The short answer
AUSTRAC does not mandate a particular product. It requires you to enrol, keep an AML/CTF programme, and actually carry out customer due diligence, ongoing monitoring and reporting. Good software makes those obligations routine instead of manual. For a firm new to AML, the practical priorities are Australian and global list coverage, ongoing monitoring, a clean audit trail, and pricing that does not rise every time you add a staff member.
Four things that matter for a Tranche 2 firm
Most newly regulated firms are buying compliance software for the first time. These are the criteria that separate a tool you can actually run from one that becomes a burden.
Screening against the DFAT Consolidated List and major global sanctions, PEP and adverse-media data. Australian obligations start with DFAT, so confirm it is covered as standard.
A client who cleared at onboarding can become a match later. Look for automated re-screening that alerts you when something changes, so your programme keeps up without manual re-checks.
AML software to consider for Tranche 2
MemberCheck is our own platform, so we have set out its capabilities in full and kept every other vendor to a neutral, factual summary drawn from their own public materials. Verify current details with each provider.
MemberCheck is an Australian-built AML platform that has run PEP and sanctions screening since 2008. It is designed to be usable by a firm that has never had a compliance team, while scaling to enterprise volumes. For Tranche 2 businesses, the workflow maps directly to AUSTRAC's customer due diligence and ongoing monitoring expectations.
An Australian and New Zealand founded platform focused on client onboarding and due-diligence collection, including beneficial-ownership mapping, delivered through integrated third-party data across more than 300 corporate registries and data sources. It is ISO/IEC 27001:2022 certified and publishes guidance for Tranche 2 sectors. A strong fit where the main challenge is intake and complex ownership structures.
Getting ready for Tranche 2?
Book a 15-minute call and we will walk through your obligations and show how MemberCheck's screening, monitoring and workflow map to your AML/CTF programme.
This guide is written for compliance and risk teams evaluating AML technology. Facts about other vendors are taken from their own public materials at August 2026 and can change over time, so verify current specifications and pricing directly with each provider. First AML, ComplyAdvantage, Mesh, World-Check, World-Check One, LSEG, LexisNexis, WorldCompliance and Bridger Insight XG are trademarks of their respective owners and are used here only to identify and compare the products.
This page gives general information about AML/CTF software and obligations and is not legal advice. Reporting entities should seek their own advice on their obligations under the AML/CTF Act and AUSTRAC guidance, and confirm current dates and requirements with AUSTRAC.