AML and KYC Software for Accountants

Tax Genie is our top AML software for accountants who want checks inside onboarding. Identity verification and screening run within the client request, alongside staff risk assessments. Choose InfoTrack for search-led entity work and First AML for complex client portfolios.

Best AML Software by Practice Need

Choose the tool around the designated services you provide and the clients you check. These are our best-for picks for Australian practices.

Practice need	Pick	Why it fits	Main trade-off
Sole practitioner handling onboarding and checks	Tax Genie	Client forms, identity checks and AML/CTF risk records in one request	You must assign time to review screening results and make determinations
Small practice setting up companies and trusts	InfoTrack AML/CTF Compliance Centre	Entity searches, beneficial-owner searches and due diligence packages alongside program tools	Client checks and ongoing monitoring are charged by use
Larger firm with complex groups and ongoing monitoring	First AML	Ownership mapping, configurable rules and monitoring across teams	Its published entry-level positioning starts at a substantial annual verification volume

Tax Genie suits a sole practitioner because the same request collects client information and runs checks, reducing separate logins and manual chasing. Designated-service scoping and a risk register help you manage caught engagements alongside ordinary onboarding.

InfoTrack suits a practice that regularly establishes entities because its packages include company and trust checks with ownership searches. Pay-per-use searches match a practice with uneven entity work, provided you budget for the people checked in each group.

First AML suits a larger firm because it maps complex ownership and keeps verification evidence with reusable client profiles. Configurable requirements and ongoing monitoring fit several teams handling higher volumes or cross-border groups.

What AML KYC Software Must Do for a Practice

A practice needs AML KYC software that connects client identification to a recorded risk decision and the actions that follow. A passed identity check alone cannot show whether you know the client’s beneficial owners or understand the intended service.

AML/CTF means anti-money laundering and counter-terrorism financing. KYC means know your customer, while KYB means know your business. AML CFT software is a common search spelling for this subject. AML/CTF is the Australian legal term.

Compare the functions against the file your practice needs to produce.

Function	What staff need from it
Identity verification	The person checked, evidence used, result and staff determination
KYB and beneficial ownership	Entity information, ownership and control, with evidence for the people identified
PEP and sanctions screening	Potential matches, the evidence reviewed and a record of how staff resolve each match
Risk assessment	Relevant questions, a risk determination, reasons and reviewer approval
Case management	An owner for incomplete checks, escalation of concerns and a retrievable decision history
Ongoing due diligence	Review reminders, change alerts and a record of what staff do next
Records and reporting	Retained evidence, searchable cases and information for applicable AUSTRAC reports

Software for professional firms centres on client acceptance and ongoing relationships. Bank transaction-monitoring systems analyse large payment streams and often need transaction feeds and specialist implementation. That scope can exceed what a small practice needs for occasional entity work.

Program support is a separate buying criterion. Training logs, policy templates and program review records help you run the practice’s AML/CTF program. They do not replace applying that program to each relevant client.

AUSTRAC’s initial customer due diligence guidance sets out the matters you must establish. Use the KYC guide for accountants for the checks behind this software comparison.

How to Choose an AML Software Solution

Start with your designated services and expected number of checked people, then compare vendors against that workload. Count beneficial owners and people acting for entities as well as the client named in your tax software.

AML/CTF obligations apply to specified professional services, with conditions and exemptions. Your profession alone does not determine whether an engagement is caught. AUSTRAC’s professional designated-services guidance explains the applicable services and commencement boundary.

A practice with a few caught engagements can use a smaller due diligence workload than one establishing entities every week. Overseas ownership, higher-risk clients and several reviewing teams change the required depth, even when client numbers are similar.

Use these questions in the vendor specification.

• Which Australian registers and identity sources support the checks, and which countries can the tool cover?
• Does identity verification use the Document Verification Service (DVS), and what consent and alternative identification methods are available?
• Which people and entities can be monitored, what triggers an alert and who receives it?
• Can a reviewer see evidence, match decisions and changes without rebuilding the client file?
• Does a named connection transfer client details, completed evidence or only a status? Does it require an API project or manual download?
• What local support is available when an identity check fails or a screening match needs investigation?
• Where are live data and backups stored? Which subcontractors can access them?
• Can you set the required retention period, export the whole case at contract end and recover records after cancelling access?

