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Chapter 4 - Enrolment requirements

Contents


Introduction

Reporting entities must enrol with AUSTRAC and be entered on the Reporting Entities Roll before they commence to provide designated services to their customers. This chapter provides an overview of the enrolment requirements.

Reporting entities providing remittance services must also apply for registration on the Remittance Sector Register before they commence providing remittance services to their customers. Further information about registration on the Remittance Sector Register is available in Chapter 5 - Remitter registration requirements.

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Are all reporting entities required to enrol?

A reporting entity that provides one or more designated services and is not covered by an exemption must enrol with AUSTRAC.

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Are reporting entities with an exemption under the AML/CTF Act still required to enrol?

Reporting entities exempt from all requirements of the AML/CTF Act do not have to enrol. However, reporting entities exempt from only certain requirements of the AML/CTF Act must still enrol with AUSTRAC.

A reporting entity must declare, at the time of enrolment if it:

  • was granted an exemption from the requirement to have an AML/CTF program (Part 7 of the AML/CTF Act)
  • provides gaming machine designated services and is licensed to operate no more than 15 gaming machines. (Reporting entities licensed to operate no more than 15 gaming machines are exempt from some of the obligations under the AML/CTF Act - see Chapter 9 - Exemptions).

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How does a reporting entity enrol with AUSTRAC?

Reporting entities can enrol with AUSTRAC by submitting an AUSTRAC Business Profile Form, either electronically or by paper form:

  • Reporting entities can submit a form electronically via the AUSTRAC website by clicking on the 'Enrol/register your business' button located on the AUSTRAC website home page.
  • Reporting entities without a computer or internet access may enrol using a paper form, available by contacting the AUSTRAC Contact Centre.

AUSTRAC will notify reporting entities in writing when they are successfully enrolled and provided an AUSTRAC Account Number (AAN).

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What information must a reporting entity provide for enrolment?

Reporting entities must provide details about their business structure, number of employees, annual earnings and the designated services they provide (see chapter 63 of the AML/CTF Rules).

The AUSTRAC Business Profile Form - explanatory guide provides detailed guidance on the types of information a reporting entity must provide when enrolling.

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Can a reporting entity appoint an agent to enrol on their behalf?

A reporting entity can appoint an agent to complete its enrolment.

The reporting entity and agent must have a current written agreement or written authority in place that authorises the agent to enrol on the entity's behalf. The reporting entity must obtain and keep an original or certified copy of the agreement between the agent and the reporting entity for the duration of that agreement or authority.

The agent must declare the enrolment information provided to AUSTRAC is true, accurate and complete.

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How does AUSTRAC use the enrolment details?

Enrolment information helps AUSTRAC understand its regulated population. AUSTRAC uses enrolment information to identify the entities subject to the annual AUSTRAC Industry Contribution and the amount that applies to each billable entity.

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What are the consequences for failing to enrol with AUSTRAC?

If a reporting entity fails to enrol with AUSTRAC, the AUSTRAC Chief Executive Officer (CEO) can issue the reporting entity with an infringement notice or seek a civil penalty order through the Federal Court. The infringement penalties are:

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What enrolment information must a reporting entity obtain and keep?

A reporting entity must obtain and keep its annual financial statements for the most recent financial year, as well as certain information depending on its business structure.

The AUSTRAC Business Profile Form - explanatory guide provides detailed guidance on the types of information a reporting entity must obtain and keep.

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Does a reporting entity need to advise AUSTRAC of any changes to their enrolment details?

A reporting entity must update its enrolment details within 14 days of any change to those details (chapter 64 of the AML/CTF Rules), including updated annual earnings. A reporting entity must also update its enrolment details where two or more reporting entities merge or amalgamate.

A reporting entity may authorise an agent to notify AUSTRAC of any changes if there is a written agreement that authorises the agent to change the reporting entity's enrolment details on its behalf. The agent must declare the information provided is true, accurate and complete.

If an agent is acting for a deceased estate or for a person who no longer has capacity to manage their affairs, the agent must provide AUSTRAC with evidence they are authorised to act in this capacity.

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How do reporting entities advise AUSTRAC of changes to their details?

Reporting entities can advise AUSTRAC of a change to their details electronically through their AUSTRAC Online account.

Reporting entities without a computer or internet access may advise AUSTRAC of a change to their details using a paper form, obtained by contacting the AUSTRAC Contact Centre.

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Can AUSTRAC change a reporting entity's details on the Reporting Entities Roll?

AUSTRAC can correct or complete a reporting entity's enrolment details if AUSTRAC has reasonable grounds to consider the reporting entity's enrolment details are incorrect or incomplete.

AUSTRAC may also remove a reporting entity's name and enrolment details from the roll if AUSTRAC considers the entity no longer provides a designated service under the AML/CTF Act.

In both instances, AUSTRAC must (if possible) notify the entity of the changes to its enrolment details and the date the changes were made.

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How can a reporting entity request to be removed from the Reporting Entities Roll?

If a reporting entity stops providing a designated service, it may ask to be removed from the Reporting Entities Roll. AUSTRAC may consider the following factors when deciding whether to remove a reporting entity from the Reporting Entities Roll:

  • whether the reporting entity ceased to provide designated services
  • the likelihood of the reporting entity providing designated services in the future
  • any outstanding reporting obligations.

Requests to be removed from the Reporting Entities Roll must be submitted using the 'Request to remove name and details from the reporting entity roll' form. The form is accessible through the reporting entity's AUSTRAC Online account or by contacting the AUSTRAC Contact Centre.

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Last modified: 11/12/2014 14:16