Compliance reports deadline approaching
27 February 2009
AUSTRAC is reminding Australian reporting entities that the lodgement period for their compliance reports ends in one month.
Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), reporting entities must submit a 2008 AML/CTF compliance report to AUSTRAC by 31 March 2009. This report covers reporting entities' business activities from 1 January 2008 to 31 December 2008.
AUSTRAC's Chief Executive Officer, Neil Jensen, said: 'These reports are an important component of the feedback cycle between AUSTRAC and our regulated population - AML/CTF compliance reports play a major role in the deterrence and detection of money laundering, terrorism financing and other major crime'.
The Policy (Civil Penalty Orders) Principles 2006 do not apply to the AML/CTF compliance reporting obligation; therefore reporting entities may face civil penalties for not submitting their reports by the deadline.
'Criminal penalties may also apply if false or misleading information or documents are supplied', Mr Jensen added.
'In times of financial instability, criminal activity can increase. During the current global financial crisis, our role as Australia's AML/CTF regulator and the continued cooperation and vigilance of the financial, bullion and gambling industries are all the more critical.'
Reporting entities are encouraged to start working early on their compliance reports via AUSTRAC Online (www.austrac.gov.au/online) to allow sufficient time to contact the AUSTRAC Help Desk should they have any questions.
AML/CTF compliance report resources and further information are available via the AUSTRAC website at www.austrac.gov.au. Assistance is also available through the AUSTRAC Help Desk on 1300 021 037 or via email to help_desk@austrac.gov.au.
About AUSTRAC:
The Australian Transaction Reports and Analysis Centre (AUSTRAC) in fighting global crime, assists in protecting the integrity of the Australian financial system. AUSTRAC is a world-renowned and respected financial intelligence unit and is Australia's anti-money laundering and counter-terrorism financing regulator.
Note to editors:
AUSTRAC's Chief Executive Officer Neil Jensen is available for interview.
Media enquiries:
Ismene Kongos
Telephone: +61 3 8636 0577
Email: Ismene.Kongos@austrac.gov.au
