Each year, most Reporting Entities are required to lodge a compliance report with AUSTRAC. It covers important aspects of AML/CTF compliance and assists AUSTRAC to determine whether you have complied with your obligations for the previous year.
AUSTRAC’s online portal, through which you can lodge your annual AML/CTF Compliance Report, is now open. You have until 31 March 2021 to submit the annual Compliance Report, so it is best to get this process underway now. It’s also important to note that the COVID-19 relief applied in 2020, will not apply this year.
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 2020 to 31 December 2020 must submit an AML/CTF Compliance Report to AUSTRAC by 31 March 2021. However, under the following circumstances you may be exempt from submitting the report if you are:
- An AFSL holder who only makes arrangements for another person to receive a designated service covered by the AML/CTF Act;
- An affiliate of a remittance network provider who doesn’t provide any other designated services; or
- A small gaming venue licensed to operate no more than 15 electronic gaming machines;
How to submit your AML/CTF Compliance Report
Ensure you are ready to lodge your compliance report by logging into your AUSTRAC Online Account. All AML/CTF Compliance Reports can be lodged online via your AUSTRAC Online Account. 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 Details
Prior to lodging your compliance report, it’s a good idea to check that the details on your Australian Business Profile Form (“ABPF”) are accurate. You should check:
- compliance officer details;
- business address;
- contact email and phone number;
- designated services provided; and
- details of your key personnel.
It’s a requirement that AUSTRAC is 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 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.