What's the realistic annual cost for a small practice?

Typically well under $2,000 a year for software plus a generated AML/CTF Program — meaningfully less than hiring a consultant to write a program manually, which can run $5,000-$15,000 on its own.

Is there a cheaper way than paying a consultant?

Yes — software that generates a tailored AML/CTF Program as part of your subscription can remove most or all of that consultant cost for straightforward small practices.

What's the biggest hidden cost people underestimate?

Their own time. Manually collecting documents, checking sanctions lists, and tracking review dates in a spreadsheet adds up to real hours every week that automation removes almost entirely.

How Much Does Tranche 2 Compliance Actually Cost?

Let's skip the sales pitch and just answer this directly: what does Tranche 2 compliance actually cost a small practice?

Three real cost categories

Realistically, your cost falls into three buckets:

Software — a platform to handle identity checks, risk assessment, and reporting
Consultant fees — if you pay someone to write your AML/CTF Program for you
Your own time — actually running the checks and staying on top of it

What does the software actually cost?

For a small practice, purpose-built platforms typically run $39-$149 a month depending on client volume, often with per-check fees on top once you exceed your plan's included allowance. Over a year, that's usually somewhere between $470 and $1,800 for a small firm — not a huge line item once you compare it to the alternative.

What if I hire a consultant to write my program?

This is where costs can genuinely add up — a consultant writing your AML/CTF Program manually can run anywhere from $5,000 to $15,000, sometimes more for complex businesses. Software that generates a tailored program as part of your subscription can remove this cost almost entirely for straightforward practices.

What about my own time?

This is the cost people underestimate. Manually collecting ID documents, checking sanctions lists by hand, and tracking review dates in a spreadsheet eats real hours every week — hours that are, frankly, better spent doing billable work. Good software largely automates this away.

So what's the honest bottom line?

For a sole practitioner or small firm, a genuinely complete setup — software plus a generated compliance program — typically lands well under $2,000 a year. Compare that to a single AUSTRAC penalty for non-compliance (into the tens of millions for serious breaches), and it's not a close call.

Try it before committing

CompliDesk starts at $39/month with no credit card required to sign up, so you can see the real cost for your situation before spending anything.

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Frequently Asked Questions

What is the difference between Tranche 1 and Tranche 2 under Australia's AML/CTF Act?

Tranche 1 (passed in 2006) applied only to the financial services, gambling, and bullion sectors. Tranche 2 extends these anti-money laundering and counter-terrorism financing (AML/CTF) obligations to designated non-financial businesses and professions (DNFBPs), including lawyers, accountants, real estate agents, conveyancers, trust and company service providers, and precious metals/stones dealers.

Do all lawyers, accountants and real estate agents need to register with AUSTRAC?

No, only those who provide 'designated services' as defined in Schedule 1 of the AML/CTF Act. For example, a litigator who only represents clients in court is generally not captured, whereas a lawyer who assists with property transactions, company formations, or managing client trust accounts is. Similarly, accountants providing tax advice or basic bookkeeping are not captured unless they manage client funds, set up companies, or act as trustees.

What is the AUSTRAC enrolment deadline for Tranche 2 entities?

Under the transitional arrangements, Tranche 2 entities were required to enrol with AUSTRAC by 29 July 2026, following the official commencement of the reforms on 31 March 2026.