Austrac has published a document outlining AUSTRAC’s policy regarding the translation into English of any document required to be produced to AUSTRAC by regulated entities under the FTR Act and AML/CTF Act.

AUSTRAC requires that such documentss will be available in English for the purposes of inspection and review.

It is AUSTRAC’s expectation that translations into English are performed to a standard consistent with the accreditation level of ‘Professional Translator’ awarded by the National Accreditation Authority for Translators and Interpreters Ltd (NAATI) or an overseas standard comparable to the Australian NAATI accreditation.

It is AUSTRAC’s policy that any costs associated with translation would not be borne by AUSTRAC.

AUSTRAC expects that translations from documents produced by regulated entities will be made available within a reasonable time frame set at the time of the request.