AML compliance cost
What AML compliance costs in Australia.
AUSTRAC Tranche 2 is here, and the first question every small business asks is what it costs. Here is the honest picture, and how Senly AML keeps it low.
Hire a consultant
Thousands up front
A custom program written for you, plus ongoing advisory fees. Right for complex or out-of-kit situations, but heavy for a small firm that fits a starter kit.
Enterprise platform
Quote on application
Powerful and sales-led, priced for banks and large firms. Usually more than a small business needs, with a demo and a contract before you see a number.
Senly AML
From A$29/seat per month
Runs AUSTRAC's starter kit for your sector. Flat platform fee, online ID checks pay-as-you-go, platform fee waived for your first 30 days.
One fair price
What you pay with Senly AML.
A flat platform fee of A$29 per seat per month, or A$26.58 per seat per month billed annually with one month free. Everything below is included. Online ID checks are the only pay-as-you-go item.
- Your AML/CTF program and risk assessment
- Customer due diligence, unlimited customers and records
- DFAT and UN sanctions and PEP screening
- Suspicious matter, threshold transaction and annual report drafting
- Staff training register
- Tamper-evident records, kept for seven years
The cost of getting it wrong.
AUSTRAC can impose significant civil penalties for AML/CTF non-compliance, and the cost of a penalty or a failed audit dwarfs the cost of the software. Staying compliant and audit-ready is the cheaper path, and it is the whole point of Senly AML.
Cost questions, answered.
- How much does AML compliance cost for a small business in Australia?
- With Senly AML it is A$29 per month per seat, or A$26.58 per month per seat billed annually with one month free. The platform fee is waived for your first 30 days. Online ID checks are the only pay-as-you-go item. A consultant-led program typically costs thousands up front.
- Is software cheaper than hiring a consultant?
- For a business that fits an AUSTRAC starter kit, yes, by a wide margin. Software runs the kit for you at a flat monthly fee, where a consultant writes a custom program for a one-off fee in the thousands plus ongoing advice.
- Are there hidden costs or per-customer fees?
- No. Customers, due-diligence records and reports are unlimited on the platform fee. The only usage-based cost is online ID checks (KYC and KYB), billed pay-as-you-go, and you choose when to run them.
- What do online ID checks cost?
- Online ID checks (KYC and KYB) are pay-as-you-go on top of the platform fee. You only pay for the checks you run, so a low-volume firm pays very little.