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First AUSTRAC Compliance Report Deadline Approaches

Applies to most holders of an Australian Financial Services Licence (AFSL)

What do you need to do now?

All reporting entites (most holders of an AFSL) are required to lodge a compliance report to AUSTRAC by 31 March 2008.

You will be asked to supply details of your AML/CTF program, including your risk management policy, customer identification procedures and your money laundering/terrorist financing risk assessment. AUSTRAC is checking to see if you have adequate controls, reporting lines, communication protocols and processes for review in place.

AUSTRAC strongly encourages submitting the reports electronically, so if you have not already done you will need to enroll in AUSTRAC Online.

What happens if you do not provide a compliance report by the due date?

Civil penalties may apply.

For further information

Certainty Compliance can help ensure you have an AML/CTF program in place that complies with your obligations under the Act. Our services include developing policy and procedures to suit your business, registration and reporting to AUSTRAC as well as training. Contact us at (02) 9238 8091 or enquiries@certaintycompliance.com.au

Visit the AUSTRAC website for full details on AML/CTF requirements www.austrac.gov.au