AUSTRAC Reporting Entities are required to submit their annual Compliance Report to AUSTRAC by 31 March 2017. This is one of the compliance obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). At the same time, we recommend checking that all of your information is up to date in the Business Profile Form.
What is the Compliance Report?
The Compliance Report is an annual report in a questionnaire format which provides AUSTRAC with information about a Reporting Entity’s 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 needs to submit a Compliance Report?
Reporting Entities who offer designated services during any part of the reporting period (the most recent being 1 January 2016 to 31 December 2016), are required to submit a Compliance Report to AUSTRAC by 31 March 2017.
You will be exempt 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 (i.e. Item 54 providers); or
- A registered remittance network provider and registered affiliate.
The Compliance Reports can be lodged online via your AUSTRAC Online Account https://online.austrac.gov.au/ao/login.seam.
Civil penalties may apply for failure to lodge by the due date.
How to update your business information with AUSTRAC?
You must, under the AML/CTF Act, advise AUSTRAC of any changes to your business enrolment and/or registration details within 14 days of a change arising.
You can update details of your business 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 Compliance Report or the AUSTRAC Business Profile Form and may require assistance in preparing and submitting the Compliance Report, please do not hesitate to contact us.
Angela works with the Compliance Team with a particular focus on drafting and amending compliance documentation to tailor to our clients needs. She also assists with AFSL and ACL applications as well as compliance reviews. Angela also works with the Legal Team by providing ongoing assistance in drafting documentation and legal research. Angela assists the compliance consultants in implementing ongoing compliance support, updating procedural documentation and preparing compliance reporting for Compliance Committees and Board of Directors.