Getting Started with Firm Verify
Every setup task, in order. Each row links to the full article for that step.
AUSTRAC Tranche 2 deadline: 1 July 2026
AML/CTF obligations start 1 July 2026. Your firm must be enrolled with
AUSTRAC and your AML/CTF Program must be complete by
29 July 2026.
Learn more at AUSTRAC →
Jump to section
- Getting to know Firm Verify — platform orientation, navigation, help and feedback
- Your Firm and Team — firm profile, AML/CTF roles, personnel due diligence, training
- Create your AML/CTF Program — risk assessment, policy, process, program
- Your Clients and CDD — onboarding, initial CDD, ongoing CDD, escalation, reporting, offboarding
- Coming Soon — identity and business verification, integrations, billing
Each row has four columns:
| Column | What it tells you |
|---|---|
| What | The task to complete |
| Why | Why it matters for AML/CTF compliance |
| Who | The role responsible for completing it |
| Guide | Link to the full article with step-by-step instructions |
Section 1
Getting to Know Firm Verify
| What | Why | Who | Guide |
|---|---|---|---|
| Understand what Firm Verify does | Firm Verify is your AML/CTF compliance platform. Read this first to understand what's live, what's coming, and where everything lives. | All personnel | What is Firm Verify? |
| Learn how to navigate the platform | Firm Verify has four areas: Dashboard, Clients, Firm, and Settings. The Firm area has three tabs (Firm Profile, Users, and Program) where most compliance work happens. | All personnel | Navigating Firm Verify |
| Know how to get help and submit feedback | The Help button in the top bar opens this Help Centre. The Feedback button sends suggestions to the BGL product team. | All personnel | Submitting Feedback |
Section 2
Your Firm and Team
| What | Why | Who | Guide |
|---|---|---|---|
| Complete Firm ProfileRequired first | The Firm Profile holds your firm's legal identity, business identifiers, designated services, and addresses. This information feeds into your AML/CTF Program and AUSTRAC enrolment, so complete it accurately before 1 July 2026. | Compliance Officer | Firm Profile |
| Add users and assign AML/CTF roles | AUSTRAC requires you to appoint a Compliance Officer, Senior Manager, and Governing Body. Notify AUSTRAC within 14 days of appointing a Compliance Officer. Assign roles in Firm > Users. | Governing Body | Invite Users — Adding users |
| Complete Personnel Due Diligence (PDD)Coming late July 2026 | Every person in an AML/CTF role must be vetted before they start, covering identity, PEP and sanctions screening, suitability, and criminal history. PDD records must be kept for 7 years. A guided PDD wizard is coming to Firm > Users. | Compliance Officer | Planned — Late July 2026 |
| Complete AML/CTF training | Everyone in an AML/CTF role must complete mandatory training before getting system access. Firm Verify includes 10 built-in modules covering all AUSTRAC-required topics. Track progress per user in Firm > Users. | All personnel | AML/CTF Training Courses |
| Enrol with AUSTRAC | If you provide a professional service on 1 July 2026, enrol with AUSTRAC by 29 July 2026. Enrolment is via AUSTRAC Online. Once you receive your AUSTRAC number, enter it in your Firm Profile. | Compliance Officer | AUSTRAC enrolment → |
Section 3
Create your AML/CTF Program
Complete in order: Risk
Assessment, then Policy, then Process, then Program. You need at
least one current, approved document in each of the first three before
the Program can be generated.
