AUSTRAC’s online portal through which you can lodge your annual AML/CTF Compliance Report is now open. Reporting Entities have until the 31 March 2020 to submit their annual Compliance Report so it is best to get this process underway now.
What is an AML/CTF Compliance Report?
An AML/CTF Compliance Report is an annual requirement that must be submitted to AUSTRAC as evidence of your compliance with the AML/CTF Act, regulations and the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No. 1) (“AML/CTF Rules”).
Who is required to submit the AML/CTF Compliance Report?
Any Reporting Entity who offered designated services during any part of the reporting period of 1 January 2019 to 31 December 2019 must submit an AML/CTF Compliance Report to AUSTRAC by 31 March 2020. However, under the following circumstances you may be exempt from submitting the report if you are:
- A small gaming venue licensed to operate no more than 15 electronic gaming machines;
- An AFSL holder who only makes arrangements for another person to receive a designated service covered by the AML/CTF Act; or
- A registered remittance network provider and registered affiliate.
How to submit your AML/CTF Compliance Report?
All AML/CTF Compliance Reports can be lodged online via your AUSTRAC Online Account. The online portal is open for all annual Compliance Reports. The AUSTRAC website provides detailed information on how to submit your report online.
Civil penalties may apply for failure to lodge by the due date.
Updating your AUSTRAC Business Profile
Reporting Entities must remember that under the AML/CTF Act, AUSTRAC is to be advised of any changes to your business enrolment and/or registration details within 14 days of the change arising.
You can update the details of your business via your AUSTRAC Online Account and downloading the AUSTRAC Business Profile Form (“ABPF”) via the Business Profile page under the “My Business” tab.
If you are unsure as to whether you need to submit an AML/CTF Compliance Report, update your AUSTRAC Business Profile or you need any assistance in preparing and submitting the AML/CTF Compliance Report or the ABPF, please don’t hesitate to contact us.
Quynh works across both Sophie Grace Pty Ltd and Sophie Grace Legal Pty Ltd with a particular focus on compliance and legal services. She manages the licensing and compliance aspects of the business. She is responsible for AFSL and ACL applications, variations and assists the compliance team in the implementation of compliance reviews. She provides ongoing compliance support and assists with the preparation of legal advice, commercial agreements and disclosure documents.