TrustSoft is a specialised AML/CTF compliance platform designed for Tranche 2 entities like Australian law firms. Built on AUSTRAC’s expectations for Lawyers, it turns complex AML/CTF obligations into clear, documented workflows that fit how legal practices work. It comes with risk assessments, draft policy and program, certified training, Customer Due Diligence (CDD) and AUSTRAC reporting. Here’s more details:
Purpose‑built for legal risk
- Aligns your practice with AUSTRAC’s four key risk pillars: kinds of clients, kinds of services, delivery channels, and foreign jurisdictions, adapted for common legal scenarios such as conveyancing, trust establishment, restructures, and complex deals.
- Helps partners evidence that AML/CTF risks have been identified, assessed, and mitigated at a matter level, not just on paper in a policy.
Intelligent client and matter risk assessment
- Guided onboarding assesses each new client and matter for ML/TF exposure, with automated flagging for PEPs, high‑risk jurisdictions, complex ownership, and unusual transaction structures.
- Provides lawyers specific risk assessments and generates a simple risk score and narrative so you can demonstrate why you accepted, declined, or de‑risked an instruction by keeping the risk mitigations strategies in front of every client facing staff.
End‑to‑end CDD and ECDD*
- Structured workflows ensure you collect and verify required KYC information for individuals, companies, and trusts, including beneficial owners with 25% or more control, in line with AUSTRAC guidance.
- When risk is higher, TrustSoft steps you through Enhanced Customer Due Diligence, including screening against international PEP and sanctions lists, and ability to capture the reasons for your decision to proceed or exit.
A risk-based approach is applied in TrustSoft where enhanced CDD for PEPs/high-risk countries/complex setups, and simplified CDD for low-risk retail clients.
Ready‑made AML/CTF program for law firms
- Comes with a fully drafted AML/CTF policy and program framework that can be tailored to your practice areas, client profile, and size, instead of relying on generic templates.
- Embeds roles and governance (board/partners, AML/CTF compliance manager), ongoing monitoring expectations, reporting obligations, and the requirement for independent review every three years along with CDD procedures to follow. Covers both Part A and Part B.
AUSTRAC reporting made easier
- Allows you to record suspicious matter indicators so you can quickly compile Suspicious Matter Reports with clear grounds for suspicion.
- Keeps a central log of SMR/TTR/CBM and other reportable events, making annual compliance reporting to AUSTRAC faster and more accurate.
Practical training for legal teams
- Includes concise AML/CTF training based on AUSTRAC’s educational series, adapted to typical legal workflows like conveyancing, private client, commercial, and migration work.
- At the end of the training, staff complete short assessments, with certificates and an auditable training record that supports attestations and AUSTRAC reviews.
Key Features for Motor Dealers
Trust Account Management
State-specific compliance for NSW, VIC, QLD – Track buyer deposits, refunds, and vehicle payments with auto-allocations to meet Fair Trading requirements.
Automated Bank Reconciliation
Reconcile your trust account by Syncing with 50+ Australian banks for automatic bank feeds or upload .csv files. Flag discrepancies instantly to prevent audit penalties
Compliance Reporting
State-specific compliance for NSW, VIC, QLD – Track buyer deposits, refunds, and vehicle payments with auto-allocations to meet Fair Trading requirements.
Vehicle & Asset Tracking
Manage mixed-use portfolios: Track shopping centres (retail + strata), serviced offices (per-desk billing), venue hire (event-based trusts), and commercial offices in one platform
Integrations
State-specific compliance for NSW, VIC, QLD – Track buyer deposits, refunds, and vehicle payments with auto-allocations to meet Fair Trading requirements.
Contract Management
Manage contracts and variations and other supporting docs
Simple and Transparent Multi-Tier Pricing
Professional Trust
Monthly
This plan includes:
- 1 Trust
- Bank Feeds via .csv Import
- Up to 2 Users
- Organizations
- Trusts
- Integration for direct Bank Feeds
- Trust Payments & Trust Receipts
- Import Contacts, Suppliers, Beneficiaries
- Dashboard
- .ABA File Management
- Bank Reconciliation
- How to produce reports for auditors
Hybrid Trust Most Popular
Monthly
This plan includes:
- Up to 5 Trusts
- Automatic Bank feeds
- Up to 5 Users
- Organizations
- Trusts
- Integration for direct Bank Feeds
- Trust Payments & Trust Receipts
- Import Contacts, Suppliers, Beneficiaries
- Dashboard
- .ABA File Management
- Bank Reconciliation
- How to produce reports for auditors
Ultimate Trust
Monthly
This plan includes:
- Up To 15 Trusts
- Automatic Bankfeeds
- Up to 15 Users
- Organizations
- Trusts
- Integration for direct Bank Feeds
- Trust Payments & Trust Receipts
- Import Contacts, Suppliers, Beneficiaries
- Dashboard
- .ABA File Management
- Bank Reconciliation
- How to produce reports for auditors
All plans include
- Manage Assets and Sub assets
- Client Statements
- Automated Reports for Auditors
- Streamline State and Industry Regulatory Compliance
- No Hidden Fees
- Generate .aba files
- Integrated with Xero
- Audit trail
- AI agent based chat and phone support
AML/CTF Pro
Yearly
This plan includes:
- Up to 2 Users
- Includes 2,400 Manual Checks
- Includes 60 Online document checks for CDD/KYC
- Includes 5 Online Company Beneficial Ownership Checks with ASIC
- Firm profile and user access
- Risk assessments (products, services, geographies, client types)
- AML/CTF Policy and Program review
- Customer due diligence and KYC based on risk profiles
- Sanctions, PEP and adverse media screening settings
- AUSTRAC reporting templates
