Compliance reporting provisions take effect
12 June 2007
Compliance reporting provisions come into effect today for banks and other organisations covered by Australia's new anti-money laundering legislation, the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
As a consequence, there will be no further annual compliance reporting under the Financial Transaction Reports Act 1988 (FTR Act), which previously governed industry's financial transaction reporting and customer identification requirements.
As announced by AUSTRAC on 15 May 2007, the initial compliance reporting period - which affects providers of financial services, bullion and gambling services covered by the AML/CTF Act - will be 13 December 2006 to 31 December 2007. The deadline for lodging the first compliance report under the Act will be 31 March 2008.
AUSTRAC Chief Executive Officer Neil Jensen said these dates were determined in consultation with industry to allow industry sufficient lead time to make adequate preparations and put in place systems and structures to assist reporting entities in meeting their new obligations.
AUSTRAC will hold its inaugural Industry Consultative Forums under the new AML/CTF program next week, during which it will provide information and indicative questions on what will need to be included in the first compliance report.
The AML/CTF Act was introduced in December 2006 to meet revised international standards and best practice in the fight against money laundering and the financing of terrorism. In its application, the AML/CTF Act will increasingly replace the FTR Act.
Media enquiries only: Kim Hargest on 03 8636 0553 or 0418 103 107
General enquiries: AUSTRAC's Help Desk on 1300 021 037