It must cover all the obligations
- Generates and versions an AML/CTF program from your own answers.
- Records vendor and buyer identification, beneficial owners, risk rating and review date.
- Reminds you of reviews and of the yearly program review.
- Logs suspicious matters and threshold transactions with the legal deadline.
- Helps with the annual compliance report.
- Records staff training.
- Keeps a tamper-evident audit trail you can export, and never deletes client records.
Things a small agency can ignore
- Transaction monitoring built for payment volumes you do not have.
- Per-check pricing for sanctions screening; a manual check of the consolidated list is fine at your volume.
- Per-seat pricing and implementation projects.
Questions to ask
- Is the program generated from my agency's answers and versioned?
- What happens to a client record when I delete it? (Right answer: archived and kept for 7 years.)
- Can I export everything without asking support?
- Is it per agency or per user, and does the price include GST?
- Is it built for Australian obligations and AUSTRAC deadlines?
A fair price
A fixed monthly fee in the range of a modest software subscription. RealtyAML is AU$99.90 per agency per month including GST; judge it against the list above like any other option.
Questions people ask
- Can I use my CRM?
- Your CRM holds contacts and listings. It rarely stores which document was sighted, by whom, the risk rating, review dates or an audit trail, and it may delete records you must keep. Check before relying on it.
This guide is general information for real estate agents, buyers agents, property managers, not legal advice. Check AUSTRAC's current guidance for your situation.