The Australian Transaction Reports and Analysis Centre (AUSTRAC) today released draft Rules setting out the reporting period and lodgement period for the first compliance report required by providers of financial services, bullion and gambling services captured under new anti-money laundering laws.
AUSTRAC is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. It administers the Financial Transaction Reports Act 1988 (FTR Act) and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
The AML/CTF Act was introduced in December 2006 to meet revised international standards and best practice in the fight against money laundering and the financing of terrorism. In its application, the AML/CTF Act will increasingly replace the FTR Act which previously governed industry’s financial transaction reporting and customer identification requirements. Under the AML/CTF Act, all reporting entities are now required to report on their compliance with the legislation.
See full Press Release.
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