AUSTRAC Issues Guidelines to Submit 2023 AML & CFT Compliance Report

AUSTRAC, Australian Transaction Reports, and Analysis Centre responsible for monitoring financial transactions to identity, money laundering, tax evasion, welfare fraud, organized crime, and terrorist financing, has issued a deadline to submit compliance reports from 01 January to 31 March 2024, as per the agency’s press release.

Businesses that provide services within Australia are required to submit compliance reports to AUSTRAC every year, addressing inquiries related to compliance with anti-money laundering (AML) and counter-terrorist financing (CFT) regulations. Businesses must submit compliance reports following the AML/CFT Act 2006.

Instructions on How to Submit Compliance Reports

Ensure a streamlined reporting process by logging into AUSTRAC online, verifying administrator access, and ensuring the accuracy of personal details such as;

• Details of Compliance Officer
• Contact phone number or email address
• Business address
• The designated services offered

In cases where completing and submitting the report in a single session is not possible, saving the progress permits the later return.

When a business is a part of a designated business group, a sole member is allowed to submit a compliance report on behalf of the business.

What are the Penalties for not Submitting a Report?

Failure to submit the compliance report by 31st March may lead AUSTRAC to take enforcement actions like issuance of remedial direction or infringement notice.

Enforcement actions are legal actions taken by the agency to ensure that the reporting entities are showing compliance with the established laws.

AUSTRAC may take enforcement actions like civil penalty orders, infringement notices, and remedial actions when reporting entities are not adhering to AML/CFT laws.

Also read: AUSTRAC Accepts Enforceable Undertaking to Strengthen AML/CFT Measures in Gold Corporation