You must enrol with AUSTRAC if you provide designated services. As a provider of designated services, you must comply with the law to help prevent money laundering, terrorism financing and other serious crime.
If you haven’t already done so, check if you need to enrol. That process will help you work out if you are a reporting entity and must enrol with AUSTRAC. This page gives a brief summary of the obligations you have if you provide designated services.
Develop an AML/CTF program
Reporting entities must have an AML/CTF program to help them meet their compliance obligations. It’s a written document that sets out how you identify, mitigate and manage the risks of your products or services being misused for money laundering or terrorism financing. You must have a program in place before you start providing designated services.
Report certain transactions and suspicious matters
There are four types of transaction reports you might have to make to AUSTRAC.
- Threshold transaction reports (TTR) for transfers of physical currency or digital currency (cryptocurrency) of A$10,000 or more (or the foreign currency equivalent).
- International funds transfer instruction reports (IFTIs) for instructions to send or receive money overseas. IFTIs must be reported for transfers of any value sent electronically or by a remittance service provider.
- Cross-border movement reports about carrying, mailing or shipping physical currency valued at A$10,000 or more to or from Australia.
- Suspicious matter reports (SMR) for any transaction or interaction that makes you suspicious that someone is acting illegally.
Submit regular compliance reports
You may have to submit a compliance report to tell AUSTRAC about how you are meeting your obligations. You will be notified when you are required to submit this report.
You must keep records about how you are meeting your AML/CTF obligations and store them securely. This includes records about:
- electronic funds transfers
- customer identification procedures
- your AML/CTF program.
Inform AUSTRAC of changes to your enrolment details
You must tell AUSTRAC within 14 days about any changes to the details you gave us when you completed your enrolment form.
In some cases, pay an industry contribution levy
Businesses or organisations with earnings of A$100 million or more in the most recent financial year, or those with a large volume or value of transaction reports, must pay an industry contribution levy. Usually only medium to large businesses have to pay the levy.
Registration obligations for remittance service providers and digital currency exchange providers
You have further obligations as a registered remittance service provider or a digital currency (cryptocurrency) exchange provider.
- You must obtain and keep current national police certificates or police history checks for all key people. These must have been issued within the six months prior to the date of applying for registration.
- Registration expires after three years. You must renew your registration to keep providing remittance or digital currency exchange services. You can renew your registration between one and 90 days before it expires.
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.