As of 9 November 2023, legislative amendments have been implemented which increase penalties for businesses providing designated services that fail to enrol under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 Act.

Find out more about these legislative changes on the AUSTRAC website.

What does this mean for my business?

If a business has provided a designated service for at least 28 days but has failed to enrol with AUSTRAC, it may accrue daily penalties from 9 November 2023. These penalties will continue to accrue until the business enrols or stops providing designated services.

For each day the business remains unenrolled, it may be liable for a penalty of up to 12 penalty units or up to 60 penalty units for bodies corporate. Each unit is currently $313, which means your business could incur $3,756 in penalties per day for an individual or $18,780 for bodies corporate. If the business remains unenrolled for a year, this fine could add up to $1,370,940, or $6,854,700 for bodies corporate.

How can my business avoid these penalties?

Go to the AUSTRAC website to check if you need to enrol. You can also find out more about how you can enrol or register.

Thank you for helping to protect your community from serious and organised crime.