| What | Why | Who | Guide |
|---|---|---|---|
| Generate or upload a Risk AssessmentDo this first | AUSTRAC requires a risk assessment before you provide designated services. The wizard comes pre-filled with AUSTRAC guidance defaults, tailored to your industry segment. You need at least one Industry Segment saved in Firm Profile before you can generate. | Compliance Officer | Generate a Risk AssessmentUpload a Risk Assessment |
| Have your Risk Assessment reviewed and approved | The Risk Assessment must be approved before you can mark it as current. Send it for review from the Program tab. Approval sets a next review date automatically (3 years out). | Senior Manager | Generate a Risk Assessment |
| Generate or upload a Policy | The Policy is your firm's overarching AML/CTF commitments document, covering personnel, clients, and program maintenance. The wizard is based on the AUSTRAC starter kit, with defaults you can edit to match your firm's approach. | Compliance Officer | Generate a Policy |
| Have your Policy reviewed and approved | Send the Policy for review from the Program tab. Once approved, mark it as current so it can be included in your Program. A rejected policy can be edited and resubmitted. | Senior Manager | Generate a Policy |
| Generate or upload a Process | The Process document is the step-by-step operational guide for your AML/CTF obligations. It covers CDD, screening, escalations, governance, and reporting. Each step includes a Responsibility field (who does it) and a Required flag (mandatory or optional). | Compliance Officer | Generate a Process |
| Have your Process reviewed and approved | Send the Process for review. Once approved, mark it as current. You now have all three prerequisites needed to generate your Program. | Senior Manager | Generate a Process |
| Generate your AML/CTF ProgramFinal step | The Program is your complete AML/CTF compliance document for AUSTRAC, combining your approved Risk Assessment, Policy, and Process. The Generate button only becomes available once all three have at least one current document. | Compliance Officer | Create your AML/CTF Program |
| Have your Program reviewed and approved | Send the Program for review. Once approved, your AML/CTF Program is complete. Review it at least every 3 years, or sooner if your risk profile changes. | Governing Body | Create your AML/CTF Program |
Section 4
Your Clients and CDD
Note: The automated CDD
module is coming in late July 2026. Until then, use the
Interim Verification process
to onboard clients and complete initial CDD manually.
| What | Why | Who | Guide |
|---|---|---|---|
| Add and onboard clientsInterim process available | You must complete initial CDD before providing any designated service. Add clients in the Clients screen, then work through the onboarding steps to collect KYC information. Use one file per group of related entities (for example a family trust, its corporate trustee, and the individuals behind them). | Compliance Officer | Clients — Interim Verification process |
| Complete initial CDDInterim process available | Initial CDD establishes who the client is, who owns or controls them, whether they are a PEP or on a sanctions list, and what ML/TF risk they pose. It must be complete before you start providing a designated service. For each client, verify identity, run PEP and sanctions screening, assess risk, and assign a Customer Risk Rating (Low, Medium, or High). | Compliance Officer | Clients — Interim Verification processWhat is Customer Due Diligence? |
| Ongoing CDD and periodic reviewsComing Soon | Your obligations don't end at onboarding. Monitor each client for unusual transactions, changes in beneficial ownership, new service requests, and PEP or sanctions status changes throughout the relationship. Conduct periodic reviews on a schedule based on risk rating: High — every 12 months, Medium — every 2 years, Low — every 3 years. | Client-facing personnel, Compliance Officer | AML Controls in Daily Work |
| Identify and manage pre-commencement clientsComing Soon | Clients you were already serving on 1 July 2026 are pre-commencement customers. Lighter due diligence applies, but you must still monitor them for trigger events. If a suspicious matter report is submitted about them, or they request a new designated service after 1 July 2026, full initial CDD is required before continuing. | Compliance Officer | Pre-Commencement Clients FAQ |
