Chapter 1 - About the AUSTRAC compliance guide
The AUSTRAC compliance guide consolidates a range of AUSTRAC guidance material and replaces the AUSTRAC regulatory guide.
The guide relates to the obligations of reporting entities under the:
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act)
- Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules)
- Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008 (AML/CTF Regulations)
- Financial Transaction Reports Act 1988 (FTR Act).
- outlines and explains the obligations under the AML/CTF Act, Rules and regulations and presents examples on how they operate
- assists reporting entities to design, develop and implement systems and controls necessary to mitigate the risks of money laundering and terrorism financing.
The guide is not a regulatory instrument and reporting entities and other stakeholders must always refer to the AML/CTF Act, Rules and regulations to clarify an obligation.
The guide comprises ten chapters:
Outlines how to use the guide.
Provides an overview of the designated services prescribed in the AML/CTF Act. Entities that provide one or more designated services are reporting entities under the AML/CTF Act and have AML/CTF compliance and reporting obligations.
Provides guidance on forming a designated business group. Entities may form a designated business group under the AML/CTF Act for the purposes of complying with their AML/CTF obligations.
Provides guidance on the requirement for all reporting entities to enrol with AUSTRAC.
Outlines the registration requirements for the AUSTRAC Remittance Sector Register and applies to entities providing a designated remittance service. Entities must not provide remittance services before registering on the Remittance Sector Register.
Provides an overview of the requirements for an effective AML/CTF program.
Details the reporting obligations for reporting entities under the AML/CTF Act, including:
- threshold transaction reports
- international funds transfer instruction reports
- suspicious matter reports
- cross-border movement reports
- AML/CTF compliance reports.
Outlines and explains the AML/CTF record keeping obligations for reporting entities. It explains what information must be retained and the length of time it must be retained.
Provides an overview of the exemptions that may be granted under the AML/CTF Act, Rules and regulations and explains how the exemption processes and procedures operate.
Provides an overview of the obligations for entities under the FTR Act. The FTR Act applies only to 'cash dealers'.
Note: This guide does not include information on the AUSTRAC Industry Contribution.
This guide consolidates AUSTRAC guidance on reporting entities' AML/CTF obligations. It is not intended to be a prescriptive list of AML/CTF controls, policies and procedures. The guide has been developed to encourage reporting entities to manage their money laundering and terrorism financing risks within the AML/CTF legal framework. Each chapter includes links to any additional AUSTRAC guidance and other resources which may assist reporting entities in meeting and understanding their obligations.
The guide is primarily designed for reporting entities regulated under the AML/CTF Act. Cash dealers with obligations under the FTR Act should refer to Chapter 10 - Financial Transaction Reports Act.
Note: Terms used in this guide have the same meaning as in the AML/CTF Act, Rules and regulations. The terms 'must', 'shall' and 'are required to' indicate a legal or regulatory requirement. The term 'should' is used to indicate AUSTRAC's expectations about how a legal obligation should be implemented.
AUSTRAC reviews and revises this guide as required, and publishes a list of updates made to the guide.
AUSTRAC encourages reporting entities and stakeholders to provide their feedback on this guide. Email your feedback to: Guidance_Feedback@austrac.gov.au
AUSTRAC officers can provide general information to regulated entities, their staff and the public on the AML/CTF obligations, including the FTR Act. Enquiries can be directed to the AUSTRAC Contact Centre via:
- e-mail: firstname.lastname@example.org
- telephone: 1300 021 037 (a local call within Australia).
- Chapter 1 - About the AUSTRAC compliance guide
- Chapter 2 - Designated services
- Chapter 3 - Designated business groups
- Chapter 4 - Enrolment requirements
- Chapter 5 - Remitter registration requirements
- Chapter 6 - AML/CTF programs
- Chapter 7 - AML/CTF reporting obligations
- Chapter 8 - AML/CTF record-keeping obligations
- Chapter 9 - Exemptions from obligations under the AML/CTF Act
- Chapter 10 - Financial Transaction Reports Act
- Industry specific guidance
- Ready reckoner
- Updates to the AUSTRAC Compliance guide