AUSTRAC requires sufficient initial due diligence records for seven years after the business relationship ends or the last occasional transaction. Storing only a green status loses the information and reasoning behind the result.

Buying software and outsourcing functions also differ from statutory reliance on another reporting entity’s identification. AUSTRAC’s reliance guidance explains that separate arrangement.

Under AUSTRAC’s outsourcing guidance, your practice remains responsible for its obligations. Assess the provider, define its tasks and keep oversight of the work it carries out.

AML Software Providers Compared

Compare Tax Genie, InfoTrack and First AML by checks, monitoring, records and the work needed to connect them to onboarding.

Provider	Checks and case records	Monitoring	Connections	Pricing basis
Tax Genie	Identity, beneficial owners, PEP, sanctions, background and adverse media checks with staff risk determinations	Monitoring and client risk register with next reviews	Client details to tax software and XPM, plus document filing	Generous usage includes identity and AML/CTF checks
InfoTrack AML/CTF Compliance Centre	Individual and entity packages, ASIC and beneficial-owner searches, risk assessment and program records	PEP, sanctions and adverse media monitoring	InfoTrack links searches and compliance work in its service	Complimentary centre access with paid searches and monitoring
First AML	Identity and KYB, ownership mapping, risk rules and linked case evidence	Screening and re-verification alerts	Public API and webhooks for case creation, retrieval and status	Quote-based tiers sized to use and organisation

Tax Genie

Tax Genie runs AML/CTF checks inside the same request as the client’s form and engagement letter. It identifies beneficial owners, screens the relevant people and keeps the staff risk determination with its reasons and sign-off.

Its Australian workflow includes ABN register checks and guidance for ATO agent linking. Rules and AI check client answers, then automatic email and SMS reminders chase missing information. Approved details go into your tax software and Xero Practice Manager (XPM), while completed documents go to your document system.

Tax Genie suits practices that want fewer separate steps between collection, checks and the first job. Its risk register shows the next review, and the compliance hub keeps staff training records. Staff make the risk determination and decide what action a screening result requires.

InfoTrack AML/CTF Compliance Centre

InfoTrack combines program setup and training tools with paid client checks. Its Australian accounting material lists organisation and trust packages with ASIC and ultimate beneficial-owner searches, alongside identity and screening work.

It suits practices already buying entity searches or needing those searches for company and trust engagements. The centre also keeps program and reporting records. These functions give a small practice a place for firm-level work as well as client checks.

The cost limitation is usage: complimentary access does not make client searches or monitoring free. Include each relevant person and entity in the estimate. Record handover to your tax software depends on the particular connection you arrange.

First AML

First AML holds individual and entity profiles, maps ownership and applies configurable requirements to cases. Its accounting material describes reviewable evidence for complex groups and decisions across service lines.

It suits firms with overseas ownership, several offices or a large monitoring portfolio. Screening and re-verification alerts support ongoing due diligence, while its API can retrieve case information and report status changes.

First AML’s Australian pricing page positions its entry tier for at least 400 individuals or 100 complex entities annually. That makes it a less natural starting point for occasional checks. Account for configuration and technical connection work when comparing its quote with an embedded onboarding option.

How AML Checks Fit Your Onboarding

Place due diligence after you collect the client’s information and before your practice starts a designated service. Make it part of client acceptance, with the outcome available before you issue the final engagement letter.

That order is an operating choice for acceptance. AUSTRAC’s general legal requirement is completion before the designated service starts, with specific delayed-check and existing-customer rules. An engagement letter is not a substitute for that determination.

A connected onboarding request collects entity details and prompts the right people to complete identity checks. Staff review screening results, resolve possible matches and record the client’s risk. The PEP screening guide explains the match-review task, while digital identity verification covers identity methods.