- Importing and maintaining client and beneficial owner records
- Updating AML/CTF Policy and Programs
- Managing suspicious activities, thresholds and investigations
- Simplified and Enhanced due diligence process
- Managing sanctions/PEP screening alerts and periodic re-screening
- Tips on how to pass certified training and download individual certificate of completion
AML/CTF High
Yearly
This plan includes:
- Up to 5 Users
- Includes 3,600 Manual Checks
- Includes 100 Online document checks for CDD/KYC
- Includes 7 Online Company Beneficial Ownership Checks with ASIC
- Firm profile and user access
- Risk assessments (products, services, geographies, client types)
- AML/CTF Policy and Program review
- Customer due diligence and KYC based on risk profiles
- Sanctions, PEP and adverse media screening settings
- AUSTRAC reporting templates
- Importing and maintaining client and beneficial owner records
- Updating AML/CTF Policy and Programs
- Managing suspicious activities, thresholds and investigations
- Simplified and Enhanced due diligence process
- Managing sanctions/PEP screening alerts and periodic re-screening
- Tips on how to pass certified training and download individual certificate of completion
AML/CTF Ultimate
Yearly
This plan includes:
- Up to 15 Users
- Includes 7,200 Manual Checks
- Includes 160 Online document checks for CDD/KYC
- Includes 12 Online Company Beneficial Ownership Checks with ASIC
- Firm profile and user access
- Risk assessments (products, services, geographies, client types)
- AML/CTF Policy and Program review
- Customer due diligence and KYC based on risk profiles
- Sanctions, PEP and adverse media screening settings
- AUSTRAC reporting templates
- Importing and maintaining client and beneficial owner records
- Updating AML/CTF Policy and Programs
- Managing suspicious activities, thresholds and investigations
- Simplified and Enhanced due diligence process
- Managing sanctions/PEP screening alerts and periodic re-screening
- Tips on how to pass certified training and download individual certificate of completion
All plans include
- AML/CTF Risk Assessment
- AML/CTF Draft Policy and Version Control
- AML/CTF Program
- Suspicious Matter Reporting
- Threshold Transaction Reporting
- Certified Self Paced Training
Why law firms choose TrustSoft
- Built specifically for Australian professional firms subject to Tranche 2 obligations, not retrofitted from a banking system. TrustSoft also offers trust accounting software for lawyers, conveyancers, real estate professionals, auctioneers and dealers; although it’s not listed with NSW law society yet.
- Helps reduce regulatory, reputational, and personal liability for partners by ensuring that risk assessment, CDD, ECDD, and reporting are consistent, documented, and easy to evidence.
Contact us today to see how TrustSoft can help your firm comply with AML/CTF requirements without slowing down your legal work.
Enhanced Customer Due Diligence (ECDD) include Screening high risk customers (or beneficial owners) against PEP lists and sanction list online using TrustSoft wherever necessary. Source may include following international watch list : The OFAC list, The Argentinean List, The AUSTRAC List , Austrian Central Bank, The Bank of England List, Bank of Italy Unauthorized Banking or Financial Activity List, The Belgian List, Bureau of Industry & Security (formerly the BXA List or Denied Persons List), Bureau of International Security and Non proliferation, Canadian Economic UN Sanctions, Canadian Economic Sanctioned Countries, Central Bank of The Bahamas, Central Bank of Ireland Warning Notices, Central Bank of Seychelles Offshore Banks List, Central Bank of Seychelles Terrorists List, Central Bureau of Investigation India, Chinese Ministry, Cumulative Warning List, Defence Trade Controls List of Debarred Parties, Dutch Bank List (De Nederlandsche Bank), European Union List, FBI List The Financial Action Task Force List, France list of entities requiring freezing of funds, German Federal Bank List (Deutsche Bundesbank), Government of Canada List (OSFI List), The Government Officials List, Hong Kong Monetary Authority List, Indian Ministry: list of terrorist organisations under the unlawful activities (prevention) act 1967, International Arms Traffickers, Interpol Wanted Fugitives, Israeli Ministry of defence Terror List, Japan Ministry of Finance for financial sanction list, Luxembourg Commission of Monitoring of the Financial Sector Investor Warnings, Mauritius – Financial Services Commission License Revocations, Mexican Administrative Sanctions List, Monetary Authority of Singapore List, OCC Unauthorized Banks, Saudi Arabia Militants, Section 311 List, South African Police Service Wanted List, Spain List of entities requiring freezing of funds, Swiss SECO Sanctions List, Taiwan Bureau of Monetary Affairs Sanctions List, Tax Haven List, Terrorist Exclusion List not allowed to enter the US, UK Home Office List of terrorist organisations, The United Nations List requiring freezing of funds, The United Nations Travel Restrictions List, US Government Officials List, US Marshals List of most wanted fugitives from the U.S. Marshals, World Bank Debarred List For simplified CDD, TrustSoft allows for digital checks against government databases (ASIC, ATO, DVS, GovID, MyID etc), bureau service provider, public records and other verifiable data.
Blogs
TrustSoft will offer AML/CTF compliance Software for Tranche 2 entities for appx $1,200 pa ex GST
Australian real estate professionals, conveyancers, dealers and auctioneers must comply with new AML/CTF requirements from 1 July 2026, with enrolment at AUSTRAC opening 31 March 2026—this marks the start of Tranche 2 regulations targeting professional service providers. TrustSoft AML/CTF feature, already in beta testing, will help reporting entities automate, streamline, and secure all key aspects […]
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