Latest guidance updates

This page provides an overview of new or significantly updated guidance since January 2022, which could impact how you apply your AML/CTF obligations, or expands on how to apply the guidance in practice.

Media releases, news articles, minor updates to guidance and other content are not included.

View guidance updates for 2022

2023

 

Title Page status Modified Date Description

Enrol or register

Update 23/10/2023 Page revised for clarity and readability.

Data breaches and AML/CTF considerations

New  16/10/2023

This guidance is designed to help you:

  • understand your AML/CTF obligations in relation to data breaches
  • take steps to protect your business and customers from the heightened ML/TF risks that can arise from data breaches.

Carrying out applicable customer identification procedures after creating an online gambling account

New 28/09/2023 New guidance to reflect changes to when online gambling service providers can carry out applicable customer identification procedures after creating an online gambling account.

Consequences of not complying

Update 14/09/2023

Penalty unit values updated for offences and civil penalty provisions.

Financial services for customers that financial institutions assess to be a higher risk

New 7/06/2023 New guidance addressing the issue of debanking.
Aimed at:
  • financial institutions, clarifying AUSTRAC's expectations when providing designated services to businesses they consider to be a higher risk
  • businesses who may be impacted by debanking, to encourage open communication with financial institutions and explain what they may need to provide to demonstrate how they are reducing money laundering and terrorism financing risks

Recognise and prevent money laundering in poker venues

New 29/03/2023 A new video highlighting examples of what money laundering can look like in pubs and clubs.

Indicators of suspicious activity for pubs and clubs

New 29/03/2023 A new list of suspicious activity indicators to help pubs and clubs identify potential money laundering, terrorism financing and other serious and organised criminal activity at a venue.

AML/CTF tips for pubs and clubs with gaming machines

Update 29/03/2023 An updated brochure and posters that pubs and clubs can print and share with their staff to outline AML/CTF tips to help protect their business, plus myths and facts around money laundering and terrorism financing.

Employee due diligence

Update 24/03/2023 Additional information and best practices to help you:
  • identify employee and contractor roles that may pose a risk to your business
  • screen and rescreen employees.

It also includes considerations if you outsource your employee due diligence, examples of good and bad practices and self-assessment questions.

Employee AML/CTF risk awareness training

Update 24/03/2023 Additional information and best practices to help you identify which employees need training, how often and the types of training, as well as examples of good and bad practices. 

Consequences of not complying

Update 24/02/2023 Penalty amounts under Enforcement actions was updated. Previously it was $222, but it has been updated to $275 for offences occurring on or after 1 July 2020.

AUSTRAC compliance reports

Update 4/01/2023 Penalty amounts for not submitting your annual compliance report have been updated.

2022

 

Title Page status Modified Date Description

Preventing the criminal abuse of digital currencies

New 21/12/2022 A new financial crime guide to help businesses identify and report criminal activity through digital currencies.
Combating the sexual exploitation of children for financial gain New 16/12/2022 A new financial crime guide to help businesses identify and report financial transactions that may be linked to the purchase of child sexual exploitation material.
Proliferation financing in Australia national risk assessment 2022 New 14/12/2022 A detailed national assessment of Australia’s exposure to proliferation financing threats and vulnerabilities.

Assisting customers who don’t have standard forms of identification

Update 9/12/2022 Additional information on:
  • which customers may require a flexible approach to customer identification
  • the forms of alternative reliable and independent identification you can use
  • examples of using a flexible, risk-based approach.
Preventing trade-based money laundering in Australia New 3/11/2022 A new financial crime guide to help financial service providers identify and report suspicious transactions indicative of criminals engaging in trade-based money laundering.
How to submit a threshold transaction report (TTR) Update 12/10/2022 The section on 'What happens after you submit a TTR' has been expanded and now includes the partner agencies that may issue you a written notice seeking further information about a TTR you have submitted. It now also includes an example of what happens if additional information is requested. 
Source of funds and source of wealth New 7/10/2022 New guidance to help reporting entities undertake source of funds and source of wealth checks on relevant customers.

The guidance explains what the source of wealth and source of funds is and when and how you can collect and verify this information.

Politically exposed persons (PEPs) Update 5/10/2022 Guidance update to include:
  • Additional examples of PEPs in the introduction to include heads of state and central bank governors.
  • Expanded information on what PEP procedures may include to note: asking the customer if they are a PEP during onboarding and during the life of the customer relationship, checking sanctions lists and social media and using databases and reports from third-party vendors.
  • A new section on indicators of suspicious behaviour to assist you in identifying potential money laundering activity.
  • 'How to respond to discrepancies' section has been expanded to explain how you can know your customers and implement strategies to mitigate and manage the risks.
  • 'When a PEP leaves their position' section has been updated to specify that you must apply your ECDD program when you consider a former PEP to be a high-risk customer and may choose to implement other controls to mitigate and manage the risk.

A PEP quick guide was also hyperlinked to provide a summary of PEP obligations and indicators of suspicious behaviour.

