waiting-410328_1280The clock is ticking – the lodgement deadline for the 2015 Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) report is 31 March 2016.

AML/CTF Reports

An AML/CTF Compliance Report is an annual report in questionnaire format which provides AUSTRAC with information about your compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), the regulations and the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No.1) (AML/CTF Rules).

If you are a Reporting Entity who offered designated services during any part of the reporting period of 1 January 2015 to 31 December 2015, you are required to submit an AML/CTF Compliance Report by 31 March 2016.

All businesses that provide designated services must submit an AML/CTF Compliance Report unless exempted by the AML/CTF Act and the AML/CTF Rules. You will be exempt if you are:

  • Small gaming venue licensed to operate no more than 15 electronic gaming machines;
  • AFSL holders who only makes arrangements for another person to receive a designated service covered by the AML/CTF Act; or
  • Registered remittance network provider and registered affiliate.

AML/CTF Compliance Reports can be lodged online via www.austrac.gov.au

Civil penalties may apply for failure to lodge by the due date.

AUSTRAC Business Profile

Under the AML/CTF Act, you must advise AUSTRAC of any changes to your business enrolment and/or registration details within 14 days of the change arising.

You can update your business’ details via AUSTRAC Online at https://online.austrac.gov.au/ao/login.seam and download the AUSTRAC Business Profile Form (ABPF) via the Business Profile page under the My Business tab.

If you are not sure whether you need to submit the AML/CTF Compliance Report or the AUSTRAC Business Profile Form, or you need any assistance in preparing and submitting the report or the form, don’t hesitate to contact us.

Melody Gao

Melody assists in preparing, reviewing and negotiating legal documentation for participants in the financial services industry. Melody also assists with developing, reviewing and amending compliance documentation. She also supports the Compliance Consultants with the preparation of AFSL and ACL applications, variations and compliance reviews. Melody provides ongoing legal support and also assists in implementing ongoing compliance support, updating procedural documentation and preparing compliance reporting for Compliance Committees and Boards of Directors.