| Escalate and complete enhanced CDDComing Soon | Some situations require you to stop providing services and escalate to your Compliance Officer before continuing: a potential suspicious matter, a high-risk client, a positive sanctions match, a new risk factor not in your Risk Assessment, or a complex beneficial ownership structure. Enhanced CDD (source of funds, source of wealth, nature and purpose verification, senior manager approval) is required for high-risk clients. | Client-facing personnel escalate. Compliance Officer actions. | PEPs and Enhanced CDD FAQ |
| Report suspicious matters to AUSTRACComing Soon | Client-facing staff detect and escalate suspicious activity to the Compliance Officer. The Compliance Officer determines whether a Suspicious Matter Report (SMR) is required and submits it via AUSTRAC Online. Deadlines are strict: 24 hours for terrorism financing suspicions, 3 business days for all others. Only the Compliance Officer, Senior Manager, and Governing Body may know whether an SMR has been submitted. | Compliance Officer (submits). All personnel (detect and escalate). | Suspicious Matter Reporting FAQ |
| Understand tipping off obligationsComing Soon | It is a criminal offence to tell a client they are under suspicion or that a report has been made about them — even after you have offboarded them. If a client asks why you are requesting more information, you may say it is required under your AML/CTF obligations. Do not mention suspicious activity or any report. | All personnel | Suspicious Matter Reporting FAQ |
| Offboard clients outside your risk appetiteComing Soon | If a client falls outside your firm's risk appetite, your Senior Manager does not approve continuing the relationship, or a client fails to provide required CDD information, you must stop providing designated services. Offboarding requires Senior Manager approval. Refer to your retainer clauses when notifying the client — do not mention suspicious activity as a reason. | Senior Manager (approves). Compliance Officer (action). | Customer Due Diligence FAQ |
Section 5
Coming Soon
These features are in development. Details may change. Use the
Feedback button in Firm Verify to share input.
| What | Why | Who | Guide |
|---|---|---|---|
| Personnel Due Diligence wizardLate July 2026 | A PDD tab and guided wizard in Firm > Users for conducting and documenting PDD assessments, including identity verification, PEP/sanctions screening, suitability findings, and outcome. Assessment history and next review dates are tracked per person. | Compliance Officer | Planned — Late July 2026 |
| BGL Identity Verification (KYC)Late July 2026 | Electronic identity verification for individual clients, including document verification, PEP screening, sanctions screening, adverse media, and biometric verification (depending on tier). No manual document handling required. From $7 per check (ex. GST). | Compliance Officer | Planned — Late July 2026 |
| BGL Business Verification (KYB)Late July 2026 | Know Your Business verification for legal entities, including identity and registration verification, beneficial ownership (UBO) tracing, ASIC and ABR integration, trust deed reading, and PEP/sanctions/adverse media screening. Covers all entity types across AU, NZ, UK, Singapore, and Hong Kong. | Compliance Officer | Planned — Late July 2026 |
| Client GroupsLate July 2026 | Create and manage Client Group records to group related entities (for example, a company and its associated trust). CDD status, risk ratings, and renewal dates are visible across all members from one view. Nested groups are supported. | Compliance Officer | Planned — Late July 2026 |
| Practice management integrations2026 | Two-way sync with APS Contacts+, Karbon, MYOB Practice Management, and Xero Practice Manager. Client records updated in your practice management system stay in sync with Firm Verify automatically. | Administrator | Planned Integrations 2026 |
| BGL product integrations (CAS360, SF360, SI360)2026 | Two-way sync between Firm Verify and CAS 360, Simple Fund 360, and Simple Invest 360. Changes in any connected product update the others automatically, so your AML/CTF records stay aligned with your company secretarial, SMSF, and investment accounting data. | Administrator | Planned Integrations 2026 |
| AUSTRAC ReportingLate July 2026 | Submit and manage AUSTRAC reports directly from Firm Verify, including Suspicious Matter Reports (SMRs), Threshold Transaction Reports (TTRs), Cross-Border Movement Reports (CBMs), and the Annual Compliance Report (ACR). Deadlines and submission status are tracked in-platform. | Compliance Officer | Planned — Late July 2026 |
| In-app billingLate July 2026 | In-app subscription and billing. Software licence is $6 per entity per year (minimum 25 entities, billed monthly). KYC and KYB checks are billed per use. All prices exclude GST. | Administrator | Planned — Late July 2026 |