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Suspicious matter reporting

Reporting entities, including financial institutions, must submit SMRs to AUSTRAC detailing any financial activity which they consider to be suspicious (21).

The list above is a non-exhaustive list of indicators which may help identify potential money laundering and other serious and organised criminal activity. AUSTRAC assesses and disseminates relevant SMRs to law enforcement agencies for their consideration. AUSTRAC also assists reporting entities to detect and deter money laundering by increasing their understanding of the vulnerabilities within their industry, as shown in this brief.

By strengthening internal AML/CTF controls and programs, reporting entities can better undertake enhanced and ongoing customer due diligence, and develop policies and strategies to protect their services from being misused by criminals.


Footnote

  1. If a reporting entity forms a suspicion at any time while dealing with a customer (from the enquiry stage to the actual provision of a designated service or later) on a matter that may be related to an offence, tax evasion, or proceeds of crime, they must submit an SMR to AUSTRAC. Offences include money laundering, terrorism financing, operating under a false identity or any other offence under a Commonwealth, state or territory law.
Last modified: 08/07/2015 11:15