Compliance reports An introduction to the AML CTF compliance

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					Compliance reports 2008


An introduction to the 2008 AML/CTF
compliance reporting obligations under the
                                              This brochure provides
Anti-Money Laundering and Counter-Terrorism
Financing Act 2006.
                                              general guidance on
                                              submitting the 2008
                                              compliance report to
                                              AUSTRAC as required
                                              under the Anti-Money
                                              Laundering and Counter-
                                              Terrorism Financing Act
                                              2006 (AML/CTF Act).
                                              Detailed information on compliance reporting, and
                                              on the obligations of reporting entities, is available from
                                              AUSTRAC (please see the back page of this brochure
                                              for contact details).
What is an AML/CTF compliance report?                           What does it cover?
An AML/CTF compliance report provides AUSTRAC                   The 2008 AML/CTF compliance report asks you to
with information about your compliance with the                 answer questions relating to four broad topics:
Anti-Money Laundering and Counter-Terrorism Financing           – AML/CTF programs – Part A
Act 2006 (AML/CTF Act), the regulations and the Anti-Money      – AML/CTF programs – Part B
Laundering and Counter-Terrorism Financing Rules
                                                                – new AML/CTF obligations (ongoing customer
(AML/CTF Rules). It also indicates your progress in
                                                                  due diligence and reporting requirements)
implementing your AML/CTF program.
                                                                – correspondent banking relationships and electronic
Who needs to submit an AML/CTF                                    funds transfer instructions (if applicable).
                                                                For more information refer to the AML/CTF programs,
compliance report?
                                                                Customer identification, Ongoing customer due diligence
You will need to submit an AML/CTF compliance report            and Reporting requirements brochures available at:
to AUSTRAC if you are a reporting entity.                       www.austrac.gov.au/brochure_series.html.
A reporting entity is an individual, company or other
entity that provides a ‘designated service’ as defined in the   What will my information be used for?
AML/CTF Act. Reporting entities include banks, non-bank         AML/CTF compliance reports contribute to AUSTRAC’s
financial services, remittance (money transfer) services,       monitoring of ongoing industry compliance with the
bullion dealers and gambling businesses.                        AML/CTF Act, the regulations and the AML/CTF Rules.
                                                                AUSTRAC may use your compliance report to gain an
What period does it cover?
                                                                understanding of your business’s preparedness and
The 2008 AML/CTF compliance report covers the period from       compliance with the AML/CTF requirements.
1 January 2008 to 31 December 2008. The responses you
provide in your AML/CTF compliance report should relate to      Where can I find a sample compliance report?
your business activities during this reporting period.
                                                                The sample 2008 AML/CTF compliance report is available at:
                                                                www.austrac.gov.au/amlctf_compliance_report.html.
When is it due?
The lodgement period for submitting your 2008                   How do I submit my report?
AML/CTF compliance report begins on 1 January 2009.
                                                                The easiest way to submit your compliance report is through
Your AML/CTF compliance report must be submitted
                                                                AUSTRAC Online. For existing users, simply log into your
to AUSTRAC by 31 March 2009.
                                                                AUSTRAC Online account and click on Compliance report. You
                                                                will need to create the report, answer the questions and then
Why do I have to submit an AML/CTF
                                                                submit. For new users, you will need to complete the AUSTRAC
compliance report?                                              Online enrolment process first.
It is a legislative requirement under subsection 47(2)          For further information about AUSTRAC Online refer to the
of the AML/CTF Act to submit an AML/CTF compliance              Getting started with AUSTRAC Online brochure available at:
report to AUSTRAC.                                              www.austrac.gov.au/brochure_series.html.
What if I don’t have internet access?                             About AUSTRAC
If you do not have internet access you will need to
                                                                  The Australian Transaction Reports and Analysis Centre
contact the AUSTRAC Help Desk on 1300 021 037
                                                                  (AUSTRAC) is Australia’s anti-money laundering and
(a local call within Australia).
                                                                  counter-terrorism financing regulator and specialist
I am a business which issues an interest                          financial intelligence unit.
in a managed investment scheme (MIS).
What do I need to do?
                                                                  Where can I get more information?
Prior to January 2008, businesses that issued an interest in an
MIS were not subject to AML/CTF obligations under the Act.        You can contact the AUSTRAC Help Desk
If you are such a business you were not required to submit the    Telephone: 1300 021 037
2007 AML/CTF compliance report. You are, however, required        Email: help_desk@austrac.gov.au
to submit the 2008 AML/CTF compliance report and must do
                                                                  Information is also available on the AUSTRAC
so by 31 March 2009.
                                                                  website at www.austrac.gov.au.
General exemptions                                                You will find many useful links on this website,
If you hold an Australian financial services licence (AFSL)       including links to AUSTRAC Online, the AML/CTF Act,
and the only designated service you provide is to make            the regulations, the AML/CTF Rules, guidance notes and
arrangements for a person to receive another designated           AUSTRAC’s Regulatory Guide. A sample of the 2008
service, you do not have to submit an AML/CTF compliance          AML/CTF compliance report and an accompanying
report. You should, however, enrol with AUSTRAC Online in         instruction guide are also available from
order to submit any other reports you may be required to          www.austrac.gov.au/amlctf_compliance_report.html.
lodge under the AML/CTF Act, the regulations or the
AML/CTF Rules.
For more information about your AML/CTF reporting
obligations refer to the Reporting requirements brochure          The information contained in this document is intended to provide only a summary
                                                                  and general overview on these matters. It is not intended to be comprehensive.
available at: www.austrac.gov.au/brochure_series.html.
                                                                  It does not constitute, nor should it be treated as, legal advice or opinions. The




                                                                                                                                                       142/1208/CC
                                                                  Commonwealth accepts no liability for any loss suffered as a result of reliance on
What if I don’t submit an AML/CTF                                 this publication. AUSTRAC recommends that independent professional advice be
                                                                  sought. The information contained herein was current at the time of publication.
compliance report?
Civil penalties may apply for failure to provide an AML/CTF
compliance report by the due date. The compliance report
needs to be in the approved form and contain all the relevant
information. Criminal penalties may also apply if you supply
false or misleading information or documents.