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.