Latest guidance updates
This page provides an overview of new or significantly updated guidance since January 2022, which could impact how you apply your AML/CTF obligations, or expands on how to apply the guidance in practice.
Media releases, news articles, minor updates to guidance and other content are not included.
View guidance updates for 2023.
2024
| Title | Page status | Modified date | Description |
|---|---|---|---|
| Carrying out applicable customer identification procedures after creating an online gambling account | Removed | 30/9/2024 | This page has been removed to reflect the repeal of special circumstances that previously allowed online gambling service providers to carry out applicable customer identification procedures after creating an online gambling account. |
| Indicators of suspicious activity (several) | New | 30/9/2024 |
A list of new suspicious indicators have been developed to help the following industry sectors identify potential money laundering, terrorism financing and other criminal activity:
|
| Indicators of suspicious activity (Bullion dealers and Pubs and clubs) | Updated | 30/9/2024 | The suspicious activity indicators for Bullion dealers and Pubs and clubs have been updated to help these sectors identify potential money laundering, terrorism financing and other criminal activity. |
| Using outsourcing to help meet your AML/CTF obligations | New | 05/09/2024 | New guidance for reporting entities that use outsourcing to help meet their anti-money laundering and counter-terrorism financing (AML/CTF) obligations. |
| Money laundering/terrorism financing risk assessment | Update | 16/07/2024 | Updates to guidance following the release of the Money laundering in Australia and Terrorism financing in Australia national risk assessments. The updates will help reporting entities use AUSTRAC guidance and feedback on ML/TF risks to understand the ML/TF risks their business may face. |
2023
| Title | Page status | Modified Date | Description |
|---|---|---|---|
| Enrol or register | Update | 23/10/2023 | Page revised for clarity and readability. |
| Data breaches and AML/CTF considerations | New | 16/10/2023 |
This guidance is designed to help you:
|
| Carrying out applicable customer identification procedures after creating an online gambling account | New | 28/09/2023 | New guidance to reflect changes to when online gambling service providers can carry out applicable customer identification procedures after creating an online gambling account. |
| Consequences of not complying | Update | 14/09/2023 | Penalty unit values updated for offences and civil penalty provisions. |
| Financial services for customers that financial institutions assess to be a higher risk | New | 7/06/2023 |
New guidance addressing the issue of debanking.
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| Recognise and prevent money laundering in poker venues | New | 29/03/2023 | A new video highlighting examples of what money laundering can look like in pubs and clubs. |
| Indicators of suspicious activity for pubs and clubs | New | 29/03/2023 | A new list of suspicious activity indicators to help pubs and clubs identify potential money laundering, terrorism financing and other serious and organised criminal activity at a venue. |
| AML/CTF tips for pubs and clubs with gaming machines | Update | 29/03/2023 | An updated brochure and posters that pubs and clubs can print and share with their staff to outline AML/CTF tips to help protect their business, plus myths and facts around money laundering and terrorism financing. |
| Employee due diligence | Update | 24/03/2023 |
Additional information and best practices to help you:
It also includes considerations if you outsource your employee due diligence, examples of good and bad practices and self-assessment questions. |
| Employee AML/CTF risk awareness training | Update | 24/03/2023 | Additional information and best practices to help you identify which employees need training, how often and the types of training, as well as examples of good and bad practices. |
| Consequences of not complying | Update | 24/02/2023 | Penalty amounts under Enforcement actions was updated. Previously it was $222, but it has been updated to $275 for offences occurring on or after 1 July 2020. |
| AUSTRAC compliance reports | Update | 4/01/2023 | Penalty amounts for not submitting your annual compliance report have been updated. |
2022
| Title | Page status | Modified Date | Description |
|---|---|---|---|
| Preventing the criminal abuse of digital currencies | New | 21/12/2022 | A new financial crime guide to help businesses identify and report criminal activity through digital currencies. |
| Combating the sexual exploitation of children for financial gain | New | 16/12/2022 | A new financial crime guide to help businesses identify and report financial transactions that may be linked to the purchase of child sexual exploitation material. |
| Proliferation financing in Australia national risk assessment 2022 | New | 14/12/2022 | A detailed national assessment of Australia’s exposure to proliferation financing threats and vulnerabilities. |
| Assisting customers who don’t have standard forms of identification | Update | 9/12/2022 |
Additional information on:
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| Preventing trade-based money laundering in Australia | New | 3/11/2022 | A new financial crime guide to help financial service providers identify and report suspicious transactions indicative of criminals engaging in trade-based money laundering. |
| How to submit a threshold transaction report (TTR) | Update | 12/10/2022 | The section on 'What happens after you submit a TTR' has been expanded and now includes the partner agencies that may issue you a written notice seeking further information about a TTR you have submitted. It now also includes an example of what happens if additional information is requested. |
| Source of funds and source of wealth | New | 7/10/2022 | New guidance to help reporting entities undertake source of funds and source of wealth checks on relevant customers. The guidance explains what the source of wealth and source of funds is and when and how you can collect and verify this information. |
| Politically exposed persons (PEPs) | Update | 5/10/2022 |
Guidance update to include:
A PEP quick guide was also hyperlinked to provide a summary of PEP obligations and indicators of suspicious behaviour. |
