This charter sets out the standards of service which regulated entities and the public can expect from AUSTRAC in administering the Financial Transaction Reports Act 1988 (FTR Act) and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). It includes the steps which may be taken if these standards are not met.
The FTR Act relates to the reporting of financial transaction reports (FTR) information by 'cash dealers' and account identification requirements.
FTR information includes reports of:
- significant cash transactions ($10,000 or more)
- all international funds transfer instructions
- suspect transactions.
The AML/CTF Act imposes obligations on 'reporting entities' and members of the public. Requirements include:
- reports of movements of currency ($10,000 or more) and bearer negotiable instruments into or out of Australia, from December 2006
- registration of providers of designated remittance services, from December 2006
- customer identification and verification, from December 2007
- establishing and maintaining AML/CTF programs, from December 2007
- ongoing customer due diligence, from December 2008
- reporting suspicious matters, threshold transactions and international funds transfer instructions, from December 2008.
Relationship with regulated entities and the public
AUSTRAC will provide high quality service, equitably and with integrity.
AUSTRAC will treat regulated entities and members of the public with courtesy and consideration.
Response to enquiries and requests from regulated entities and members of the public will be timely and in language which is clear.
AUSTRAC will act fairly and accurately in applying the provisions of the FTR Act, AML/CTF Act, AML/CTF Rules, respective regulations and policy.
AUSTRAC is committed to the Australian Government's objective of assisting regulated entities with the most efficient and effective methods for compliance.
AUSTRAC will review any concerns with the FTR Act or AML/CTF Act raised by regulated entities or the public. Where it is warranted, AUSTRAC will recommend appropriate amendment to the legislation.
Rights of regulated entities and the public
AUSTRAC will ensure that the rights of regulated entities and the public are maintained in accordance with all relevant Commonwealth, State and Territory laws.
Responsibilities of regulated entities and the public
The responsibilities of regulated entities and the public are contained in the FTR Act and AML/CTF Act.
Privacy and confidentiality
AUSTRAC will respect individuals' rights to privacy and confidentiality.
AUSTRAC will ensure that confidentiality of personal information is maintained in accordance with the relevant laws and that individuals will be able to access information in accordance with the Freedom of Information Act 1982.
AUSTRAC will ensure that all information is kept secure and that its use and disclosure is appropriate.
Service delivery standards
AUSTRAC will provide accurate and timely information and advice to regulated entities and the public.
AUSTRAC staff will be available during the hours of 8.30am to 5.00pm (Eastern Standard Time) on weekdays. After hours, messages can be left via the voicemail system.
Interpreter services will be arranged where needed.
Consultation
Regulated entities and the public were generally consulted in the original development of this charter through the AUSTRAC Provider Advisory Group and the AUSTRAC Privacy Consultative Committee.
The AUSTRAC Provider Advisory Group (no longer in existence) included representatives of financial sector organisations and peak financial sector representative bodies.
The AUSTRAC Privacy Consultative Committee includes members who represent privacy, civil liberties and consumer interests.
Further information on these committees and contact details for the members can be obtained by contacting AUSTRAC.
The addresses, telephone and facsimile numbers, email and website addresses of AUSTRAC's offices are detailed here.
Monitoring and review
AUSTRAC will undertake an annual review of the terms of this charter and its performance under the charter and will report its findings in its annual report.
The charter will be submitted for review to the AUSTRAC Privacy Consultative Committee and other relevant stakeholders at least every three years.
Enquiries and complaints
AUSTRAC is committed to continuous improvement.
AUSTRAC welcomes customer feedback through enquiries and complaints.
AUSTRAC will return calls within 24 hours, or on the next working day, where telephone messages have been left at its offices.
Your enquiry or complaint will be addressed and an initial response will be provided within 2 working days.
Where appropriate, and upon request, AUSTRAC will provide a copy of the decision and reasons for the decision to the regulated entity or member of the public concerning their enquiry or complaint.
The Administrative Decisions (Judicial Review) Act 1977 applies to decisions under subsection 17B(4) or subsections 19(2) or 19(3) of the FTR Act.
AUSTRAC staff can provide appropriate contacts for any customer who wishes to pursue a complaint through external disputes handling and appeals mechanisms or who needs to seek information from another government department or agency.
The addresses, telephone and facsimile numbers, email and website addresses of AUSTRAC's offices are detailed here.
