INFORMATION FOR NEW REPORTING ENTITIES
What is a designated service and who is a reporting entity?
If you offer one or more designated services, you are captured as a 'reporting entity' under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The list of designated services is in section 6 of the AML/CTF Act. Reporting entities have a variety of obligations including customer identification procedures and reporting certain transactions to AUSTRAC.
If I determine that I am a reporting entity, what am I required to do?
If your business provides one or more designated services you have a legal obligation under the AML/CTF Act to identify, mitigate and manage the risk of money laundering or terrorism financing occurring through the designated services provided. To do so you will need to do the following:
- identify which designated services your business provides
- enrol your business with AUSTRAC. If you offer remittance services (also known as money transfer), you must be entered on AUSTRAC's Register of Providers of Designated Remittance Services
- adopt, maintain and comply with an AML/CTF program (see below)
- report details of certain transactions to AUSTRAC
- you may also be required to periodically submit an AML/CTF compliance report.
How do I enrol with AUSTRAC Online?
AUSTRAC Online can help you determine if your business provides designated services. You can set up access for your business to AUSTRAC's electronic reporting systems through AUSTRAC Online. To enrol, follow the step-by-step process to create your business's account. If you do not have internet access, please contact the AUSTRAC Help Desk on 1300 021 037.
What is an AML/CTF program?
An AML/CTF program is central to the risk-based approach established by the AML/CTF Act. A reporting entity must document how it identifies, mitigates and manages the risk of money laundering or terrorism financing occurring through the designated services it provides. In addition, an AML/CTF program sets out the reporting entity's applicable customer identification procedures.
I am a pub/club with no gaming machines - do I still need to enrol my business with AUSTRAC Online?
If you are a pub/club, have no gaming machines and do not engage in any other designated services, you are not a reporting entity and do not need to enrol with AUSTRAC. However, AUSTRAC requests you advise us of this by completing the appropriate section in the Compliance report response form.
Who is the reporting entity for a pub/club with gaming machines?
The reporting entity is the holder of the licence/authority to operate gaming machines. For more information on the issue of who is the reporting entity that provides designated services in relation to gaming machine venues, refer to Gaming machine venues.
AUSTRAC requests that you advise us if you are not the holder of the licence/authority to operate gaming machines, by completing the appropriate section in the Compliance report response form.
Where can I find further information?
AUSTRAC has produced various educational tools and publications to assist reporting entities with their AML/CTF Act obligations. These include:
Who can I contact if I need help?
You may contact the AUSTRAC Help Desk on 1300 021 037 (a local call within Australia) or email firstname.lastname@example.org.
AUSTRAC also provides free access to a translation and interpreting service to assist people from non-English speaking backgrounds to understand and meet their AML/CTF obligations. To access the translation service, telephone 131 450 and ask for 'AUSTRAC on 1300 021 037'.