AML/CTF Compliance Made Easy
MyTRAC® empowers your business to navigate complex AML/CTF regulatory obligations with ease.
By combining every compliance requirement into one intuitive platform, MyTRAC® is the only solution you need for Tranche 2 readiness.
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Know This Before Engaging
AML/CTF Service Provider
Are You One of The Below Professional Service Provider Offering AML/CTF Regulated Services?
Accountant
Designated Services
Providing your office address for clients as theirs
Acting in key roles such as company director or trustee
Compliance Obligations
Perform ML/TF Risk Assessments
Conduct Customer Due Diligence (CDD)
Legal Professionals
Designated Services
Drafting contracts or agreements for clients
Acting as nominee shareholder or trustee
Compliance Obligations
Verify client identities and beneficial owners
Monitor overseas or complex transactions
Keep records in line with professional legal standards
Real Estate Professionals
Designated Services
Acting as buyer/seller agent
Property transactions, conveyancing
Compliance Obligations
Conduct due diligence on buyers and sellers
Maintain records for reporting purposes
Key Considerations
How to Assess AML/CTF Solution Providers
This is general guidance and not legal advise
Tranche 2 Specialisation
Ensure the provider understands obligations for your industry — this should not be a retrofit of banking, financial services solutions or other Tranche 1 entities
AUSTRAC Alignment
Confirm the provider references AUSTRAC guidance and updates systems as regulations evolve
Certified Expertise
Solutions should be developed or overseen by qualified AML/CTF professionals. By law, any person engaged must be knowledgeable, skilled, competent and act with integrity
Continuous Support
Compliance is not "Set and Forget"
Providers should offer ongoing guidance, updates, and monitoring to keep you
fully compliant
Practical Integration
The solution should simplify compliance, not add administrative burden
Data Security & Governance
Providers must safeguard client information and comply with AML/CTF record-keeping requirements
Accessorial Liability (Joint Liability)
Under accessorial liability provisions, advisers can be held accountable by AUSTRAC if their systems or advice contribute
to breaches. Ask how they ensure compliance, manage risk,
and support your obligations
Australian Experience & Local Support
The provider should have proven experience in Australia, with a deep understanding of Tranche 2 obligations, AUSTRAC requirements and be locally available to provide
ongoing guidance and support
End to End Solution
For Tranche 2 small and medium businesses, juggling multiple tools or providers isn’t practical. Get everything you need in one integrated platform
ML/TF/PF Risk Assessment
AML Program Development
Customer Due Diligence (CDD)
Ongoing Monitoring
AUSTRAC Reporting (SMRs, cash transactions)
Record Keeping & Audit Trail
AML Role-Based Training
✅ All-in-one compliance | Customised to your business | Zero administrative burden
COMPARISON
Why
is Leading Tranche 2 AML/CTF Compliance in Australia
The only ground-up Tranche 2 solution, purpose-built by qualified and experienced Australian AML professionals fully aligned with AUSTRAC requirements — an all-in-one platform
Features
Tranche 2 Specialisation
Certified Expertise
End-to-End Solution
AUSTRAC Alignment
User Friendly
Ongoing Support
Transparent Pricing
Purpose-built for
Tranche 2 professionals
Fully certified AML professionals
All-in-one integrated platform
Continuously updated
Intuitive and ready-to-use
Australia based. Continuous advisory and guidance
Clear, upfront pricing; no hidden cost
Consultants
May have industry knowledge
Varies by individual
Fragmented; may require multiple providers
May lag updates
Varies; may require manual processes
May be ad-hoc
Pricing varies; often hourly & unpredictable
RegTech Providers
Usually adapted from other industries
Technical expertise exists
Software only; additional services tie up with other providers
Aligned with AUSTRAC reporting
Can be complex; learning curve needed
Limited support based on subscription model
Subscription + add-on fees
Industry Associations
Guidance only
Guidance only; not necessarily AML certified practitioners
Guidance only; no implementation platform
Guidance only; reliance on members to implement
No software; guidance only
Ongoing support through guidance
Membership fees; unclear inclusions
Meets the requirements
Does not meet the requirements
Partially meets the requirements
AML/CTF Obligations
Examples of Elements You Need to Manage
Customer Due Diligence
1
Initial Due Diligence
Enhanced Due Diligence
Ongoing Due Diligence
Simplified Due Diligence
Risk Assessments
2
Money Laundering (ML)
Terrorism Financing (TL)
Proliferation Financing
Inherent ML/TF Risks
3
Designated Service
High-risk customers
Non- Face to Face customer interaction
Foreign Jurisdictions
AML/CTF Program
4
Policies
Internal Controls
Procedures
AUSTRAC Reporting
5
Suspicious Matter (SMR)
Annual Compliance Report
Cash Transactions >A$10k
AML Compliance Officer
6
Fit and Proper Person
Integrity
Knowledge, Skill and Expertise
Case Management
7
High-Risk Customers
SMR
Audit Trail for AUSTRAC Examination
AML Role Based Training
8
Compliance Officer
Client Facing
Back-office
Integrated role
Partner/C-Suite/Governing body