Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, a reporting entity who provides ‘designated services’ during any part of the reporting period of 1 January 2013 to 31 December 2013, needs to submit an AML/CTF compliance report to AUSTRAC by 31 March 2014. A reporting entity is an individual, company or other entity that provides a ‘designated service’ as defined in section 6 of the AML/CTF Act. Reporting entities typically include banks, non-bank financial services, remittance (money transfer) services, bullion dealers and gambling businesses.
The AML/CTF Compliance report may ask you about your AML/CTF Program Part A and Part B, your reporting obligations, correspondent banking relationships and electronic fund transfer instructions.
Who can help me preparing my report?
AUSTRAC provides instruction guide for submitting compliance report and a sample of report in their website.
Certainty can also provide professional assistance in preparing your AML/CTF compliance report.
How do I submit a report?
The AML/CTF compliance report is typically submitted electronically via AUSTRAC Online.
What if I don’t submit an AML/CTF compliance report?
Civil penalties may apply if you fail to submit the report by 31 March 2014. Criminal penalties may also apply if you supply false or misleading information or documents to AUSTRAC.
For further information
Certainty can help you meet all aspects of your AML/CTF obligations. We can also assist with an independent external review of Part A of your AML/CTF Program. Please contact our office on (02) 8324 5300 or firstname.lastname@example.org.