Reporting and governance
Annual AUSTRAC compliance reporting
Automated structured outputs
Auto generated wizard
Limited
Additional cost
Manual
Staff training
Free training modules plus curated AUSTRAC and public compliance resources
Included
Limited or varies
Additional cost
Self managed
Seven year audit trail
Full audit trail maintained (client retains responsibility)
Included
Included
Paper based
Your responsibility
Data hosting
Secure cloud infrastructure (trusted jurisdictions)
Varies
Varies
Not applicable
Your device
Data security
No storage of ID copies, HTTPS TLS and controlled access
Not clearly defined
Varies
Depends on provider
None
Board and executive reporting
Export ready reports
PDF export
Limited
Additional cost
Manual
Trust and complex structures
Full workflow for complex structures
Included
Basic
Manual
Manual
TTR monitoring ($10,000 cash threshold)
Automated alerts
Alerts or blocking model
Limited
Not included
Manual
Tipping off controls
Tipping off controls (annual plan; client implementation)
Limited role filtering
Not clearly defined
Training based
None
Important information
Flagship AML is designed to be one of the most affordable AML compliance platforms for law firms, accountants and real estate professionals. Our low monthly subscription includes 30 PEP, sanctions and watchlist screenings, with no lock in contracts.
Identity verification is available on a pay as you go basis (AUD $4 per check). This allows firms to pay only when identity checks are required, rather than being locked into expensive bundled AML software subscriptions.
Flagship AML does not use biometric identity verification. Users may verify identity by sighting original or certified documents in accordance with a risk based approach under Australian AML/CTF requirements.
This flexible, cost effective model helps small and medium sized firms reduce AML compliance costs while maintaining audit ready processes.
This comparison is based on publicly available information at the time of publication. Features and pricing may change. Flagship AML is not affiliated with or endorsed by AUSTRAC. This information is general in nature and does not constitute legal advice.