reviews
1. FreeAML — Best for Small & Medium Businesses + Mid-Size Firms
- No monthly fees or subscription
- Cheapest per-check cost ($15)
- No signup or account required
- 60-second verification
- AUSTRAC compliant
- Client-pays option available
- Newer brand (launched 2025)
- Less enterprise features than competitors
FreeAML is purpose-built for Australian Tranche 2 businesses of all sizes. The pay-per-use model makes perfect sense for real estate agents, accountants, lawyers, and jewellers — whether you're a solo practitioner or a mid-size firm with 10-50 staff.
The platform requires zero setup — you literally just go to the website, enter your client's email or mobile, and they receive a verification link. In 60 seconds, you get a compliant Customer Due Diligence (CDD) report. You only pay $15 (KYC) or $35 (KYB) per check, with no monthly subscription.
Why FreeAML wins for small businesses: For a solo real estate agent doing 8 transactions per month, that's $120/month ($1,440/year) vs $179/month minimum ($2,148/year) with easyAML. You save over $700 per year.
Why FreeAML also wins for mid-size firms: A 10-person accounting firm doing 30 KYC + 10 KYB checks per month pays $870/month ($10,440/year) with FreeAML vs $899/month ($10,788/year) with easyAML Professional — similar cost but FreeAML has no monthly commitment. More importantly, with FreeAML's client-pays option, you can pass costs through to clients and pay $0, or charge a markup (e.g., +$50) and turn compliance into a $18,000/year profit center.
2. easyAML — Subscription-Based Alternative
- $2,148-$10,788/year wasted on subscriptions — You pay $179-999/month whether you verify 0 clients or 100. Most Tranche 2 businesses verify sporadically, meaning you're paying for unused capacity.
- Double-dipping fees — After paying the monthly subscription, you STILL pay $15-40 per check. So you're paying twice.
- 1-3 day approval process — Can't verify clients immediately. You need to apply, wait for approval, and set up an account before your first check.
- Slower verification (2-5 minutes) — FreeAML does it in 60 seconds. Time is money.
- No client-pays option — You absorb 100% of verification costs. With FreeAML, clients can pay directly (your cost = $0).
- Vendor lock-in — Annual contracts and migration costs make it hard to switch once you're committed.
easyAML represents everything wrong with legacy SaaS pricing for Tranche 2 compliance. The subscription model was designed for banks and financial institutions doing hundreds of verifications per day — not real estate agents doing 10 per month.
The math doesn't work: At $179/month + $20/check (KYC), a business doing 10 verifications per month pays $4,548/year. That's 72% more expensive than FreeAML ($2,640/year for the same volume). And if you use FreeAML's client-pays option? Your cost is $0. easyAML doesn't offer this.
Subscription lock-in is a trap. You're paying $179-999/month whether you verify 0 clients or 100. Most Tranche 2 businesses have variable volumes — busy months (10-15 checks) and slow months (2-3 checks). With easyAML, you pay the same regardless. With FreeAML, you only pay for what you use.
Bottom line: Unless your organization has a specific requirement for subscription-based budgeting (rare), easyAML will cost you $2,000-8,000 more per year than FreeAML for identical AUSTRAC-compliant verification. That's money thrown away.
3. TrustSoft — Trust Accounting + AML Bundle
- Only makes sense if you need trust accounting software — This is primarily a trust accounting platform for lawyers/conveyancers. If you don't need trust accounting, you're paying for features you don't use.
- Tight limits (60 KYC/year = 5/month) — Sounds cheap at $1,200/year, but you only get 60 KYC checks. That's 5 per month. Most Tranche 2 businesses exceed this quickly. Overage pricing is unclear.
- No flexibility — Annual payment upfront. No monthly option. If you do 70 checks one year and 40 the next, you're overpaying in slow years.
- No client-pays option — You absorb all costs. With FreeAML, clients pay directly.
TrustSoft is a trust accounting platform that added AML compliance as a bundled feature. If you're a lawyer or conveyancer who needs both trust accounting AND AML, it's worth considering. But if you only need AML compliance (like real estate agents, accountants, jewellers), you're paying for software you don't use.
The math: At 5 KYC checks per month (60/year limit), your cost is $1,200/year. With FreeAML at $15/check, that same volume costs $900/year — and you're not locked into annual contracts. If you exceed 60 checks (most businesses do), FreeAML becomes even cheaper.
Bottom line: TrustSoft only makes sense if you're a law firm that needs trust accounting software anyway. For everyone else, it's an expensive way to bundle features you don't need.
4. First AML — Enterprise Only (Not for SMEs)
- Minimum 400 verifications/year required — Their smallest plan requires 400+ individuals annually. Most Tranche 2 businesses do 50-150/year. You're forced to pay for volume you don't use.
