AUSTRAC consultation

Open for consultation:

Closed:


Draft Privacy Impact Assessment – AUSTRAC data matching program and Fintel Alliance

The draft Privacy Impact Assessment considers the initial operational projects being undertaken by Fintel Alliance (‘Panama Papers’, ‘Online Money Mules’ and ‘Australian Cybercrime Online Reporting Network Data Exploitation’) and the AUSTRAC Data Matching Program. Fintel Alliance is a partnership between AUSTRAC, other government agencies, NGOs, academia and reporting entities. The initial projects are intended to facilitate collaborative, innovative and timely sharing of financial intelligence with Fintel Alliance partners in order to manage money-laundering and terrorism-financing risk. The Data Matching Program involves obtaining external data from a variety of non-open and open sources to enhance AUSTRAC’s intelligence and research capabilities. 

Draft Privacy Impact Assessment – AUSTRAC data matching program and
Fintel Alliance (Word, 174KB)

Draft Privacy Impact Assessment – AUSTRAC data matching program and
Fintel Alliance (PDF, 486KB)

A public consultation period is open from Monday 10 April 2017 to 8 May 2017.

How to make a submission

Submissions on the draft guidance should be sent to:

By mail:

Director, Rules
AUSTRAC
PO Box 5516
West Chatswood NSW 1515

By email: aml_ctf_rules@austrac.gov.au

By fax: (03) 8636 0501

 

Please note that all submissions may be made public except those marked 'confidential'.


Draft Costings – electronic safe harbour procedures for customers (closed)

AUSTRAC seeks stakeholder feedback on the draft costings for the proposed amendments to the Chapter 4 electronic safe harbour provisions for customers. AUSTRAC estimates that these draft amendments will generate average deregulatory savings of $7.2 million for affected businesses and $5.8 million for individuals over the next ten years resulting in a total average annual saving of $13 million. 

Draft Costings – electronic safe harbour procedures for customers (Word, 102KB)

Draft Costings – electronic safe harbour procedures for customer (PDF, 84KB)

AUSTRAC seeks close consideration from industry on the costing estimates, including whether the assumptions are reasonable and whether the population estimates are smaller or greater.

Consultation closed on Thursday 7 July 2016.


AUSTRAC industry contribution 2016–17 – stakeholder consultation paper (closed)

AUSTRAC seeks stakeholder feedback on the consultation paper for the 2016–17 industry contribution:

AUSTRAC industry contribution 2016–17 – stakeholder consultation paper (Word, 272KB)

AUSTRAC industry contribution 2016–17 – stakeholder consultation paper (PDF, 342KB)

The consultation paper includes a draft Ministerial Determination which outlines the proposed charging model for determining component amounts of the 2016–17 industry contribution levy.

Consultation closed on Friday 3 June 2016.

Submissions received in response to this consultation paper are available on the Submissions page. 


Proposed changes to compliance reporting (closed)

All reporting entities and other interested stakeholders are invited to provide input in the review of compliance reporting.

The review

AUSTRAC has undertaken a review of its compliance reporting framework, in line with the AUSTRAC Supervision strategy 2012-14.

Through the review AUSTRAC identified a need for change to the annual compliance report to reflect the maturity of the anti-money laundering and counter terrorism financing regime facilitate improved regulatory supervision.

The review considered the effectiveness of the compliance report and identified the need to enhance the approach to ensure its continued relevance to industry and AUSTRAC.

Consultation paper and Regulation Impact Statement

The review has identified a number of key issues with the current annual compliance reporting. These are outlined in the consultation paper and draft Regulation Impact Statement below.

Consultation paper

View the Proposed changes to the annual compliance report - Consultation paper

Regulation Impact Statement

Regulation Impact Statement - Proposed changes to the annual compliance report (Word, 6MB)

Regulation Impact Statement - Proposed changes to the annual compliance report (PDF, 3MB)

Consultation closed on Friday 28 November 2014.

Industry submissions have raised a number of issues relating to the proposed changes to the AML/CTF compliance reporting framework. 

AUSTRAC welcomes that feedback and the well-considered suggestions made by stakeholders to improve the compliance disclosure framework under the AML/CTF Act. 

AUSTRAC recognises the burden of regulation on individuals, businesses and community organisations. We are committed to considering alternative arrangements that limit any undue regulatory burden whilst still achieving outcomes. 

A statutory review into the AML/CTF regime is currently underway. That review is considering the compliance reporting obligations under the AML/CTF Act.

AUSTRAC will await the outcomes of the review before finalising any changes to the compliance reporting framework.

In the interim reporting entities with a compliance reporting obligation are still required to submit their annual compliance report under the current arrangements.

The lodgment period for the submission of the 2015 compliance report opens on Monday 4 January 2016 and closes on Thursday 31 March 2016

Note: Important information on the review of the AML/CTF Act is available on the AGD website.

Last modified: 10/04/2017 10:26