In September 2024, the Australian Parliament passed legislation to formally extend the scope of the AML/CTF regime. The expansion, commonly referred to as Tranche 2, brings professional services under mandatory compliance obligations. These include:
Legal practitioners
Accountants
Real estate professionals
Dealers in precious metals and stones
Entities in these sectors are now subject to the same core AML/CTF obligations as financial institutions. These include:
Risk-based KYC and customer due diligence (CDD)
Ongoing monitoring and enhanced due diligence (EDD)
Screening for politically exposed persons (PEPs), sanctions, and adverse media
Record keeping and reporting of suspicious matters, threshold transactions, and cross-border transfers
Implementation of an AML/CTF compliance program
Powered by RegTech Lab (global RegTech Directory) as well as 6 months of research, we have put together the most detailed market report on the planet, to aid Tranche 2 entities with vendor due diligence and selection.
Market Map
This report assesses AML and RegTech solutions currently active in the Australian market. The tools are assessed through the following lens:
This market map highlights how some platforms focus on a single verification layer (e.g. KYB only), while others are positioned as end-to-end onboarding solutions designed to unify workflows across compliance, risk, and client experience.
Australia Report Market Map
Functionality Clusters
Each tool in this report falls into one or more of the following functionality clusters. These clusters are used to provide a true image of where each tool’s capabilities and market positioning.
As you can see below, client onboarding tools listed in our report also provide end to end due diligence. Some KYC and KYB providers also have AML Screening. Same with Risk Management tools.
Australia Report Functionality Clusters
Understanding Functionality Types
Each solution is grouped according to the primary functionality it offers. These are the six functionality types used throughout the report, split between Data Providers and Comprehensive Platforms.
Understanding Aventine Lab functionalities
Data Providers:
KYC – Platforms focused on verifying individual identity using biometrics, document verification, liveness detection, proof of address, etc.
KYB – Business verification tools covering registry data, UBO mapping, credit/insolvency checks, and company structure validation.
Screening – Tools that consolidate sanctions, PEP, and adverse media screening into unified search and often with ongoing monitoring capabilities.
Comprehensive Platforms:
Risk Management – Systems supporting transaction monitoring, case management, risk scoring, and policy implementation.
End-to-End Due Diligence – Tools offering full-spectrum verification across KYC, KYB, and screening without broader onboarding capabilities.
Client Onboarding – Platforms that deliver a comprehensive onboarding experience, including intake forms, end to end due diligence, risk assessment, e-signature, and often payments.
Aventine Lab Functionality Definitions
Target Markets
For each RegTech we provide information on their target markets. This includes the size of the clients they are targeting as well as the industries.
Size of clients:
Small and micro businesses
Mid-market firms (e.g. law firms, accountants, boutique financial services)
Enterprise clients with more complex regulatory needs or international exposure
Industry examples:
Professional Services (Law, Accounting, Real Estate, Insurance, etc)
These are comprehensive platforms that streamline the entire onboarding and monitoring process. From intake, questionnaires, verifications to monitoring and risk assessments. These tools often serve the mid market and combine various offerings through APIs into one platform.
Aventine Lab Recognition: Market Leader, Best for Law Firms, AI Powered
Description:
Legl is a holistic platform for client onboarding, AML, and regulatory compliance, tailor-made for law firms in the UK and Australia.
Functionality: Onboarding + Payment
Target Markets:
Law Firms
Mid-Market
Australia & UK
Key Features:
KYC, Identity Verification, Biometric, Proof of Address, NFC Chip
PEP/Sanctions, Adverse Media, Ongoing Monitoring
KYB, UBO Mapping, Credit Checks
Payments, Automatic Follow-Ups, e-Signatures
Source of Funds, AI assist
Audit Reporting
Legl Features and Market Map
Analysis / Aventine Lab Comment:
Quote by Arsalan on Legl
Key Clients / Testimonials:
Legl Testimonials
“The automated reminders and payment links have really driven the speed in payments. We now take 47% of client payments outside of office hours, and with payment request links, get paid in 21.6 hours on average.”
— Jamie Fall, Compliance Officer at Lodders
“Legl enabled us to replace multiple suppliers with a single platform that integrates with our case management system. Now over 50% of our CDD checks come back within 24 hours.”
— Julia Taylor, Director of Client Services at Debenhams Ottaway
Aventine Lab Recognition: Most Comprehensive, Innovator
Description:
An all-in-one AML compliance platform tailored for Tranche 2 entities, combining KYC, KYB, and policy management.
