Learn how to prepare for the AUSTRAC Annual Compliance Report due 31 March. This article outlines key steps, common pitfalls, and expert tips to ensure timely and accurate compliance.
Hannah Deuk
23/01/2025
Preparing for the AUSTRAC Annual Compliance Report can feel daunting, but with the right steps and timely action, it’s a manageable process.
This report is a critical requirement for reporting entities under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), and it’s due annually by 31 March.
Here’s what you need to know to ensure a smooth and compliant lodgement.
The report provides AUSTRAC with insight into your organisation’s compliance with its AML/CTF obligations.
It’s a key tool to monitor how effectively businesses are detecting and mitigating risks of financial crime, such as money laundering and terrorism financing.
Failure to submit an accurate report by the deadline can lead to penalties, reputational harm, and increased regulatory scrutiny.
Test Your AUSTRAC Online Login
Ensure your login credentials are up to date and functional. Forgotten passwords or outdated accounts can cause last-minute dela.
Verify that the contact information registered with AUSTRAC is accurate. This includes the details of your compliance officer or other responsible individuals
Preview the Questions
AUSTRAC provides a preview of the report questions, allowing you to gather the necessary information in advance. Review these early to understand what’s required.
Review Your AML/CTF Program
Ensure your AML/CTF program is current and compliant with AUSTRAC’s guidelines. This includes reviewing your training programs, policies, and transaction monitoring systems.
Understand Your Lodgement Requirements
Under Section 47 of the AML/CTF Act, most reporting entities must lodge the report. However, some entities with limited services, such as those holding an AFS licence and only arranging for others to receive a designated service, may be exempt.
Each year, AUSTRAC highlights common issues encountered by reporting entities, such as incomplete submissions or inaccurate data.
Accessing AUSTRAC’s guidance early can help you address these challenges.
The 31 March deadline will arrive quickly.
Starting your preparations early ensures you have enough time to resolve any issues, gather necessary information, and avoid penalties for late lodgement.
At Click Legal, we understand the complexities of AML/CTF compliance and are here to help. Whether you’re lodging your report for the first time or want expert guidance on your AML/CTF obligations, we can simplify the process for you.
Contact us today at hello@clicklegal.com.au to book a free 30-minute consultation.
Let us handle your compliance needs so you can focus on running your business with peace of mind.
