skip to content

 AUSTRAC is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. Home     Contact Us

 

   Employment     E-learning

Previous cost recovery consultation

Review of the AUSTRAC supervisory levy

An independent review of the AUSTRAC supervisory levy was conducted from July to December 2013. The review fulfils the requirements of section 4 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act (Consequential Amendments) 2011, which stipulates that an independent review must be undertaken and the areas to be covered by the review.

The Terms of Reference for the review provided information about the AUSTRAC supervisory levy and the scope of the review:

View the Word file Terms of Reference - review of the operation of the AUSTRAC supervisory levy (Word, 154KB)

View the PDF File Terms of Reference - review of the operation of the AUSTRAC supervisory levy (PDF, 116KB)

Mr Jim Flaye, former Chief Financial Officer of the Australian Prudential Regulation Authority (APRA), conducted the review and completed the AUSTRAC supervisory levy review report in December 2013. A copy of the report is available on the Supervisory levy information page of the AUSTRAC website.


Cost Recovery Impact Statement 2013-14 - exposure draft

On 23 April 2013 the draft Cost Recovery Impact Statement (CRIS) for 2013-14 was released for public consultation. The closing date for submissions was 21 May 2013.

View as Word document Cost Recovery Impact Statement 2013-14 exposure draft (Word, 243KB)

View the PDF File Cost Recovery Impact Statement 2013-14 exposure draft (PDF, 483KB)


Cost Recovery Impact Statement 2012-13 - exposure draft

On 4 May 2012 the draft Cost Recovery Impact Statement (CRIS) for 2012-13 was released for public consultation. The closing date for submissions was 23 May 2012.

View the PDF File Cost Recovery Impact Statement 2012-13 exposure draft (PDF, 188KB)


Cost Recovery Impact Statement 2011-12 - exposure draft
(revised December 2011)

In December 2011, AUSTRAC released for public consultation its revised Cost Recovery Impact Statement - Exposure Draft for the 2011-12 financial year, which outlined AUSTRAC's revised supervisory levy model and charging structure. The key revisions related to the large entity component charging tiers, as well as introducing a cap on the transaction reporting component payable by a group of leviable entities.

View the PDF File CRIS - revised December 2011 (PDF, 266KB)


Draft Ministerial Determination, enrolment information and draft Privacy Impact Statement

The draft Ministerial Determination for 2011-12, information proposed to be collected by AUSTRAC through the enrolment process and the draft Privacy Impact Statement were released for public consultation in May 2011. The closing date for submissions was 9 June 2011.

View the PDF File Draft Ministerial Determination (PDF, 22KB)
View the PDF File Proposed Enrolment Information (PDF, 35KB)
View the PDF File Draft Privacy Impact Assessment (PDF, 429KB)

The draft Privacy Impact Assessment and the subsequent public consultation were used to inform the final legislative amendments for cost recovery and enrolment.  Accordingly, AUSTRAC no longer intends to publish an updated Privacy Impact Assessment.

Legislation to give effect to cost recovery for AUSTRAC's regulatory activities and compulsory enrolment is contained in the following legislation which received Royal Assent on 28 June 2011:

  • the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 (Levy Act) and the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Act 2011 (Collection Act), which established and supports the cost recovery scheme.  Both Acts commenced operation on 1 July 2011, except section 9 of the Collection Act (Late payment penalty), which commenced operation on 1 January 2012.
  • the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Consequential Amendments) Act 2011 (Consequential Amendments Act), which inserted a new Part 3A into the AML/CTF Act to require the compulsory enrolment of reporting entities and help AUSTRAC properly identify those reporting entities which are 'leviable entities' for cost recovery purposes.  This Act commenced operation on 1 November 2011.
    • The enrolment details which a reporting entity is required to provide to AUSTRAC are specified in Chapter 63 of the AML/CTF Rules.
    • Changes in enrolment details which are required to be communicated to AUSTRAC are specified in Chapter 64 of the AML/CTF Rules. 

Both Chapter 63 and 64 of the AML/CTF Rules were subject to public consultation and commenced operation on 1 November 2011.

Current copies of the above Acts, cost recovery-related Ministerial Determinations and AML/CTF Rules are available through AUSTRAC's 'Legislation' webpage.


Cost recovery for AUSTRAC's regulatory functions - further consultation regarding an alternative definition of a large entity

AUSTRAC undertook further consultation regarding an alternative definition of a large entity in relation to cost recovery for AUSTRAC's regulatory functions. The closing date for submissions was 4 April 2011.

View the PDF File Cost recovery for AUSTRAC's regulatory functions (PDF, 43KB)


Cost Recovery Impact Statement 2011-12 - exposure draft

AUSTRAC released its Cost Recovery Impact Statement - Exposure Draft in relation to anti-money laundering and counter-terrorism financing regulatory activities on 11 February 2011. The closing date for submissions was 25 February 2011.

View the PDF File Cost Recovery Impact Statement - Exposure Draft (PDF, 264KB)


Discussion paper - Cost recovery for AUSTRAC's regulatory functions

AUSTRAC released a discussion paper on the proposed cost recovery model for AUSTRAC's regulatory activities on 12 November 2010. The closing date for submissions was 10 December 2010.

View the PDF File Discussion paper - Cost recovery for AUSTRAC's regulatory functions (PDF, 330KB)

Click here to view the published submissions on the discussion paper.


Last modified: ...

 

© Commonwealth of Australia - AUSTRAC 2014