AUSTRAC reminds industry about upcoming deadline
5 March 2008
AUSTRAC is reminding industry to submit their anti-money laundering and counter-terrorism financing (AML/CTF) compliance reports by 31 March 2008.
From 12 December 2007, all reporting entities were required to have in place an AML/CTF program, as well as customer identification and verification procedures. The compliance reports give AUSTRAC and the reporting entity an indication of their progress in implementing their AML/CTF obligations. Reports need to cover the period from 13 December 2006 to 31 December 2007.
AUSTRAC's Chief Executive Officer, Neil Jensen says: 'Submitted compliance reports will demonstrate to AUSTRAC that an entity is identifying and mitigating the risks that their business may be used for money laundering or terrorism financing. AUSTRAC will also be looking to ensure these reporting entities have allocated adequate resources and have unlimited controls, reporting lines, communication protocols and processes for review'.
The implementation of an AML/CTF program and the submission of a compliance report are legislative requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and businesses may face civil penalties for non-compliance.
'Addressing money laundering and counter-terrorism financing is a partnership between AUSTRAC and industry,' says Mr Jensen. 'The Act recognises that a reporting entity is best placed to assess their AML/CTF risk and AUSTRAC is committed to working with industry and helping them to better understand their obligations.' The compliance report is one of a number of strategies to ensure reporting entities comply with their AML/CTF Act obligations.
AUSTRAC has launched an extensive national program to promote, educate and assist reporting entities in implementing the AML/CTF Act, including a series of Australia-wide presentations to reporting entities. The agency has also developed a suite of tools such as the AUSTRAC regulatory guide, the AUSTRAC Typologies and Case Studies Report 2007, guidance materials, a self assessment questionnaire and policies which are available on AUSTRAC's website (www.austrac.gov.au).
A reporting entity is an individual or business that provides a 'designated service' as defined in the AML/CTF Act. Reporting entities include banks and other financial institutions, remittance service providers, foreign exchange dealers, bullion dealers and casinos and other gambling services.
AUSTRAC is encouraging the electronic submission of compliance reports via AUSTRAC Online, an internet-based system to help businesses enrol with AUSTRAC and make meeting their reporting obligations easier. AUSTRAC Online can be accessed through www.austrac.gov.au.
For further guidance or information about AML/CTF programs or compliance reports, businesses can visit the AUSTRAC website (www.austrac.gov.au) or contact the AUSTRAC Help Desk on 1300 021 037 or email help_desk@austrac.gov.au.
