Compliance Reporting

AUSTRAC Compliance Reporting period is approaching, and it’s time to start thinking about conducting an independent annual review.

Who needs to report?

Compliance Reporting is required for:

  • Venues that are licensed for 16 or more electronic gaming machines, who do not provide any other designated services.
  • Member of a designated business group (DBG)

What is an Independent Review?

An independent review is an assessment of Part A of your AML/CTF compliance program. Additionally, it checks that you’re complying with your program, and the program is still suitable for your business.

Some areas the review examine should include:

  • whether Part A of your AML/CTF compliance program is current and adequately assesses that your policies and procedures are adequate to manage your money laundering/terrorism financing risks
  • any changes to your money laundering/terrorism financing risk profile
  • any changes to your AML/CTF compliance practices and policies
  • how well your employees understand and comply with your AUSTRAC program
  • how well the business responded to previous recommendations
  • whether your AML/CTF employee training program (Staff Awareness Training Program) is adequate and effective
  • whether your compliance officer has enough seniority and authority
  • how well your transaction monitoring systems are working in identifying suspicious matters

Compliance report

All questions in the compliance report refer to your business activities from 1 January to 31 December. Most importantly, once your independent review has been conducted, you must complete and submit the AUSTRAC compliance report between 2 January and 31 March.

Do penalties apply for failing to submit an AML/CTF compliance report?

Yes. Failure to submit an AML/CTF compliance report can result in:

  • an infringement notice of up to $12,600 if the owner is a company or $2,520 if the owner is an individual; or
  • a civil penalty order of up to $21 million for a company or up to $4.2 million for an individual.

Provision of false or misleading information in an AML/CTF compliance report is a criminal offense and can incur a penalty of imprisonment for ten years or $2.1 million, or both.

RCA Group can assist you with your annual Compliance Report.

Summary
Compliance Reporting
Article Name
Compliance Reporting
Description
AUSTRAC Compliance Reporting period is approaching, and it’s time to start thinking about conducting an independent annual review.
Author
Publisher Name
The AML Company
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