Guide
What is an AMLCO, and can you be your own?
Last updated 8 September 2026
An AMLCO is the AML/CTF compliance officer a reporting entity appoints to oversee its AML/CTF program. In a small business, the owner or a senior, fit-and-proper person can be the AMLCO, so you do not need to hire someone new.
What does an AMLCO do?
The AMLCO is responsible for overseeing the AML/CTF program day to day and being the point of contact with AUSTRAC. It is a named role your business must appoint.
- Oversee the AML/CTF program and keep it current.
- Make sure customer due diligence, screening and reporting happen.
- Be the contact point with AUSTRAC.
- Help make sure staff are trained on their obligations.
Can I be my own AMLCO?
Yes. In a small business or as a sole trader, the owner or a senior person can be the AMLCO, provided they are fit and proper and have the authority and knowledge to do the job. You do not have to hire a dedicated compliance officer to meet this obligation.
Senly AML records your AMLCO and runs the program around them, so a one or two person firm can meet the same obligation as a large one.
Questions, answered.
- Can I be my own AMLCO?
- Yes. In a small business or as a sole trader, the owner or a senior, fit-and-proper person can be the AMLCO. You do not need to hire someone new.
- Do sole traders need an AMLCO?
- Yes, the role still needs to be filled, but a sole trader can appoint themselves as the AMLCO.
- What does an AMLCO do?
- They oversee the AML/CTF program, make sure due diligence, screening and reporting happen, and are the point of contact with AUSTRAC.
This guide is general information, not legal advice. The official source is austrac.gov.au.