AUSTRAC compliance reports due 31 March 2013
28 February 2013
Australia's anti-money laundering regulator has reminded businesses of the upcoming deadline to lodge reports indicating their compliance with Australia's Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
Lodging an annual compliance report is mandatory for most reporting entities with obligations under the AML/CTF Act. These obligations apply to a range of banks and other lenders, non-banking financial service providers, and gambling, bullion and money service businesses.
Australian Transaction Reports and Analysis Centre CEO John Schmidt said, 'By law, our reporting entities must have AML/CTF programs in place to mitigate the risk of their services being exploited for money laundering purposes and other serious criminal offences.
Submitting a compliance report is one way entities can demonstrate a willingness to comply with their AML/CTF obligations. Entities that fail to submit their compliance reports are more likely to be targeted for closer supervisory attention,' Mr Schmidt said.
AML/CTF compliance reports for 2012 must be lodged with AUSTRAC by 31 March 2013.
For more information about the 2012 compliance report, including exemptions, refer to the AML/CTF compliance reports page on the AUSTRAC website, contact the AUSTRAC Help Desk on 1300 021 037 or email firstname.lastname@example.org. Entities that have been affected by recent natural disasters should also contact the AUSTRAC Help Desk.
AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. AUSTRAC works with law enforcement and other agencies to protect the integrity of the Australian financial system and fight serious crimes such as drug trafficking, tax evasion, fraud and people smuggling.
Telephone: +61 3 8636 0585