International Law

AUSTRAC releases reporting implementation policy

AUSTRAC has released a reporting implementation policy to assist reporting entities with new obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

From 12 December 2008, reporting entities will need to report suspicious matters and, if applicable, threshold transactions and international funds transfer instructions to AUSTRAC.

The AML/CTF Act reporting implementation policy sets out the approved methods and processes for the reporting requirements that take effect on 12 December.

The policy outlines the seven new reportable details forms, and the four reporting methods AUSTRAC has designed to meet the size and technology requirements of reporting entities.

The policy also provides information for new reporting entities, as well as those reporting entities who have been reporting to AUSTRAC as cash dealers under the Financial Transaction Reports Act 1988 (FTR Act).

From 12 December 2008 reporting entities (excluding those that only provide the designated service covered by item 54 of the AML/CTF Act) will also need to incorporate ongoing customer due diligence systems and processes into their AML/CTF programs.

Full post as published by Australian Regulatory Compliance Review on September 20, 2008 (boomark / email).