What is an AML/CTF compliance report?
An AML/CTF compliance report 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).
View the sample 2009 compliance report (SAMPLE ONLY) (PDF, 219KB)
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.
A reporting entity is an individual, company or other entity that provides a 'designated service' as defined in the AML/CTF Act. Reporting entities include banks, non-bank financial services, remittance (money transfer) services, bullion dealers and gambling businesses.
What period does it cover?
The 2009 AML/CTF compliance report covers the period from 1 January 2009 to 31 December 2009. The responses you provide in your AML/CTF compliance report should relate to your business activities during this reporting period.
When is it due?
The lodgement period for submitting your 2009 AML/CTF compliance report begins on 1 January 2010. Your AML/CTF compliance report must be submitted to AUSTRAC by 31 March 2010.
Why do I have to submit an AML/CTF compliance report?
It is a legislative requirement under the AML/CTF Rules to submit an AML/CTF compliance report to AUSTRAC.
What does it cover?
The 2009 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 requirements
- correspondent banking relationships and electronic funds transfer instructions (if applicable).
For more information refer to the AML/CTF programs, Customer identification, and Reporting requirements brochures available at: www.austrac.gov.au/brochure_series.html.
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. For existing users, simply log into your AUSTRAC Online account and click on 'Compliance report'. You will need to create the report, answer the questions and then submit. For new users, you will need to complete the AUSTRAC Online enrolment process first.
View the instruction guide for submitting your compliance report (PDF, 128KB)
For further information about AUSTRAC Online refer to the Getting started with AUSTRAC Online brochure available at: www.austrac.gov.au/brochure_series.html.
General exemptions
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, the regulations or the AML/CTF Rules.
There are also AML/CTF Rules providing further exemptions. These can be accessed at http://www.austrac.gov.au/aml_ctf_rules.html
For more information about your AML/CTF reporting obligations refer to the Reporting requirements brochure available at: www.austrac.gov.au/brochure_series.html.
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.
