Written by the NeX Automate Compliance Team
Reviewed for accuracy against current AUSTRAC guidance. NeX Automate builds AML/CTF and client-verification automation used by Australian accounting practices — and VERA is one of the options reviewed below. This guide is general information, not legal advice; confirm your firm’s specific obligations with AUSTRAC or a qualified adviser.
Last updated: July 2026
The 1 July 2026 deadline has passed, and AML/CTF obligations are now live for thousands of Australian accounting firms. Many practices got ready in time. Many did not — and are now searching for AML/CTF compliance software while already operating as reporting entities. The problem: most tools on the market were not built for accountants. They were built for banks, fintechs, or large financial institutions, and they show it.
This article cuts through the noise. It covers what to look for in AML/CTF compliance software for small and mid-sized accounting firms, reviews the main options available in Australia, and explains why the right choice depends heavily on how the software integrates with your existing practice workflow — not just whether it ticks the compliance boxes.
Disclosure: We are NeX Automate, the team behind VERA — one of the options reviewed below. We’ve been transparent about that throughout. Our goal is a genuinely useful comparison, not a sales pitch dressed up as a review.
What AML/CTF Compliance Software Must Do for Accounting Firms
Before evaluating any tool, you need to know what you’re measuring it against. These are the eight criteria that matter for an Australian accounting firm operating as a reporting entity under Tranche 2:
The Problem With Most AML/CTF Software Options
Here are the main options available to Australian accounting firms, evaluated against the eight criteria above.
Option 2: FrankieOne
Strong Australian IDV, limited accounting integration
Best for: Financial services firms, fintechs, and lending businesses needing high-volume identity verification with orchestration across multiple data sources.
Key features
- Strong Australian identity verification — integrates with multiple document and biometric providers
- Sanctions and PEP screening across major databases
- Risk-based orchestration — configure different verification flows for different risk levels
- Australian-built — designed with AUSTRAC requirements in mind
- API-first — integrates with custom tech stacks
Limitations
- No native integration with accounting practice management systems (Xero Practice Manager, MYOB, Handisoft, etc.)
- No engagement letter generation or document automation
- No Tax Agent Portal integration
- Primarily designed for financial services — accounting-specific workflow not supported out of the box
- Requires development resources to implement and integrate for most accounting firms
Pricing: Custom pricing — contact FrankieOne directly. Typically volume-based.
Verdict: A strong choice for financial services firms. For accounting practices, the lack of practice system integration means significant manual work remains after identity verification is complete.
Option 3: International IDV Platforms (Onfido, Jumio, Thales)
Capable but overkill
Best for: Large enterprises, global financial institutions, and businesses with technical teams that can configure and integrate complex IDV APIs.
Key features
- High-quality biometric Face-ID and document verification
- Broad international coverage — useful for firms with overseas clients
- Highly configurable for complex compliance requirements
- PEP and sanctions screening available
Limitations
- Not built for Australian AUSTRAC requirements specifically — require configuration to meet local obligations
- No accounting practice integration whatsoever — purely IDV tooling
- Enterprise pricing — typically not cost-effective for small or mid-sized accounting firms
- Significant technical setup required — not deployable in 2 weeks for most practices
- No engagement letters, practice system sync, or Australian-specific workflow support
Pricing: Enterprise pricing — typically $10,000+ setup plus per-verification fees. Not publicly listed.
Verdict: Capable technology, wrong fit for accounting practices. The configuration, integration, and cost burden makes these impractical for most small to mid-sized firms.
Option 4: Manual Process
Compliant in theory, unworkable at scale
Best for: Very small practices with fewer than 20 clients receiving designated services, or as a short-term stopgap while evaluating software options.
Key features
- No software cost
- Full control over the process
- Can be implemented immediately without a setup period
Limitations
- 30 to 45 minutes per client — unsustainable at any meaningful scale
- Prone to human error — missed fields, inconsistent documentation, incomplete audit trails
- Manual sanctions and PEP searching is time-consuming and unreliable
- Record keeping requires disciplined manual filing — easily overlooked under time pressure
- Staff training burden is higher — every person needs to understand the full process
- Does not scale — the same process that works for 20 clients breaks under 200
Pricing: No software cost, but significant hidden time cost. At 30 minutes per client, 200 clients = 100 hours of staff time.
Verdict: Legally compliant if executed correctly, but practically unworkable for most practices. Appropriate only as a very short-term bridge while deploying a software solution.
Feature Comparison at a Glance
Use this table as a quick reference when evaluating your options. The key differentiators for accounting firms are practice integration, document automation, and Tax Agent Portal connectivity.
Key: ✓ Fully supported · ⚠ Partial / requires configuration · ✕ Not supported
Which AML/CTF Option Should Your Firm Choose?
A practical decision guide for Australian accounting firms now operating under Tranche 2.
Choose VERA if:
- You’re an Australian accounting firm operating as a Tranche 2 reporting entity.
- You want client verification to connect directly to your practice management system without manual re-entry.
- You need engagement letters and onboarding documents generated automatically from verified client data.
- You have more than 30 clients who require verification.
- You want to deploy in 2 weeks and be done — not spend months on integration projects.
Consider FrankieOne if:
- You have an in-house technical team that can build custom integrations.
- You need a highly configurable IDV platform that connects to a bespoke tech stack.
- Your verification volume is very high and you need sophisticated orchestration across multiple providers.
Stick with a manual process only if:
- You have fewer than 20 clients receiving designated services.
- You’re using it as a short-term bridge while a software solution is being deployed.
- You have a dedicated compliance administrator who can manage the process consistently.
P.S. One thing most software comparison articles don’t tell you: getting compliant isn’t instant. VERA takes about 2 weeks to deploy and configure to your practice workflow. The firms operating most comfortably today are the ones that gave their implementation time to be set up properly — so if you’re still catching up, the sooner you start, the sooner every new client is verified correctly.
About NeX Automate
NeX Automate is an Australian accounting automation platform built by accountants, for accountants. VERA is our AML/CTF client verification automation tool — the only compliance solution on this list designed end-to-end for Australian accounting practices. VERA handles VOI, AML/CTF screening, risk scoring, engagement letters, practice system integration, and 7-year record keeping — all in approximately 3 minutes per client. Visit nexautomate.com.au
Sources & further reading
- AUSTRAC — Tranche 2 entities and the 2026 reforms
- AUSTRAC — Customer identification and verification
- AUSTRAC — Record-keeping obligations
- Financial Action Task Force (FATF) — The FATF Recommendations
Related guides: What AML/CTF means for accounting firms, Customer Due Diligence explained, and Verification of Identity (VOI) explained.
