The transaction reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) came into effect on 12 December 2008.
What do 'reporting entities' need to report?
A 'reporting entity' is an individual, company or other entity that provides a 'designated service' as defined in the AML/CTF Act. Reporting entities include banks, non-bank financial services, remittance (money transfer) services, bullion dealers and gambling services.
Reporting entities are required to report:
Please see AML/CTF compliance reports for information about that reporting obligation, which came into effect on 12 June 2007.
Why do reporting entities need to report to AUSTRAC?
It is a requirement under Part 3 of the AML/CTF Act. Reports submitted to AUSTRAC play a major role in combating money laundering, terrorism financing and other major crime.
How are reports submitted to AUSTRAC?
Reports can be submitted electronically in three different ways through AUSTRAC Online. Paper reports will only be accepted from reporting entities who submit less than 50 reports (of any type) per year. For further information, contact the AUSTRAC Help Desk at help_desk@austrac.gov.au or phone 1300 021 037 (a local call within Australia).
Transition from FTR Act to AML/CTF Act reporting obligations
The Commonwealth Parliament recently passed the Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008 to allow regulated entities who have been reporting to AUSTRAC under the Financial Transaction Reports Act 1988 (FTR Act) to continue to report in the same way during their transition to the new reporting format. This would apply to threshold transaction, international funds transfer instruction, or suspicious matter reports made after 12 December 2008, until such time as entities are compliant with the AML/CTF reporting requirements, but not later than 12 March 2010.
AUSTRAC has published its AML/CTF Act reporting implementation policy. The policy outlines the seven new reportable details forms and the four reporting methods AUSTRAC has designed to meet the size and technology requirements of reporting entities.
The policy also provides information for new reporting entities, as well as those reporting entities who have been reporting to AUSTRAC as cash dealers under the FTR Act.
For additional information see Transitional reporting requirements.
Updated XML schemas and 'plain English' file format specifications available in AUSTRAC Online
AUSTRAC has recently revised the electronic file format specifications (XML schemas) for each report type and the external type library schema specification.
To assist reporting entities, AUSTRAC has developed 'plain English' file format specifications in addition to the XML schemas. These documents outline the revisions made to the XML schemas and external type library schema specification.
Version 1.1 XML schemas and 'plain English' file format specifications can be accessed via the 'resources' tab in your AUSTRAC Online account.
Please be aware that from 12 December 2008, AUSTRAC will only accept XML files that have been validated against version 1.1 XML schemas.
For any technical enquiries regarding the file specifications or test file processes, please email filespecs@austrac.gov.au or phone 02 9950 0447.
Sample report forms and explanatory guides available in AUSTRAC Online
AUSTRAC has published sample report forms and educational materials for each report type, which can be accessed via the 'resources' tab if you have an AUSTRAC Online account. Please note: the sample forms cannot be used to report to AUSTRAC from 12 December 2008. Reporting entities who use this reporting method are required to order reportable details forms from AUSTRAC.
For further information, please contact the AUSTRAC Help Desk at help_desk@austrac.gov.au or phone 1300 021 037 (a local call within Australia).
Further information
AUSTRAC has produced various educational tools and publications to assist reporting entities with their reporting obligations. These include:
- AUSTRAC Regulatory Guide
- e-learning course 'Introduction to AML/CTF'
- Getting started with AUSTRAC Online brochure
- Public Legal Interpretations
- Reporting requirements brochure.
The above can be accessed from the quicklinks on this page.
