Data quality is the backbone of AUSTRAC’s analytics capabilities. 

The accuracy and completeness of data collected from reporting entities is critical to our regulatory and intelligence operations. It helps us and our partners to identify anti-money laundering and counter-terrorism financing (AML/CTF) trends and patterns. Using these insights, we can share information that enhances your understanding of emerging financial crime threats, supports compliance, and strengthens defences against financial crime. 

There are 3 key ways we can work together to ensure data quality.

Enhancing the quality of Reporting Entity data

The new enrolment and registration forms in AUSTRAC Online, along with your upcoming 2024 compliance reporting are designed to enable reporting entities to more easily provide AUSTRAC with the most accurate and up-to-date information about your business or designated services. 

The data you enter into these tools provides us with reliable and accurate records of our reporting entities, helping us identify non-compliance with AML/CTF obligations, trends, threats, vulnerabilities and emerging regulatory risks. 

Accuracy in financial transaction reports data

Financial transaction reports data is vital to our financial intelligence efforts and collaboration with partner agencies. These reports enable us to generate actionable financial intelligence. 

To improve or maintain your transaction report data quality, focus on:

• ensuring all required fields are completed accurately and consistently
• verifying the accuracy of customer information and updating it as necessary
• implementing robust controls to prevent data errors and discrepancies
• implementing accessible document attachment structures, to support efficient document processing. 

Analysing suspicious matter reports

Suspicious matter reports (SMRs) are data-rich reports that provide valuable insights into financial trends from across Australia’s financial system. They are vital for monitoring criminal activity, guiding information-sharing strategies and referring priority cases to law enforcement, revenue, intelligence, integrity, and national security law partners. 

Our analysis of SMRs highlights key areas for improving intelligence quality:

• Provide detailed information in the ‘Grounds for Suspicion’ field, including the transactions involved, dates and account numbers.
• Attach supporting documents when additional transactional or customer information is needed in the Grounds for Suspicion field.
• Enter the transaction amounts in the SMR structured fields for precise calculations for the activities value.
• For fraud-related suspicious activities, select the appropriate ‘Reason for Suspicion’ to distinguish fraud from other financial crimes. 

The data you report makes a difference

The accuracy and completeness of data collected helps us assist you in complying with your obligations and provides actionable intelligence to us and our law enforcement partners.

To find out more on how to ensure what you submit is fit for purpose and timely, visit the reporting page on our website.

With your help, we can strengthen the financial system against serious crime.