AUSTRAC’s annual compliance report will be opening for lodgement soon.
The compliance report is a self-assessment of how businesses have met their anti-money laundering and counter-terrorism financing (AML/CTF) obligations over the year. It helps AUSTRAC understand the risks businesses face and helps us tailor our education and guidance for business.
In 2017, AUSTRAC reviewed what we have been asking reporting entities and how we use the answers. We talked with businesses about their experiences and discussed how we can improve them.
We have refined the questions, which will be in plain English, more focused on current money laundering and terrorism financing (ML/TF) risks and in a modernised format making it easier to access and use. AUSTRAC is continuing to adapt and improve the design of the annual compliance report to better focus on the ML/TF impacts to different business and industries.
The new designed compliance report will be available for completion via AUSTRAC Online from 2 January 2023 to 31 March 2023. To assist with completing your report you can go to the AUSTRAC website.
Businesses that have changed activities and are no longer required to submit a compliance report should update their business profile.
If you require assistance or support, check out how we can assist you.