The AUSTRAC Compliance Reporting period is approaching and it’s time to start thinking about conducting an independent review.
Who needs to report?
- Venues that are licensed for 16 or more electronic gaming machines.
- Member of a designated business group (DBG)
An independent review is an assessment of Part A of your AML/CTF program. It checks that you’re complying with your program and the program is still suitable for your business.
For example, the areas the review should examine include:
- whether Part A of your AML/CTF program is current and properly assesses that your policies and procedures are adequate to manage your money laundering/terrorism financing risks
- any changes to your money laundering/terrorism financing risk profile
- any changes to your AML/CTF practices and policies
- how well your employees understand and comply with your AML/CTF program
- how well the business responded to previous recommendations
- whether your AML/CTF employee training program is adequate and effective
- whether your compliance officer has enough seniority and authority to adequately perform their duties
- how well your transaction monitoring systems are working in identifying suspicious matters
Once your independent review has been conducted, you must complete and submit the compliance report between the 2nd of January and the 31st of March. Subsequently, all questions in the AUSTRAC report refer to your business activities from the 1st of January to the 31st of December.
Do penalties apply for failing to submit an AML/CTF compliance report?
If you don’t submit a compliance report when required, you can be fined 12 penalty units ($2,520), or 60 penalty units ($12,600) if you are a body corporate. It is a criminal offense to give false or misleading information in your compliance report.
We can assist you with your AML/CTF requirements: