The AML/CTF Rules to be made under section 47(1) of the AML/CTF Act will specify the reporting period(s) and the lodgement period within which compliance reports are required to be submitted to AUSTRAC.

Subsection 47(3) requires reports to be in the approved form and to contain any such information as required by the form.

AUSTRAC has released indicative AML compliance report questions to provide reporting entities with information as to the types of questions that will be contained in the first AML/CTF compliance report under the AML/CTF Act, regulations and Rules, and to seek feedback. The questions are indicative of the types of questions AUSTRAC may ask, though AUSTRAC has said it does not envisage that there will be major changes to the following questions for the forthcoming AML/CTF compliance report.

The AML/CTF compliance report is based on key elements of the AML/CTF Act, regulations and the Rules. The report is structured with questions grouped under section headings as follows:

1. Introduction/information
2. Correspondent Banking
3. Electronic Funds Transfer Instructions
4. Anti-money laundering and counter-terrorism financing programs
    a. AML/CTF programs Part A
    b. AML/CTF risk awareness training program
    c. Employee due diligence
    d. Compliance
    e. Independent Review
    f. AML/CTF programs Part B – Customer Identification Procedures