It must cover all the obligations
- Generates and versions an AML/CTF program from your own answers.
- Records client identification, beneficial owners, risk rating and review date, and sits beside your VOI record.
- Reminds you of reviews and of the yearly program review.
- Logs suspicious matters and threshold transactions with the legal deadline.
- Helps with the annual compliance report.
- Records staff training.
- Keeps a tamper-evident audit trail you can export, and never deletes client records.
Things a small practice can ignore
- Transaction monitoring built for payment volumes you do not have.
- Per-check pricing for sanctions screening; a manual check of the consolidated list is fine at your volume.
- Per-seat pricing and implementation projects.
Questions to ask
- Is the program generated from my firm's answers and versioned?
- What happens to a client record when I delete it? (Right answer: archived and kept for 7 years.)
- Can I export everything without asking support?
- Is it per firm or per user, and does the price include GST?
- Is it built for Australian obligations and AUSTRAC deadlines?
A fair price
A fixed monthly fee in the range of a modest software subscription. PracticeAML is AU$99.90 per firm per month including GST; judge it against the list above like any other option.
Questions people ask
- Can our practice management system do this?
- It holds matters and trust records. It rarely stores which document was sighted, by whom, beneficial owners, risk ratings, review dates or an audit trail, and it may purge records you must keep. Check before relying on it.
Sources
Official AUSTRAC guidance this page was checked against. The date is when we captured the page; AUSTRAC may have updated it since.
- Record keeping overview · AUSTRAC, captured 12 Apr 2026
This guide is general information for solicitors, conveyancers, settlement agents, not legal advice. Check AUSTRAC's current guidance for your situation.