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30 Jan 14
AML/CTF compliance reports due 31 March 2014

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The lodgement period for the 2013 Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) report closes on 31 March 2014.

Background
An AML/ CTF compliance report is an annual report which provides the Australian Transaction Reports and Analysis Centre (AUSTRAC) with information about your compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), the regulations and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) (AML/CTF Rules).

If you are a ‘reporting entity’, which provided ‘designated services’ during any part of 2013, you will be required to submit an AML/CTF compliance report to AUSTRAC.

Lodgement
AML/ CTF compliance reports can be lodged online at www.austrac.gov.au.  Civil penalties may apply for failure to lodge a compliance report by the due date.

Before you lodge your AML/ CTF compliance report, you should review whether your AML/ CTF program requires you to conduct an internal or external review of the reporting entity’s compliance with the AML/CTF Act, AML/CTF Rules and its AML/CTF program.

If an independent external review is required, McCullough Robertson is well placed to assist reporting entities with this process. 
 

Focus covers legal and technical issues in a general way. It is not designed to express opinions on specific cases. Focus is intended for information purposes only and should not be regarded as legal advice. Further advice should be obtained before taking action on any issue dealt with in this publication. 

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