The AUSTRAC compliance guide consolidates a range of AUSTRAC guidance material and replaces the AUSTRAC regulatory guide.
The guide relates to the obligations of reporting entities under the:
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act)
- Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules)
- Anti-Money Laundering and Counter-Terrorism Financing (Prescribed Foreign Countries) Regulations 2018 (AML/CTF Regulations)
- Financial Transaction Reports Act 1988 (FTR Act)
- outlines and explains the obligations under the AML/CTF Act, Rules and regulations and presents examples on how they operate
- assists reporting entities to design, develop and implement systems and controls necessary to mitigate the risks of money laundering and terrorism financing.
The guide is not a regulatory instrument and reporting entities and other stakeholders must always refer to the AML/CTF Act, Rules and regulations to clarify an obligation.
The guide comprises ten chapters and three appendices:
Outlines how to use the guide.
Provides an overview of the designated services prescribed in the AML/CTF Act. Entities that provide one or more designated services are reporting entities under the AML/CTF Act and have AML/CTF compliance and reporting obligations.
Provides guidance on forming a designated business group. Entities may form a designated business group under the AML/CTF Act for the purposes of complying with their AML/CTF obligations.
Provides guidance on the requirement for all reporting entities to enrol with AUSTRAC.
Outlines the registration requirements for:
- The AUSTRAC Remittance Sector Register for entities providing a designated remittance service.
- The AUSTRAC Digital Currency Exchange Register for entities providing a digital curency exchange service.
Entities must not provide remittance or digital currency exchange services before registering on the Remittance Sector Register or Digital Currency Exchange Register.
Provides an overview of the requirements for an effective AML/CTF program.
Details the reporting obligations for reporting entities under the AML/CTF Act, including:
- threshold transaction reports
- international funds transfer instruction reports
- suspicious matter reports
- cross-border movement reports
- AML/CTF compliance reports
Outlines and explains the AML/CTF record keeping obligations for reporting entities. It explains what information must be retained and the length of time it must be retained.
Provides an overview of the exemptions that may be granted under the AML/CTF Act, Rules and regulations and explains how the exemption processes and procedures operate.
Provides an overview of the obligations for entities under the FTR Act. The FTR Act applies only to 'cash dealers'.
Contains additional resources and specific guidance for some industry sectors.
Provided a summary of AML/CTF program requirements relating to identification and verification of customers and beneficial owners.
Provides a glossary of terms and abbreviations used within the compliance guide.
This guide consolidates AUSTRAC guidance on reporting entities' AML/CTF obligations. It is not intended to be a prescriptive list of AML/CTF controls, policies and procedures. The guide has been developed to encourage reporting entities to manage their money laundering and terrorism financing risks within the AML/CTF legal framework. Each chapter includes links to any additional AUSTRAC guidance and other resources which may assist reporting entities in meeting and understanding their obligations.
The guide is primarily designed for reporting entities regulated under the AML/CTF Act. Cash dealers with obligations under the FTR Act should refer to Chapter 10 - Financial Transaction Reports Act.
AUSTRAC reviews and revises this guide as required, and publishes a list of updates made to the guide.
AUSTRAC officers can provide general information to regulated entities, their staff and the public on the AML/CTF obligations, including the FTR Act. Enquiries and feedback on the AUSTRAC Compliance Guide can be directed to the AUSTRAC Contact Centre via:
- e-mail: firstname.lastname@example.org
- telephone: 1300 021 037 (a local call within Australia).