The lodgement period for the 2013 Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) report closes on 31 March 2014.
An AML/ CTF compliance report is an annual report which provides the Australian Transaction Reports and Analysis Centre (AUSTRAC) with information about your compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006(AML/CTF Act), the regulations and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1) (AML/CTF Rules).
If you are a ‘reporting entity’, which provided ‘designated services’ during any part of 2013, you will be required to submit an AML/CTF compliance report to AUSTRAC.
AML/ CTF compliance reports can be lodged online at www.austrac.gov.au. Civil penalties may apply for failure to lodge a compliance report by the due date.
Before you lodge your AML/ CTF compliance report, you should review whether your AML/ CTF program requires you to conduct an internal or external review of the reporting entity’s compliance with the AML/CTF Act, AML/CTF Rules and its AML/CTF program.
If an independent external review is required, McCullough Robertson is well placed to assist reporting entities with this process.