Publications / Financial Services
From 1 November 2011 new enrolment obligations will apply to all reporting entities that are required to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
All existing reporting entities must enrol by 28 November 2011, including those that have enrolled with AUSTRAC before.
New reporting entities must enrol within 28 days of providing or commencing to provide a designated service.
Reporting entities will be responsible for ensuring they keep their enrolment details up to date and advise AUSTRAC of any change in enrolment details within 14 days of the change.
If you have previously enrolled with AUSTRAC, the fastest and easiest way to complete enrolment is electronically at online.austrac.gov.au.
Other reporting entities can complete their enrolment details through the AUSTRAC website, www.austrac.gov.au
Reporting entities enrolled on the register will be required to pay an annual levy to AUSTRAC. All reporting entities that are required to prepare an Anti-Money Laundering and Counter-Terrorism Financing program will be required to pay the levy which will comprise three components: the base component, the large entity component and the transaction reporting component.
The base component, currently set at $284 per annum, will apply to all ‘leviable entities’ with five or more employees or with earnings of more than $100 million.
The large entity component will be calculated on the basis of the earnings of the entity (or the entities corporate group) as set out below:
|Entity/group earnings||Large entity component 2011-2012|
|Less than $100 million||Nil|
|Equal to or greater than $100 million but less than $200 million||$14,000|
|Equal to or greater than $200 million but less than $500 million||$35,000|
|Equal to or greater than $500 million but less than $1 billion||$70,000|
|Equal to or greater than $1 billion but less than $5 billion||$350,000|
|Greater to or equal than $5 billion||$425,000|
The transaction reporting component is to be one cent per transaction which is required to be reported to AUSTRAC plus 0.0005066% of the value of the transaction to which the report relates. Banks and other reporting entities which are required to comply with the cash reporting threshold will be the largest contributors to the transaction reporting levy.
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.