PEXA Clear vs AML Simple: per-check tool or full compliance program — which does your agency actually need? - AML Simple

Building on: No prior baseline — this is the first published version of this comparison post (sourced from `content/blog/pexa-clear-vs-aml-simple.md`, compliance-reviewed 2026-03-24)

Picture this: an agency principal gets an email from REIQ about PEXA Clear registrations opening on 31 March. She reads the landing page, sees "AML identity verification for real estate agents," and signs up. She feels good. Compliance sorted.

The problem? Identity verification is one part of what AUSTRAC requires. The other parts — a written AML/CTF program, a risk assessment, staff training, suspicious matter reporting, annual compliance reporting — still need to be done. PEXA Clear does not cover them.

This is not a criticism of PEXA Clear. It is a genuinely useful product from a trusted brand. But understanding what it does — and what it does not do — could save your agency a significant problem down the track.

What PEXA Clear actually is

PEXA Clear is a per-transaction identity verification tool built for real estate professionals. It launched in 2026 and is built on FrankieOne's identity verification stack.

Here is what it does, based on PEXA's public product information:

Verifies the identity of individual clients (buyers, sellers) — A$40 per individual check
Verifies business clients — A$65 per business check
Includes PEP and sanctions screening via FrankieOne
Includes a training partnership with REIQ for Queensland agents

PEXA is a well-established name in Australian property settlements. This is a serious product with solid technology behind it.

The issue is simply that identity verification is one obligation under AUSTRAC Tranche 2 — not the whole picture.

PEXA Clear pricing sourced from pexaclear.com.au as of March 2026.

What PEXA Clear does not do

Based on publicly available information, PEXA Clear does not:

Generate or help you build a written AML/CTF program (the legal document your agency must have in place)
Include a guided wizard to walk you through your program structure aligned with AUSTRAC's Program Starter Kit
Include in-platform staff training
Include a risk assessment tool (covering customers, services, delivery channels, and geographic locations — the four categories AUSTRAC requires)
Help you draft or track Suspicious Matter Reports (SMRs)
Track Threshold Transaction Reports (TTRs) for cash transactions of A$10,000 or more
Produce an annual compliance report

PEXA Clear is a customer due diligence (CDD) tool. CDD — confirming who your client is — is one of the obligations AUSTRAC requires. It is not the whole compliance obligation.

What AUSTRAC actually requires from 1 July 2026

Under AUSTRAC's Tranche 2 reforms (the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024), real estate agents who broker property sales become regulated entities. The full set of obligations includes:

A written AML/CTF program — a documented set of policies, procedures, and controls specific to your agency
A risk assessment — covering customers, services, delivery channels, and geographic locations
Customer due diligence (CDD) — verifying who your clients are before providing services, including sanctions screening and beneficial ownership identification. This is the step that PEXA Clear covers.
Ongoing monitoring — re-screening existing clients against current sanctions and PEP lists
Staff training — initial training plus ongoing updates
Suspicious Matter Reports (SMRs) — filed with AUSTRAC when you observe activity that raises concern
Threshold Transaction Reports (TTRs) — filed when cash transactions reach A$10,000 or more
Annual compliance report — due to AUSTRAC each year (first report due 31 March 2027)
Record keeping — all CDD records and screening results kept for seven years
Appointing a compliance officer — a nominated person responsible for your program

CDD (item 3 above) is where PEXA Clear helps. The other items sit outside its scope.

For the complete guide to what Tranche 2 requires, see: AUSTRAC Tranche 2 for Real Estate: The Complete Guide

Note: This is a summary for general information purposes only. It is not legal advice.

The cost comparison: per-check vs subscription

Here is where the business case becomes clear for most agencies.

PEXA Clear (identity checks only):

A$40 per individual client
A$65 per business client
No written program, no training, no reporting tools
10 individual clients per month = A$400/month, for identity verification only

AML Simple Starter (A$79/month):

Unlimited client CDD workflows
Full AML/CTF program generator (AUSTRAC Program Starter Kit aligned)
Risk assessment templates covering all four AUSTRAC categories
Staff training module
TTR tracking
Annual compliance report wizard
Seven-year record keeping
DFAT sanctions screening (included)

For most agencies running more than two new clients a month, the subscription model costs less — and covers far more of the compliance obligation.

Who each tool suits

PEXA Clear might be right for you if:

Your agency does very occasional identity checks — one or two per month
You already have a written AML/CTF program in place through another source
Your firm has already begun Tranche 2 preparation and simply needs identity verification added to existing compliance infrastructure

One important note: even in these cases, PEXA Clear is not a standalone compliance solution for real estate agencies. You still need the program, the risk assessment, and the reporting tools from somewhere.

AML Simple suits you if:

Your agency is starting from scratch — no existing program, no existing compliance tools
You want to cover all your AUSTRAC obligations in one place
You want predictable monthly costs rather than escalating per-check fees as your client volume grows
You want a guided experience that helps you understand what you are building, not just a document you have to complete on your own

The question to ask yourself

Before signing up for any tool, ask this: does my agency have a complete, written AML/CTF program that covers all our obligations?

If the answer is no — and for most real estate agencies it will be no — then an identity check tool is a start, but it is not the finish. The written program is the foundation everything else sits on. AUSTRAC requires it, and it has to be specific to your agency's risks and operations.

If you are starting from scratch, AML Simple covers the full picture. Foundation tier is free. Paid plans from A$79/month, free until 1 July 2026.

AML Simple is a compliance workflow tool, not a provider of legal, financial, or regulatory advice. Using this tool does not guarantee compliance with the AML/CTF Act or any other regulation. You are responsible for ensuring your business meets all regulatory obligations. For professional compliance advice, consider our Expert Advice add-on or consult a qualified AML/CTF professional.

Sources:

PEXA Clear product site: pexaclear.com.au (pricing verified March 2026)
AUSTRAC Tranche 2 guidance: New obligated businesses
Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024: legislation.gov.au

PEXA Clear vs AML Simple: per-check tool or full compliance program — which does your agency actually need?

Building on: No prior baseline — this is the first published version of this comparison post (sourced from content/blog/pexa-clear-vs-aml-simple.md, compliance-reviewed 2026-03-24)