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AML/CTF compliance reporting 2016

Your business is important

As a reporting entity, you are at the front line – identifying and disrupting the flow of illicit funds from serious and organised crime and terrorism financing.

You help to protect the Australian community and economy from money laundering and terrorism financing (ML/TF) when you comply with your anti-money laundering and counter-terrorism financing (AML/CTF) obligations. These include:

  • enrolling and, when required, registering with us
  • implementing an AML/CTF program 
  • reporting financial transaction reports to AUSTRAC
  • lodging an annual compliance report.  

Annual compliance report

The annual compliance report is a self-assessment of your AML/CTF compliance for the year.

It gives you an opportunity to tell us how you are complying with your AML/CTF obligations. This helps us to understand what assistance you might need.

Approximately 6,000 businesses need to submit a report on their compliance in 2016.

Lodgement must be completed between 3 January and 31 March 2017.

If you fail to lodge a compliance report by the deadline, you’ll be regarded as higher risk. Financial and other penalties might apply.

Does my business need to submit a compliance report?

All businesses that provided designated service/s between 1 January 2016 and 31 December 2016 must submit a compliance report unless covered by any of the following exemptions.

You are exempt from submitting a compliance report if you are a:

  • small gaming venue licensed to operate no more than 15 electronic gaming machines
  • AFSL holder who only makes arrangements for another person to receive a designated service covered by the AML/CTF Act
  • registered remittance network provider (RNP) and registered affiliate.

If you are not covered by an exemption, and believe you are not a reporting entity or do not have to submit an AML/CTF compliance report, please complete a Compliance report response form (below under Guides and Forms) or contact the AUSTRAC Information Service Centre.

Changes in the 2016 report

Question 3(c) 

This asks whether you have assessed the ML/TF risk of any changes in the nature of the business relationship, control structure or beneficial ownership of your customers.

Question 8 

This question has been expanded to include whether you have procedures to assess the ML/TF risk of any new or developing technologies prior to adopting them.

Question 10 

This question has been expanded to include screening of all prospective employees and all employees who were transferred or promoted and were in a position to facilitate ML/TF.  

Partially implemented AML/CTF programs

There is a change to the questions about your AML/CTF program in this year’s compliance report.

We have removed the option to say you have partially implemented your program. The options now are:

  • Implemented (which means that part of your program is in use)
  • Not fully implemented (which means you do not have that part of your program operating, or only have part of it operating)
  • Not applicable (which means the part is not relevant to your situation).

More information about the new question is available in the 2016 compliance report instruction guide.

How we use the information you report to us 

Your compliance report is important to us.

We collate all the reports and use the information to: 

  • look at how each business is meeting its obligations under the AML/CTF Act and Rules
  • see if you are protecting your business from criminals 
  • understand more about the ML/TF risks in your sector 
  • identify needs for extra guidance and support to help those businesses that tell us they are struggling to meet their AML/CTF obligations.

What we expect of you

We expect you to:

  • submit your annual compliance report by 31 March 2017
  • provide accurate responses in your compliance report so we can help you if you need it
  • ask for help if you are unsure how to complete your compliance report by calling or emailing our Information Service Centre (details below)
  • take active steps to nurture a culture of AML/CTF compliance within your business.

What you can expect of us

You should expect us to:

  • work with you to resolve an issue or matter of non-compliance 
  • provide you with guidance to help you comply.

Who can I contact if I need help?

Call or e-mail our Information Service Centre:

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'.

Guides and forms

Instruction guide

Sample report

Compliance report response form

AUSTRAC compliance guide

Last modified: 14/07/2017 15:27