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For a sole practitioner in a niche area, is it sensible to subscribe to easyAML if most work isn't a designated service?

Depends on the proportion of designated-service work; options are Starter at $179/month.

It depends on the proportion of designated-service work and the practitioner's appetite for compliance overhead. There are three live options worth considering:

  1. Subscribe to the Starter tier ($179/month + GST). Covers up to 5 users, includes Risk Assessment, AML Program, training, ongoing monitoring and read-only auditor access. Suits a sole practitioner doing some - but not the majority of - designated-service work. KYC/KYB charged per check ($20 / $40 + GST on Starter).
  2. Decline new designated-service work. Some sole practitioners (especially those nearing retirement or running mostly advisory practices) choose to stop accepting work that triggers Tranche 2 obligations - for example, a tax accountant who refers all trust/company structuring to a specialist firm. Whether this is viable depends on referral patterns and whether the practice can hold together commercially after the refusal.
  3. Use the outsourced CDD option ($50 per matter + KYC/KYB costs). Maintain a Starter subscription and outsource the actual KYC/KYB execution to easyAML's team for each captured matter. Removes the day-to-day work while keeping the compliance framework in place. Pricing is per use.

AUSTRAC's Check if you may be regulated (Reform) tool is a good starting point for the self-assessment.

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