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AML/CTF – 2008 Compliance Report Released - CompliSpace

AML/CTF – 2008 Compliance Report Released
- Must be Submitted by 31 March 2009

AUSTRAC has now released a sample AML/CTF compliance report covering the period 1 January 2008 to 31 December 2008.

1 December 2008

This report will cover the following new obligations that commence on 12 December 2008 namely:

Ongoing Customer Due Diligence
Suspicious Matters Reporting
Threshold Transactions Reporting
International Funds Transfer Instruction Reporting

A PDF version of the Sample AML/CTF Report 2008 is

available here.

AML/CTF Compliance reports should be submitted electronically via AUSTRAC Online and may be submitted at any time between 1 January and 31 March 2009.

Civil penalties may apply for failure to provide an AML/CTF compliance report by 31 March 2009. Compliance reports need to be in the approved form and contain all the relevant information. Criminal penalties may also apply if a Reporting Entity provides false or misleading information.

AUSTRAC has indicated that if entities report non-compliance they will attempt to negotiate a cooperative remedial arrangement before contemplating enforcement action, except in cases where the non-compliance involved is particularly serious or deliberate.

CompliSpace AML/CTF Resource Centre

Visit the CompliSpace AML/CTF Resource Centre for key information relating to AML/CTF and its application to businesses in Australia.

CompliSpace Independent Reviews

All reporting entities are required to undertake regular independent reviews of Part A of their AML/CTF Program. CompliSpace provides an efficient and cost effective independent review service.

CompliSpace AML/CTF Program

CompliSpace provides a comprehensive online AML/CTF Program, developed by our team of legal and industry experts, which can be quickly tailored to meet the needs of Reporting Entities. CompliSpace's complete Part A & Part B program is designed to cover all the key requirements of the AML/CTF Act and AML/CTF Rules and assists businesses to meet their obligations in these areas.