Functionality: Onboarding
Target Markets:
Fund Management
Legal
Accounting
Real Estate
Payment Providers
Key Features:
KYC, KYB, Ongoing Monitoring
PEP/Sanctions, Adverse Media
Risk Scores, Risk Assessments, Credit Checks
Audit Reporting, Case Management
e-Signatures, Training, Questionnaires
Policy Creation & Management
Personr Features and Market Map
Analysis / Aventine Lab Comment:
Quote by Arsalan on Personr
Key Clients / Testimonials:
Personr Testimonials
“Personr has made it easier and more practical to verify client identities, providing peace of mind through what I call a two-way security check.”
— Andrew Lane, Financial Planner at Money & Wealth
“Compliance is critical for our business. This seamless solution makes identification simple and effective. The client experience is the icing on the cake.”
A client onboarding platform tailor-made for the legal and financial services markets in the UK, New Zealand, and Australia.
Functionality: Onboarding
Target Markets:
Financial Services
Legal
Key Features:
Source of Funds, Automatic Follow-Ups, Bulk Actions
KYC, KYB, PEP/Sanctions, Adverse Media
Ongoing Monitoring, Risk Assessments, Risk Scores
First AML Market Map and Features
Risk Management Tools
These are tools that focus more on fraud prevention, transactional monitoring, policy creation and management. These tools can also be more focused on post customer onboarding.
Resistant AI focuses on detecting advanced threats such as synthetic identities and AI-driven fraud tactics, supporting financial institutions in protecting their compliance workflows.
Functionality: Risk Management
Target Markets:
FinTechs
Corporates
RegTechs
Insurance
Key Features:
Fraud Detection
Document Verification
Adversarial Robustness
Resistant AIs Market Map and Features
End to End Due Diligence
Full-spectrum verification covering KYC, KYB and Screening. These tools just focus on the verifications instead of wider onboarding needs such as questionnaires, e-signatures, client set-ups and more.
Global Data offers verification tools for individuals and businesses, with a focus on AML compliance and monitoring for banks and fintechs using Australian data.
NameScan and MemberCheck provide KYB, KYC, and AML screening solutions to a wide range of global clients.
Functionality: End-to-End Due Diligence
Target Markets:
Financial Services
Professional Services
FinTechs
Property Firms
Corporates
Retailers
RegTechs
Key Features:
PEP/Sanctions, Adverse Media
KYC, KYB
Change Management, Identity Verification
Ongoing Monitoring
Namescan Market Map and Features
KYC Providers
Platforms that focus on the verification of identity, liveness, proof of address and right to work. Some of these companies offer more than just KYC, but their primary focus is still verification of individuals.
Aventine Lab Recognition: Best for Large Volumes, Global Coverage
Description:
LSEG provides AML screening through WorldCheck, widely trusted by financial institutions and RegTech platforms.
Functionality: Screening
Target Markets:
Financial Services
Professional Services
FinTechs
Property Firms
RegTechs
Key Features:
Ongoing Monitoring
PEP/Sanctions
Adverse Media
LSEG Market Map and Features
KYB Providers
Platforms that pull and unify business verification data (KYB) from multiple sources to streamline compliance checks. These range from company number to address, company certification, financials, UBO and director information.
Kyckr connects to 300+ global registries, offering robust KYB data for AML and compliance use cases.
Functionality: KYB
Target Markets:
Professional Services
Property Firms
RegTechs
Corporates
Financial Services
Key Features:
KYB, pKYB, Credit Checks, UBO Mapping
Document Retrieval, Live Registry Access
Open API
Kyckr Market Map and Features
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Feature Table
