AUSTRAC consultation

Open for consultation:

Closed:


Draft Costings – electronic safe harbour procedures for customers

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.

A public consultation period is open from Thursday 9 June 2016 to 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


Post implementation review (PIR) of AML/CTF Rules in Chapters 58 and 59 relating to the cancellation and suspension of remitter registrations (closed)

AUSTRAC has released the Draft post-implementation review: Stakeholder consultation paper to seek stakeholder views on how well Chapters 58 and 59 of the AML/CTF Rules are operating and their impact on stakeholders.

Chapter 58 deals with matters that the AUSTRAC CEO may consider when deciding to cancel a remittance dealer's registration.

Chapter 59 deals with matters which relate to the grounds on which the AUSTRAC CEO may suspend a remittance dealer's registration.

The paper contains the following:

  • Part A – background of the PIR, the stakeholder feedback questions and how to make a submission; and
  • Part B – the draft PIR, which will be finalised following completion of stakeholder consultation.

Draft post-implementation review: Stakeholder consultation paper (Word, 320KB)

Draft post-implementation review: Stakeholder consultation paper (PDF, 167KB)

Consultation closed on Friday 13 March 2015


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.