- Price on application (POA) = expensive — When software doesn't publish pricing, it means it's too expensive for you. Estimated $350-500/month minimum ($4,200-6,000/year).
- 3-6 month implementation — Built for banks with compliance teams, not solo real estate agents. Onboarding takes months, not minutes.
- Enterprise contracts — Multi-year commitments, complex legal terms, exit penalties. You're locked in.
- Designed for banks, not SMEs — Features built for transaction monitoring at scale, cross-border sanctions, complex risk modeling — none of which Tranche 2 businesses need.
First AML is built for ANZ Bank, not for your 5-person accounting firm. The pricing model (POA + 400 verification minimum) makes it prohibitively expensive and completely unnecessary for Tranche 2 compliance.
Reality check: If you're reading this comparison article, First AML is not for you. It's for enterprises with 100+ staff, dedicated compliance teams, and budgets in the tens of thousands per year. The fact that they don't publish pricing tells you everything you need to know.
Bottom line: Unless you're a major bank or financial institution, skip First AML entirely. You'll pay 3-10x more than FreeAML for features you don't need.
5. Australia Post VOI — Outdated & Overpriced
- Trusted Australia Post brand
- No monthly subscription
- Physical in-person option
- AUSTRAC compliant
- Very expensive ($49 per check)
- Client must visit post office
- Slow (requires in-person visit)
- Not remote-friendly
Australia Post VOI is a relic from the pre-digital era. At $49 per check (227% more expensive than FreeAML's $15), it's the most expensive option on this list — and the slowest and most inconvenient.
The process: Your client drives to a post office, waits in line, shows their ID to a postal worker who manually checks it, then you get the results days later. In 2026, with biometric digital verification that's just as AUSTRAC-compliant and takes 60 seconds from a phone, this is absurd.
The cost comparison is brutal: For 10 verifications per month, Australia Post costs $5,880/year. FreeAML costs $1,800/year for the same volume — you're throwing away $4,080 per year for worse service and slower turnaround.
Bottom line: Unless you're verifying someone who is technologically unable to use a smartphone (rare in 2026), there is no reason to use Australia Post VOI. It's 3x more expensive, 10x slower, and massively inconvenient for your clients. Skip it entirely.
Feature Comparison
| Feature | FreeAML | easyAML | TrustSoft | First AML | AusPost |
|---|---|---|---|---|---|
| No signup required | |||||
| No monthly fees | |||||
| 60-second verification | |||||
| Remote verification | |||||
| Biometric liveness check | |||||
| AML watchlist screening | |||||
| 7-year storage | |||||
| API available | |||||
| Client-pays option | |||||
| AUSTRAC compliant |
Which AML Software Should You Choose?
The right AML software depends on your business size, verification volume, and budget. Here's our recommendation matrix:
Choose FreeAML if you're:
- A solo practitioner or small and medium business (1-10 employees)
- Verifying <50 clients per month
- New to AML compliance (Tranche 2)
- Want to minimize costs
- Don't want to manage subscriptions
Choose easyAML if you're:
- A mid-size firm (10-50 employees)
- Verifying 30-100 clients per month
- Need team dashboards and management
- Want established brand recognition
Choose TrustSoft if you're:
- A large firm with complex compliance needs
- Verifying complex entity structures regularly
- Need transaction monitoring features
Choose Australia Post if you're:
- Required to do in-person verification
- Verifying <5 clients per month
- Cost is not a primary concern
📚 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
Final Recommendation
🏆 Winner for Two Categories
FreeAML — Pay only when you need verification. No monthly fees. Save $700-2,000/year vs competitors.
FreeAML — Client-pays option = $0 cost, or charge markup to turn compliance into profit ($18k+/year).
For the vast majority of Australian businesses affected by Tranche 2 — from solo practitioners to mid-size firms with 10-50 staff — FreeAML is the clear winner.
The combination of zero monthly fees, pay-per-use pricing ($15 KYC, $35 KYB), no signup requirement, and 60-second verification makes it the most practical and cost-effective solution. Whether you're a solo real estate agent doing 5 checks per month or a 10-person accounting firm doing 40 checks per month, FreeAML saves you money while delivering the same AUSTRAC-compliant verification as expensive subscription platforms.
When to consider alternatives: easyAML if your organization requires subscription-based budgeting with enterprise white-label features. TrustSoft if you need trust accounting bundled with AML. First AML for large enterprises with 100+ staff. For 95% of Tranche 2 businesses, FreeAML is the best choice.
The deadline is July 1, 2026. Don't wait. Start verifying clients now so you're ready when Tranche 2 compliance begins.
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