| Bullion dealers | New | 28/09/2022 | Guidance for bullion dealers to provide an overview of their AML/CTF obligations and which bullion services and products are covered under the AML/CTF Act, and what bullion dealers must report to AUSTRAC. |
| Remittance network providers and their affiliates in Australia risk assessment 2022 | New | 26/09/2022 | A detailed assessment of the money laundering and terrorism financing risks, vulnerabilities and consequences associated with remittance network providers and their affiliates. |
| Indicators of suspicious activity for bullion dealers | New | 26/09/2022 | A list of indicators of suspicious activity which will help bullion dealers identify suspicious circumstances that indicate their business is potentially at risk of criminal exploitation. The web content can also be downloaded as a PDF quick guide. |
| Independent remittance dealers in Australia risk assessment 2022 | New | 26/09/2022 | A detailed assessment of the money laundering and terrorism financing risks, vulnerabilities, and consequences associated with the independent remittance dealer subsector. |
| Bullion dealers in Australia risk assessment 2022 | New | 26/09/2022 | The money laundering and terrorism financing (ML/TF) risk assessment of the Australian bullion dealers sector gives a deep dive into the criminal threat environment and vulnerabilities facing the sector, as well as their potential consequences. The risk assessment will also help bullion dealers to review their processes to ensure their business is in the best possible position to prevent criminals from targeting their business. |
| Australia's superannuation sector threat update 2022 | New | 26/09/2022 | An update of the criminal threat environment of the superannuation sector. |
| Correspondent banking relationships | Update | 19/07/2022 | Guidance was updated to remove reference to the policy principles period, which was in effect for 12 months from 17 June 2021 (the date on which amendments relating to correspondent banking commenced) and ceased on 16 June 2022. A 12-month policy principles period was provided to assist reporting entities with the transition process to implement revised correspondent banking obligations as a result of changes made to Part 8 of the AML/CTF Act. |
| AML/CTF reforms: Correspondent banking relationships | Update | 30/06/2022 | Guidance was updated to reflect that the policy principles period had ended by stating the period was in effect for 12 months from 17 June 2021 until 16 June 2022 to enable reporting entities to implement new correspondent banking obligations. You can still access and view the policy principles that were in effect from this page. |
| Reporting transactions of $10,000 and over: Threshold transaction reports (TTRs) | Update | 24/06/2022 | As part of the update to AUSTRAC's guidance position on reporting multiple cash transactions, updates were also made to the main TTR web content. Changes to this page were made for usability and ease of navigation; the web content was restructured so there is now a main TTR web page that links to three sub-pages on: 'Submitting your TTR', 'Reporting multiple cash transactions', and 'Reporting structuring'. |
| Reporting structuring | New | 24/06/2022 | As part of the update to AUSTRAC's guidance position on 'Reporting multiple cash transactions', changes were also made to web content on 'Reporting structuring' to reflect the updated position. The guidance was also restructured for ease of navigation; previously, this content was hosted as a sub-section on the main TTR web page, and now it has been separated to be hosted on its own web page. A new example was also added of when an SMR would be required for a casino. |
| Reporting multiple cash transactions | Update | 24/06/2022 | Under AUSTRAC’s updated guidance position, you must submit a TTR to AUSTRAC for each individual cash transaction of A$10,000 or more. When a customer makes multiple cash transactions, each individual transaction is considered to be a separate and distinct designated service. You will no longer be required to combine multiple transactions and submit a TTR, even if the transactions occurred closely together. The updated guidance also includes examples to illustrate when a TTR is required. |
| How to submit a threshold transaction report (TTR) | Update | 24/06/2022 |
As part of the update to AUSTRAC's guidance position on 'Reporting multiple cash transactions', updates were also made to the main TTR web content, including this page for usability and ease of navigation. The web content on TTRs was restructured, so there is now a main TTR web page that links to three sub-pages on: 'Submitting your TTR', 'Reporting multiple cash transactions', and 'Reporting structuring'.
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| Cross-border movement (CBM) reports | Update | 17/06/2022 | Cross-border movement reporting of monetary instruments of AUD10,000 or more, including physical currency and bearer negotiable instruments (BNIs), changed on 17 June 2022. The updated guidance includes information about the changes. |
| Detecting and stopping ransomware payments | New | 27/04/2022 | A new financial crime guide to help businesses understand, identify and report suspicious activity where someone could be the target of a ransomware payment or trying to profit from a ransomware payment. |
| How SMRs can help disrupt criminal activity | Update | 8/04/2022 |
The page was updated to include links to the following 'Related guidance resources:
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| Pubs and clubs with gaming machines | New | 30/03/2022 | This regulatory guide was developed to help pubs and clubs who are licensed to operate electronic gaming machines develop a thorough understanding of their AML/CTF obligations. |
| Politically exposed persons - quick guide | New | 23/02/2022 | A new regulatory quick guide to provide an overview of your obligations for customers or beneficial owners who are politically exposed persons (PEPs). |
| Detecting and stopping forced sexual servitude in Australia | New | 14/02/2022 | A new financial crime guide to help businesses identify and report suspicious activity related to forced sexual servitude. |
| Engaging AML/CTF advisers | Update | 11/02/2022 | Updated guidance to help you select an adviser who is suitably qualified and experienced to provide products and services for your business. The guidance sets out a number of factors you should consider and address prior to engaging the services of an adviser. |
The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.
Last updated:
30 Oct 2024
Page ID: 985