Number
Name
Functionality
Country
Employee size
Founding Year
KYC
KYB
Screening / Ongoing Monitoring
Transaction Monitoring
Risk Assessments
Open Banking
Reporting
eSignatures
Payments
AI Powered
1
Legl
Onboarding
United Kingdom
58
2017
✓
✓
✓
✗
✗
✗
✓
✓
✓
✓
2
Personr
Onboarding
Australia
10
2022
✓
✓
✓
✗
✓
✗
✓
✓
✗
✗
3
iDenfy
Onboarding
Lithuania
48
2017
✓
✓
✓
✓
✓
✗
✓
✓
✗
✓
4
Credas
Onboarding
United Kingdom
40
2017
✓
✓
✓
✗
✗
✗
✗
✓
✓
✗
5
Verify 365
Onboarding
United Kingdom
11
2020
✓
✓
✓
✗
✗
✓
✗
✓
✓
✗
6
First AML
Onboarding
New Zealand
74
2017
✓
✓
✓
✗
✓
✗
✓
✗
✗
✗
7
Flagright
Risk Management
United Kingdom
36
2021
✓
✗
✓
✓
✓
✗
✓
✗
✗
✓
8
Lucinity
Risk Management
Iceland
55
2018
✓
✗
✓
✓
✓
✗
✓
✗
✗
✓
9
Arctic Intelligence
Risk Management
Australia
18
2013
✗
✗
✗
✗
✓
✗
✓
✗
✗
✗
10
InfoTrack
Risk Management
New Zealand
28
2012
✓
✓
✓
✗
✗
✗
✗
✗
✗
✗
11
Zenoo
Risk Management
United Kingdom
26
2019
✓
✓
✓
✗
✗
✗
✗
✗
✗
✗
12
Resistant AI
Risk Management
Czech Republic
104
2019
✗
✗
✓
✗
✗
✗
✓
✗
✗
✓
13
GBG
End to End DD
United Kingdom
1,300
1989
✓
✓
✓
✗
✗
✗
✓
✗
✗
✗
14
FrankieOne
End to End DD
Australia
83
2017
✓
✓
✓
✓
✗
✗
✓
✗
✗
✗
15
Global Data
End to End DD
Australia
11
2016
✓
✓
✓
✓
✓
✗
✓
✗
✗
✗
16
Detected
End to End DD
United Kingdom
28
2020
✓
✓
✓
✗
✓
✗
✓
✗
✗
✗
17
Sumsub
End to End DD
Cyprus
806
2015
✓
✓
✓
✓
✗
✗
✗
✗
✗
✗
18
NameScan
End to End DD
Australia
11
2018
✓
✓
✓
✗
✗
✗
✗
✗
✗
✗
19
Xapien
Screening
United Kingdom
62
2018
✗
✓
✓
✗
✗
✗
✓
✗
✗
✓
20
Napier AI
Screening
United Kingdom
253
2015
✗
✗
✓
✓
✗
✗
✗
✗
✗
✓
21
Threat Digital
Screening
USA
5
2021
✗
✗
✓
✗
✗
✗
✗
✗
✗
✓
22
ComplyAdvantage
Screening
United Kingdom
460
2014
✗
✗
✓
✓
✗
✗
✗
✗
✗
✗
23
LexisNexis
Screening
USA
10,521
1970
✗
✗
✓
✗
✗
✗
✗
✗
✗
✗
24
LSEG
Screening
United Kingdom
22,678
1801
✗
✗
✓
✗
✗
✗
✗
✗
✗
✗
25
AsiaVerify
KYB
Singapore
40
2020
✗
✓
✓
✗
✗
✗
✗
✗
✗
✗
26
Creditsafe
KYB
Ireland
1,097
1997
✓
✓
✓
✗
✗
✗
✗
✗
✗
✗
27
Moody’s
KYB
USA
11,780
1909
✗
✓
✓
✗
✗
✗
✗
✗
✗
✗
28
Know Your Customer
KYB
Hong Kong
53
2015
✗
✓
✓
✗
✗
✗
✓
✗
✗
✗
29
Dun & Bradstreet
KYB
USA
5,500
1841
✗
✓
✓
✗
✓
✗
✓
✗
✗
✗
30
Kyckr
KYB
Australia
23
2007
✗
✓
✓
✗
✗
✗
✗
✗
✗
✗
31
ID/Verse
KYC
United Kingdom
100
2014
✓
✗
✓
✗
✗
✗
✗
✗
✗
✓
32
Truuth
KYC
Australia
25
2018
✓
✗
✓
✗
✓
✗
✗
✗
✗
✗
33
Veriff
KYC
Estonia
449
2015
✓
✗
✓
✗
✓
✗
✓
✗
✗
✓
34
Data Zoo
KYC
Australia
68
2011
✓
✓
✓
✗
✗
✗
✗
✗
✗
✗
35
APLYiD
KYC
New Zealand
28
2018
✓
✓
✓
✗
✗
✗
✗
✗
✗
✗
Feature Definitions
Feature Name
Description
Adversarial Robustness
The resilience of AI/ML systems against manipulation or spoofing by bad actors. Applied in AI-powered RegTech tools like fraud detection and KYC.
Adverse Media
Screening public information sources for negative media about a customer. Assesses reputational and compliance risks.
AI Co-Pilot
Embedded AI assistant that supports users during compliance tasks. Helps draft reports, flag risks, or explain regulatory requirements.
AI Generated Reports
Automatically produced summaries, insights, or compliance checks using AI or machine learning. Used during onboarding, audit or internal reviews.
Anomaly Detection
AI-driven identification of unusual patterns in financial or user data beyond standard behavior profiling.
Audit Reporting
Systematic tracking and documentation of compliance activities, user actions, and regulatory adherence. Provides audit trails, logs, and compliance reports.
Automatic Follow-Up
Pre-scheduled reminders and notifications triggered by user inactivity or pending actions. Used in onboarding and ongoing compliance checks.
Behavior Profiling
Tracking and analysing user behavior to detect anomalies. Supports early warning systems and ongoing monitoring.
Blockchain Verification
Verifying, tracking and analysing blockchain wallets or transactions for compliance and fraud prevention (e.g., crypto tracing).
