Develop an AML/CTF program

Reporting entities must have an AML/CTF program to help them meet their compliance obligations. It’s a written document that sets out how you identify, mitigate and manage the risks of your products or services being misused for money laundering or terrorism financing. You must have a program in place before you start providing designated services.

Report certain transactions and suspicious matters

There are four types of transaction reports you might have to make to AUSTRAC.

1. Threshold transaction reports (TTR) for transfers of physical currency of A$10,000 or more (or the foreign currency equivalent).

2. International funds transfer instruction reports (IFTIs) for instructions to send or receive money overseas. IFTIs must be reported for transfers of any value sent electronically or by a remittance service provider.

3. Cross-border movement reports about carrying, mailing or shipping physical currency valued at A$10,000 or more to or from Australia.

4. Suspicious matter reports (SMR) for any transaction or interaction that makes you suspicious that someone is acting illegally.

Submit regular compliance reports

You may have to submit a compliance report to tell AUSTRAC about how you are meeting your obligations. You will be notified when you are required to submit this report.

Keep records

You must keep records about how you are meeting your AML/CTF obligations and store them securely. This includes records about:

• transactions

• electronic funds transfers

• customer identification procedures

• your AML/CTF program.

Inform AUSTRAC of changes to your enrolment details

You must tell AUSTRAC within 14 days about any changes to the details you gave us when you completed your enrolment form.

In some cases, pay an industry contribution levy

Businesses or organisations with earnings of A$100 million or more in the most recent financial year, or those with a large volume or value of transaction reports, must pay an industry contribution levy. Usually only medium to large businesses have to pay the levy.

Registration obligations for remittance service providers and digital currency exchange providers

You have further obligations as a registered remittance service provider or a digital currency (cryptocurrency) exchange provider.

• You must obtain and keep current national police certificates or police history checks for all key people. These must have been issued within the six months prior to the date of applying for registration.

• Registration expires after three years. You must renew your registration to keep providing remittance or digital currency exchange services. You can renew your registration between one and 90 days before it expires.