AMLify for Accountants: New Features Before 1 July

AMLify's accountants compliance module is purpose-built for Australian accounting firms meeting their Tranche 2 obligations — covering every obligation from Part A programme governance to Part B customer due diligence, beneficial ownership mapping, and AUSTRAC reporting, all guided by the Ami AI assistant. Now that Tranche 2 has commenced, here is what the module includes and how accounting firms are using it to meet the deadline.

What does AMLify's accountants module include?

The module covers the full AML/CTF obligation lifecycle for firms that provide designated accounting services — managing client funds, company and trust formation, real property transactions, and business acquisitions. Core capabilities include: - Guided Part A and Part B programme builder — a structured workflow that walks the AMLCO through every required element, calibrated to the accounting sector's risk profile, and produces a version-controlled document ready for senior management approval - ML/TF risk assessment — a structured tool that generates a documented risk assessment aligned to the designated services the firm provides and the client types it serves - Customer due diligence workflows — separate onboarding checklists for individual clients and entity clients, including companies, trusts, and partnerships common in Australian SME accounting - Beneficial ownership mapping — a guided tool for tracing natural persons through layered trust and company structures - PEP and sanctions screening — integrated at onboarding and configured for periodic re-screening on the schedule the programme specifies - AUSTRAC reporting — suspicious matter report (SMR) and threshold transaction report (TTR) workflows aligned to AUSTRAC format requirements - Staff training module — structured training content for accounting staff, with completion tracking and record-keeping built in - Ami AI assistant — AMLify's AI compliance copilot, trained on the AML/CTF Act 2006 and AUSTRAC guidance, available to answer accountant-specific compliance questions in plain English

How does the programme builder work for accountants?

The programme builder guides the firm through each required element of Part A and Part B using a structured interview. For accountants, the workflow is pre-loaded with the designated services most common in the sector — managing client funds, company and trust formation, real property transactions, and business acquisitions — so the AMLCO only needs to confirm which services apply and supply the firm-specific details. The builder generates a written programme document that names the AMLCO, sets out the customer acceptance policy, specifies CDD procedures for each service, and documents the independent review schedule. Senior management approves the programme inside AMLify, creating a timestamped version record. Most accounting firms complete the programme in a single session of 20 to 30 minutes. See the full list of capabilities on the AMLify features page.

How does beneficial ownership mapping work for accounting clients?

Beneficial ownership is the most consistently complex CDD task for accounting firms. Australian SME clients are frequently structured through discretionary family trusts with corporate trustees, which means the firm must trace through at least two legal entity layers to identify the natural persons who ultimately own or control the relationship. AMLify's beneficial ownership tool provides a step-by-step structured interview that maps each entity layer, identifies where a natural person is reached, and records the evidence that supports the identification. The tool prompts for enhanced due diligence where ownership is unclear or spread across multiple parties, and flags structures that present an elevated ML/TF risk — such as trusts with foreign trustees or unexplained nominee arrangements. The completed map is stored against the client record and linked to the CDD file.

How does trust account monitoring work in AMLify?

Managing a client trust account is one of the highest-risk designated services an accounting firm provides. AMLify's trust account monitoring workflow supports the firm in applying enhanced scrutiny to these relationships: it prompts for source-of-funds documentation, flags unusual patterns against the client's stated purpose, and creates a monitoring record that demonstrates ongoing oversight. The workflow is trigger-based — it surfaces alerts when a transaction meets the threshold for a threshold transaction report or when a pattern warrants consideration of a suspicious matter report. These alerts are routed to the AMLCO for decision, with a documented decision trail retained in the platform.

Can I use AMLify if my firm provides both designated and non-designated services?

Yes — AMLify is designed for the reality of most Australian accounting firms, where designated services such as trust account management or company formation sit alongside tax return preparation, BAS lodgement, and financial statement work. The module allows you to scope your programme to the designated services only, without applying CDD and monitoring overhead to the non-designated parts of your practice. This keeps the compliance workflow proportionate to the actual regulated activity. See how this works in practice on the AMLify accountants industry page.

Key Takeaways

• AMLify's accountants module covers the full Tranche 2 obligation lifecycle — programme builder, ML/TF risk assessment, CDD workflows, beneficial ownership mapping, AUSTRAC reporting, and staff training
• The guided programme builder produces a compliant Part A and Part B in under 30 minutes, with version control and senior management approval tracking built in
• Beneficial ownership mapping is structured to handle layered Australian SME structures including corporate-trustee discretionary trusts — the most complex CDD task for most accounting practices
• Trust account monitoring provides trigger-based oversight and documented decision trails that demonstrate the firm's ongoing compliance
• Get compliant now — start a free 14-day trial at AMLify pricing to have a compliant programme approved

Frequently Asked Questions

Q: How long does it take for an accounting firm to set up AMLify?

Most Australian accounting firms complete the initial setup — confirming their service scope, generating a draft programme, and creating their first client CDD workflow — in a single session of 20 to 30 minutes. The guided programme builder handles the structural work, so the AMLCO only needs to review the output and confirm firm-specific details. Programme approval by senior management can be completed in the same session using AMLify's built-in approval workflow.

Q: Does AMLify work for sole-practitioner accounting firms?

Yes. AMLify is designed to be proportionate and works equally well for sole practitioners and multi-partner firms. A sole practitioner who is the firm's principal, AMLCO, and entire compliance function can complete the programme builder, approve it in their own name, and manage ongoing CDD without technical expertise. The Starter plan is priced for sole practitioners and small practices.

Q: How does AMLify handle suspicious matter reporting for accountants?

AMLify's SMR workflow guides the AMLCO through the assessment and documentation process — capturing the observed behaviour, the basis for reasonable suspicion, and the decision reached — and produces a record in the format expected by AUSTRAC. The workflow enforces the three-business-day lodgement window and maintains a tipping-off safeguard, ensuring staff are prompted not to alert the client. Lodgement is completed via the AUSTRAC Online portal; AMLify's workflow ensures the underlying decision is documented and the report prepared before that submission step.

Q: Is there a discount for accounting firms subscribing now that Tranche 2 is live?

Yes. Our Compliance Kickstart offer gives any Australian business that starts a subscription by 31 July 2026 a 30% discount for the first six months (code KICKSTART30). Every plan includes a 14-day free trial with no credit card required, so accounting firms can generate a full draft programme and test the CDD workflows before committing. See AMLify pricing for current plan details.

This is general information only and not a substitute for legal advice.

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