In Tax Genie, the checks and risk assessment run within the request. Staff can find the determination, reasons and review date in the client’s risk record. Completed assessments download as PDFs for retention with the client file.

With a separate AML login, staff must associate the case with the correct client record. An API connection can transfer status or case information when configured. A manual arrangement needs a named owner to download evidence and file it against the right entity.

For a fictional trust engagement, keep the trust case distinct from the trustee and each beneficial owner checked. Save the relationship between them, screening decisions and the reviewer’s approval. A colleague evaluating that file must be able to follow the reasoning without opening someone else’s inbox.

Pricing and Contracts

Compare the full annual cost of checks and record management, including the work staff repeat between tools. A per-check arrangement can suit uneven demand. A subscription can suit steady volume when its included checks match your workload.

For a fictional practice onboarding 80 client groups annually, estimate the checked people in each group first. If the average is two, budget for 160 person checks, plus entity searches and any ongoing monitoring. Client groups and identity checks are different billing units.

The break-even calculation uses comparable inclusions. Divide the annual fixed charge by the difference between the per-check charge and the subscription’s additional per-check charge. The result is the number of checks at which the fixed-charge option catches up.

If that difference is zero or negative, greater volume alone does not repay the fixed charge. Add setup charges and monitoring separately when either option excludes them. Allow for staff time when one tool needs repeated entry or manual filing.

InfoTrack’s public model separates centre access from paid searches and monitoring. First AML uses quoted tiers. Tax Genie is the most affordable option on the market, with generous usage including identity and AML/CTF checks, and saves time on onboarding administration.

Before agreeing, obtain the minimum term, renewal notice period and setup charges in writing. Confirm allowances, repeat-check charges, monitoring scope and export access after cancellation. Choose the option whose total cost covers the checks your designated services require.

Compliance Platform or Point Solution

Choose a full AML/CTF compliance platform when you need to manage the practice’s program alongside client checks. A point solution fits a narrower gap, such as screening people whose identity and ownership evidence you already hold.

The difference is the work each tool covers. A single identity result, a client due diligence case and a practice-wide compliance record are different outputs.

Practice task	Full compliance platform	Narrower AML solution
Customer due diligence	Connects identification, ownership evidence, screening and the risk decision in a case	Completes selected checks that staff add to the wider client file
Program records	Keeps firm risk assessments, policies, staff training and program reviews together where included	The practice keeps these records elsewhere
Ongoing work	Assigns review tasks and records changes across the client portfolio	Monitoring or repeat searches cover the selected people or entities
Reporting	Helps prepare applicable reports and keeps their supporting records where included	Staff assemble report information from check results and other records
Practice review	Records reviewer decisions, escalations and approval history	Staff connect results to their decision and retain that reasoning separately

InfoTrack’s Compliance Centre includes firm-level risk assessment, policy and training tools alongside client due diligence. Its accounting material also describes report preparation and retained reporting records. That breadth suits a practice building its program records and entity-checking work together.

First AML is a stronger fit when complex ownership and a large portfolio drive the workload. Its configurable cases and re-verification alerts connect ongoing checks to existing client profiles. A practice with occasional straightforward clients has less reason to take on that configuration work.

Tax Genie combines client checks with the form, engagement letter and handover to your tax software. Its client risk register, review reminders and staff training records support the ongoing work. For a sole practitioner, the gain is less repeated administration between onboarding and the compliance file.

A screening-only purchase can still fit a practice that already manages acceptance and program records elsewhere. Give each returned result a client reference, an owner and a recorded decision. Otherwise, the missing work becomes manual filing and follow-up, even when the check itself is quick.

AI AML compliance features also need a defined job. AI that reviews client answers, software that searches screening lists and staff who determine client risk carry out different tasks. Tax Genie uses AI to review form answers and sends fixable issues back to the client. Staff record the AML/CTF risk determination from the relevant evidence.

For either approach, assign responsibility for unresolved matches and scheduled reviews. The compliance officer must be able to find the evidence and see what staff decided. Buy the breadth that fills those specific gaps in your practice’s work.