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System Transformation Program update

11 April 2022

In 2022, we will continue building a new modern, secure and intuitive AUSTRAC Online that will enable you to easily comply, report and interact with AUSTRAC.

What’s in store for this year?

For the first part of the year we will be reviewing AUSTRAC’s enrolment and registration forms with the aim of streamlining processes and making it easier for new reporting entities to provide their business details.

We will also continue work to transform AUSTRAC’s transaction reporting regime. This will focus on the activities associated with implementing IFTI-E messaging that is in line with the ISO20022 messaging format.

From mid-year 2022, we will begin reviewing threshold transaction reports (TTRs) and suspicious matter reports (SMRs) as well as single/multiple data entry and workflow options. These reviews will identify opportunities to enhance your reporting experience using the new systems functionality, while also improving the effectiveness of the information collected.

We will be reaching out to businesses, members of the Customer Advisory Group, industry associations and our partner agencies to seek input into how these transaction reports and reporting processes can be improved.

Over the next few months we are also looking forward to:  

  • finalising the IFTI-E schema version 2.0
  • releasing the first version of the new API and user interface to enable the upload of IFTI-E reports using the version 2.0 schema
  • increasing our engagement with businesses regarding our ISO 20022 project and new system functionality.

If you have any questions about the program contact us via email.