Australian financial technology provider FrankieOne has unveiled a new compliance platform designed to help businesses navigate sweeping changes to the country's anti-money laundering regime set to take effect next year.

The move comes as AUSTRAC's updated AML/CTF obligations approach, with changes for current reporting entities beginning March 31, 2026, and new requirements for previously unregulated sectors starting July 1, 2026. The regulatory overhaul is being driven in part by Australia facing a mutual evaluation by the Financial Action Task Force, the global AML standard-setter, beginning in 2026.

The reforms will expand AUSTRAC's regulation into new industries including legal professionals, accountants, conveyancers, and trust and company service providers, while also imposing enhanced requirements on existing reporting entities such as banks and digital asset providers.

FrankieOne's platform connects businesses to more than 350 identity, fraud, and AML data sources across 190 countries through a single application programming interface. The Melbourne-based company positions the solution as an alternative to rebuilding compliance infrastructure from scratch.

"The pace of regulatory change is accelerating, and patchwork systems won't keep up," said Simon Costello, CEO of FrankieOne.

"FrankieOne offers a scalable foundation, not just a tool, enabling compliance teams to simplify operations, reduce risk, and future-proof their stack."

AUSTRAC's reforms call for risk-based customer due diligence processes, enhanced oversight and governance, structured ongoing monitoring, and improved reporting and auditability. The changes also mandate Enhanced Customer Due Diligence processes for high-risk scenarios.

The platform is already in use by major Australian institutions including Westpac, which partnered with FrankieOne to streamline customer verification across business units.

"We experienced a substantial uplift in pass rates when we first went live, and the ease of integration has made FrankieOne our go to platform across the Westpac Group," said Hayden Johnson from Westpac.

Other customers include e-commerce platform Shopify, which deployed automated global Know Your Business processes, and PointsBet, which implemented realtime fraud detection using device signals and behavioral analytics.

AUSTRAC has acknowledged the tight implementation timeframes and is developing guidance materials, including starter program kits for small businesses, with further educational resources planned for release throughout 2025.

https://frankieone.com/