BGL today announced it will release BGL Firm Verify, a new cloud-based compliance platform designed to help businesses meet their obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), ahead of the Tranche 2 deadline.
From 1 July 2026, the AML/CTF Act will expand to cover thousands of accounting firms and other businesses for the first time, representing one of the most significant regulatory changes in nearly two decades and introducing complex new compliance obligations for businesses.
BGL Firm Verify is being developed to help firms prepare for and meet these requirements with ease and confidence.
“We’ve been working with accounting firms across Australia and many are still finding their way with the scale of these new obligations” said Daniel Tramontana, Chief Executive Officer at BGL. “We’re building BGL Firm Verify to take that AML monkey off their shoulders, simplifying compliance and giving firms the confidence they need from day one.”
BGL Firm Verify will bring together everything accounting firms need to meet their obligations under the AML/CTF regime in one simple, secure and audit-ready platform, from onboarding and identity verification through to ongoing monitoring.
Helping firms comply with confidence
BGL Firm Verify is being built to address the full scope of Tranche 2 obligations, with key capabilities including:
- AUSTRAC enrolment and registration support
- AML/CTF Program builder for documenting policies, procedures and controls
- Firm risk assessment tools aligned to regulatory obligations
- Customer Due Diligence (CDD) workflows for designated services
- KYC, KYB and KYE identity verification
- PEP, sanctions and adverse media screening
- Ongoing monitoring and transaction alerts
- Suspicious matter reporting workflows aligned with AUSTRAC requirements
And most importantly, integration across the BGL Product Suite.
“BGL Firm Verify goes beyond a compliance checklist. It is a purpose-built platform that brings together identity verification, risk assessment and ongoing monitoring in one place” said Jeevan Tokhi, Chief Product Officer at BGL. “For firms already using CAS 360, XPM or other onboarding tools, it’s designed to integrate seamlessly into their existing workflows, eliminating the need for yet another disconnected system.”
BGL Firm Verify builds on BGL’s existing identity verification capabilities in BGLiD, delivering a more comprehensive platform for firm-wide AML/CTF compliance. Existing BGLiD customers will be supported through a seamless transition process to BGL Firm Verify.
The platform will be released in phases throughout 2026, with initial capabilities available ahead of the 1 July 2026 deadline.
With more than 35 years of experience delivering compliance software to accounting firms, BGL is ideally placed to support the profession through this regulatory shift.
“Our focus is on helping firms reduce complexity, save time and stay compliant from day one” noted Tramontana.
For more information or to register your interest in BGL Firm Verify, visit www.bglcorp.com.au/firm-verify.