Bulk Actions
The ability to perform compliance tasks across multiple records or entities. Used for onboarding large client batches, periodic reviews, or mass screenings.
Case Management
Managing and organising compliance or risk-related cases. Provides structure to investigations or regulatory reviews.
Compliance Map
Visualisation tool for mapping regulatory obligations across jurisdictions or entities. Used by legal, risk, and compliance teams.
Consent Management
Tracking and managing user consent for data usage, ensuring compliance with privacy laws.
Content Repository
A digital library to store and manage compliance documents, training, and policies. Used for knowledge management, training, and audits.
Counterparty Check
Assessing the risk and compliance status of third-party partners or vendors.
Credit Checks
Evaluating the creditworthiness of an individual or business. Widely used across transactions and risk assessments.
Digital Wallet
A digital tool to store and manage financial data or credentials. Facilitates streamlined customer onboarding and verification.
Direct API
Point-to-point API integrations with specific systems or databases. Enables fast data exchange with other internal or external systems.
Document Verification
The process of validating the authenticity and accuracy of identity or compliance-related documents. Used during onboarding.
e-Signatures
Digital signatures for legally binding agreements. Streamlines document approvals and workflows.
Entity Administration
Tools to manage legal entities, their structures, ownership, and compliance statuses.
Expired ID Detection
Identifying and flagging documents that are no longer valid. Ensures up-to-date customer verification.
Facial Recognition
Biometric verification of identities using facial recognition for KYC and fraud prevention.
Financial Data
Access to a company’s financial records, credit history, balance sheets, and KPIs.
Financial Spreading
Automated extraction and analysis of financial statements for risk analysis. Used in credit risk and underwriting.
Forms
Customisable digital forms used to collect structured data from individuals or businesses. Used during onboarding.
Fraud Detection
Identifying potentially fraudulent behavior through pattern recognition, rules, and AI. Used in transaction monitoring and onboarding.
Insolvency Checks
Identification of bankruptcy or financial instability. Used in financial and compliance checks.
KYB
Verification of business entities to ensure legitimacy and compliance, focusing on UBOs and PSCs.
KYC
Verifying the identity of customers, involving name, DOB, address and often liveness checks.
Litigation Management
Tools to track, manage, and document legal disputes, regulatory actions, and enforcement cases.
Liveness Detection
Verifying the live presence of a person during identity checks to prevent spoofing.
Managed Service
Outsourced compliance operations handled by specialists to manage regulatory tasks.
Matter Management
Centralised system for tracking legal matters, including case files, tasks, and deadlines.
Multi-User Access
Managing and auditing user permissions to ensure compliance with data security regulations.
NFC Chip
Near Field Communication technology for secure data exchange. Enhances physical ID verification.
Ongoing Monitoring
Continuous refresh of Screening checks (PEP, Sanctions, Adverse Media) on all clients.
Open API
Publicly documented APIs allowing flexible integration with third-party services and workflows.
Payment Screening
Verifying transactions against sanctions lists and risk parameters for compliance.
Policy Management
Centralised creation, distribution, and enforcement of compliance policies within an organisation.
Project Management
Planning, tracking, and managing compliance or operational projects.
Property Checks
Verification processes related to property ownership, land registry, valuation, and risk.
Questionnaires
Customisable forms to collect detailed information during onboarding or risk assessments.
Regulatory Change Management
Workflow to track, assess, and implement changes in regulations. Keeps teams up to date.
Regulatory Research
Access to curated regulatory information, updates, and interpretations.
Reputation
Monitoring and managing public perceptions of individuals or entities to assess reputational risk.
Right to Work
Verifying employment eligibility based on legal documentation. Ensures compliance with labour laws.
Risk Assessments
Evaluating risks associated with customers, transactions, or business processes.
Risk Scoring
Numerical representations of risk levels based on data analysis.
Screening
Verifying individuals or entities against predefined databases for PEP, Sanctions, and Adverse Media.
Source of Funds
Verification of the origin of a customer’s funds. Vital for transparency and AML compliance.
Source of Wealth
Verification of the origin of a customer’s total accumulated wealth.
Task Management
Tools to organise, assign, and track tasks within compliance workflows.
Third-Party Risk Management
Monitoring and managing compliance risks associated with third-party vendors or partners.
Time Tracking
Monitoring and recording time spent on compliance or operational tasks, often billable.
Training
Ongoing education and certification programs for compliance standards and regulatory updates.
Transaction Monitoring
Observing and analysing financial transactions to detect suspicious activity.
Voice Biometrics
Verifying identities through voice patterns for secure authentication.
Watchlist Filtering
Real-time screening of transactions and entities against global AML watchlists (OFAC, FATF, etc.).
White Label
Customising RegTech platforms to reflect the branding of the client business.
Workflow Automation
Streamlining compliance workflows with automated task assignment and tracking.