Bullion dealers New 28/09/2022 Guidance for bullion dealers to provide an overview of their AML/CTF obligations and which bullion services and products are covered under the AML/CTF Act, and what bullion dealers must report to AUSTRAC.
Remittance network providers and their affiliates in Australia risk assessment 2022 New 26/09/2022 A detailed assessment of the money laundering and terrorism financing risks, vulnerabilities and consequences associated with remittance network providers and their affiliates.
Indicators of suspicious activity for bullion dealers New 26/09/2022 A list of indicators of suspicious activity which will help bullion dealers identify suspicious circumstances that indicate their business is potentially at risk of criminal exploitation. The web content can also be downloaded as a PDF quick guide. 
Independent remittance dealers in Australia risk assessment 2022 New 26/09/2022 A detailed assessment of the money laundering and terrorism financing risks, vulnerabilities, and consequences associated with the independent remittance dealer subsector.
Bullion dealers in Australia risk assessment 2022 New 26/09/2022 The money laundering and terrorism financing (ML/TF) risk assessment of the Australian bullion dealers sector gives a deep dive into the criminal threat environment and vulnerabilities facing the sector, as well as their potential consequences. The risk assessment will also help bullion dealers to review their processes to ensure their business is in the best possible position to prevent criminals from targeting their business. 
Australia's superannuation sector threat update 2022 New 26/09/2022 An update of the criminal threat environment of the superannuation sector. 
Correspondent banking relationships Update 19/07/2022 Guidance was updated to remove reference to the policy principles period, which was in effect for 12 months from 17 June 2021 (the date on which amendments relating to correspondent banking commenced) and ceased on 16 June 2022. A 12-month policy principles period was provided to assist reporting entities with the transition process to implement revised correspondent banking obligations as a result of changes made to Part 8 of the AML/CTF Act. 
AML/CTF reforms: Correspondent banking relationships Update 30/06/2022 Guidance was updated to reflect that the policy principles period had ended by stating the period was in effect for 12 months from 17 June 2021 until 16 June 2022 to enable reporting entities to implement new correspondent banking obligations. You can still access and view the policy principles that were in effect from this page. 
Reporting transactions of $10,000 and over: Threshold transaction reports (TTRs) Update  24/06/2022 As part of the update to AUSTRAC's guidance position on reporting multiple cash transactions, updates were also made to the main TTR web content. Changes to this page were made for usability and ease of navigation;  the web content was restructured so there is now a main TTR web page that links to three sub-pages on: 'Submitting your TTR', 'Reporting multiple cash transactions', and 'Reporting structuring'. 
Reporting structuring New 24/06/2022 As part of the update to AUSTRAC's guidance position on 'Reporting multiple cash transactions',  changes were also made to web content on 'Reporting structuring' to reflect the updated position. The guidance was also restructured for ease of navigation; previously, this content was hosted as a sub-section on the main TTR web page, and now it has been separated to be hosted on its own web page.

A new example was also added of when an SMR would be required for a casino. 

Reporting multiple cash transactions Update 24/06/2022 Under AUSTRAC’s updated guidance position, you must submit a TTR to AUSTRAC for each individual cash transaction of A$10,000 or more. When a customer makes multiple cash transactions, each individual transaction is considered to be a separate and distinct designated service. You will no longer be required to combine multiple transactions and submit a TTR, even if the transactions occurred closely together. The updated guidance also includes examples to illustrate when a TTR is required. 
How to submit a threshold transaction report (TTR) Update 24/06/2022 As part of the update to AUSTRAC's guidance position on 'Reporting multiple cash transactions', updates were also made to the main TTR web content, including this page for usability and ease of navigation. The web content on TTRs was restructured, so there is now a main TTR web page that links to three sub-pages on: 'Submitting your TTR', 'Reporting multiple cash transactions', and 'Reporting structuring'.

Other updates to this page on 'How to submit a TTR'  were made to expand the section on 'What your TTRs must include'   to include:

  • the account holder and any signatory or signatories to the account conducting the transaction (refer to Rule 19.4)
  • the reliable and independent documentation and/or electronic data source(s) used to verify the identity of the customer.
Cross-border movement (CBM) reports Update 17/06/2022 Cross-border movement reporting of monetary instruments of AUD10,000 or more, including physical currency and bearer negotiable instruments (BNIs), changed on 17 June 2022. The updated guidance includes information about the changes. 
Detecting and stopping ransomware payments New 27/04/2022 A new financial crime guide to help businesses understand, identify and report suspicious activity where someone could be the target of a ransomware payment or trying to profit from a ransomware payment.
How SMRs can help disrupt criminal activity Update 8/04/2022 The page was updated to include links to the following 'Related guidance resources:
  • Effective suspicious matter reporting
  • Suspicious matter reporting: Frequently asked questions
  • Suspicious matter reporting: checklist
  • Suspicious matter reporting: reference guide
  • Suspicious matter reporting (SMR) video animation'
Pubs and clubs with gaming machines New 30/03/2022 This regulatory guide was developed to help pubs and clubs who are licensed to operate electronic gaming machines develop a thorough understanding of their AML/CTF obligations.
Politically exposed persons - quick guide New 23/02/2022 A new regulatory quick guide to provide an overview of your obligations for customers or beneficial owners who are politically exposed persons (PEPs). 
Detecting and stopping forced sexual servitude in Australia New 14/02/2022 A new financial crime guide to help businesses identify and report suspicious activity related to forced sexual servitude. 
Engaging AML/CTF advisers Update 11/02/2022 Updated guidance to help you select an adviser who is suitably qualified and experienced to provide products and services for your business. The guidance sets out a number of factors you should consider and address prior to engaging the services of an adviser.

The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.

Last updated: 27 Feb 2024
Page ID: 985

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