AUSTRAC’s annual compliance report for 2018 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 co-designed compliance report for 2018 will be available for completion via AUSTRAC Online from 2 January 2019 to 31 March 2019.
Businesses that have changed activities and are no longer required to submit a compliance report should complete the compliance report response form (CRRF) to notify AUSTRAC of any changes.