Austrac has announced that compliance reports for 2009 business activities must be lodged between 1 January and 31 March 2010. These reports will reflect business activities from 1 January to 31 December 2009 and should be lodged through AUSTRAC's internet-based system, AUSTRAC Online.
The 2009 AML/CTF compliance report asks reporting entities to answer questions relating to four broad topics:
- AML/CTF programs – Part A (the identification, management and reduction of the risk of money laundering and terrorism financing faced by a reporting entity)
- AML/CTF programs – Part B (customer identification procedures)
- ongoing customer due diligence and reporting requirements
- correspondent banking relationships and electronic funds transfer instructions.
Banks and other lenders, non-banking financial service providers, and gambling, bullion and money service businesses covered by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 are required to submit these reports.
