With the new year upon us, it is time for Reporting Entities to prepare their AUSTRAC Compliance Report. 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 during the previous year.
AUSTRAC’s online portal is now open for you to lodge your annual Compliance Report. You have until 31 March 2023 to submit the annual Compliance Report, so it is best to get this process underway now.
Who is required to submit the AUSTRAC Compliance Report?
Any Reporting Entity who offered designated services during any part of the reporting period of 1 January 2022 to 31 December 2022 must submit a Compliance Report to AUSTRAC by 31 March 2023. However, 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;
- Are an affiliate of a remittance network provider who doesn’t provide any other designated services;
- Are a small gaming venue licensed to operate no more than 15 electronic gaming machines; or
- Have been granted a specific exemption that applies to the Compliance Report.
Additionally, if you:
- sold or closed your business;
- your business merged with or was acquired by another business; or
- you did not provide any designated services during 2022,
you are only required to complete the first question of the report to advise AUSTRAC of your circumstances.
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 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 a Compliance Report, update your AUSTRAC Business Profile or you need any assistance in preparing and submitting the AUSTRAC Compliance Report or the ABPF, please don’t hesitate to contact us.