In response to the exceptional circumstances surrounding the COVID-19 pandemic, AUSTRAC has implemented a three-month extension to the annual AML/CTF Compliance Reporting deadline. Reporting Entities affected by COVID-19 now have until 30 June 2020 to submit their report to AUSTRAC.
2019 Compliance Report Update
AUSTRAC understands that some small to medium businesses have been restricted from opening due to COVID-19 social distancing measures announced by the government. For these affected businesses, AUSTRAC will not take any compliance action if reports cannot be submitted before 31 March 2020.
AUSTRAC Compliance Reports
The Compliance Report is an annual requirement under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (“AML/CTF Act”). The report includes questions regarding the fulfilment of AML/CTF obligation and must be completed between 1 January and 31 March of each year, for the previous calendar year.
AUSTRAC provides a preview of the questions in the 2019 Compliance Report to help Reporting Entities prepare. Additionally, see below for a video developed by AUSTRAC to assist with the online submission of the Compliance Report.
If you are unsure whether this extension applies to you or require assistance in preparing and submitting your AML/CTF Compliance Report, please do not hesitate to contact us.