What is an AML/CTF compliance report?
An AML/CTF compliance report is an annual report which provides AUSTRAC with information about your compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), the regulations and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) (AML/CTF Rules).
Who needs to submit an AML/CTF compliance report?
You will need to submit an AML/CTF compliance report to AUSTRAC if you are a reporting entity who offered designated services during any part of the reporting period of 1 January 2012 to 31 December 2012. It is a legislative requirement under the AML/CTF Rules to submit an AML/CTF compliance report to AUSTRAC.
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 include banks, non-bank financial services, remittance (money transfer) services, bullion dealers and gambling businesses.
When is my 2012 AML/CTF compliance report due?
The lodgement period for submitting your 2012 AML/CTF compliance report begins on 2 January 2013 and closes on 31 March 2013.
What does it cover?
The 2012 AML/CTF compliance report asks you to answer questions relating to four broad topics:
- AML/CTF programs - Part A
- AML/CTF programs - Part B
- reporting obligations
- correspondent banking relationships and electronic funds transfer instructions (if applicable).
What will my information be used for?
AML/CTF compliance reports contribute to AUSTRAC's monitoring of ongoing industry compliance with the AML/CTF Act, the regulations and the AML/CTF Rules.
AUSTRAC may use your compliance report to gain an understanding of your business's compliance with the AML/CTF requirements.
How do I submit my report?
The easiest way to submit your compliance report is through AUSTRAC Online.
Simply log into your AUSTRAC Online account by entering your User/Email address and password, then click on 'Compliance report'. You will need to create the report, answer the questions and then click 'submit'.
If you cannot remember your User/Email address or do not know if your business is enrolled with AUSTRAC, please contact the AUSTRAC Help Desk on 1300 021 037 (a local call within Australia) or email firstname.lastname@example.org.
If you cannot remember your password, you can reset it. Go to the AUSTRAC Online login zone. Click on the 'Forgot your password?' link and enter your user ID in the field provided. This will most likely be your email address. An automated email will then be sent to you with a temporary password that you can use to access your business's AUSTRAC Online account.
What if I am not compliant before 31 March 2013?
Even if you are not fully compliant with your AML/CTF Act obligations by no later than 31 March 2013, you still have an obligation to have completed an AML/CTF compliance report by that date. So, even if your AML/CTF program was not in place, or not fully implemented, you should answer the questions truthfully and accurately.
What if I believe I do not have to submit an AML/CTF compliance report?
If you have received an email or letter but believe you are not a reporting entity or do not have to submit an AML/CTF compliance report, please contact the AUSTRAC Help Desk on 1300 021 037 (a local call within Australia) or email email@example.com
My business closed or ceased offering a designated service - do I still need to complete a compliance report?
If you offered any designated services during the reporting period of 1 January 2012 to 31 December 2012, you must still complete an AML/CTF compliance report for the period you did offer those services.
If you hold an Australian financial services (AFS) licence and the only designated service you provide is to make arrangements for a person to receive another designated service, you do not have to submit an AML/CTF compliance report. You should, however, enrol with AUSTRAC Online in order to submit any other reports you may be required to lodge under the AML/CTF Act and Rules.
Recent amendments to Chapter 11 of the AML/CTF Rules (which relates to the provision of compliance reports) have exempted registered Remittance Network Providers and their affiliates from submitting a compliance report for 2012. These Rules will take effect when they have been registered with the Federal Register of Legislative Instruments.
There are also AML/CTF Rules providing further exemptions. These can be accessed on the AML/CTF Rules page.
What if I don't submit an AML/CTF compliance report?
Civil penalties may apply for failure to provide an AML/CTF compliance report by the due date. The compliance report needs to be in the approved form and contain all the relevant information. Criminal penalties may also apply if you supply false or misleading information or documents.
Who can I contact if I need help?
You may contact the AUSTRAC Help Desk on 1300 021 037 (a local call within Australia) or email firstname.lastname@example.org.
AUSTRAC also provides free access to a translation and interpreting service to assist people from non-English speaking backgrounds.
To access the translation service, telephone 131 450 and ask for 'AUSTRAC on 1300 021 037'.