A suspicious matter report must be lodged with AUSTRAC when a reporting entity forms a suspicion on reasonable grounds in connection with a designated service. Separate tipping-off rules prohibit disclosing that a report has been made. Confirm current timeframes and requirements against AUSTRAC guidance.
AML/CTF training requirements apply to all staff involved in providing designated services, including support staff who handle customer information. Training must cover obligations, red flags and internal reporting, and must be documented in a way that evidences understanding rather than attendance alone.
AUSTRAC registration for accountants applies to firms providing designated services under the AML/CTF Act. Enrolment is the first step; obligations including customer due diligence, reporting and record-keeping begin from the point the entity starts providing designated services.
An AML/CTF risk assessment identifies the money laundering and terrorism financing risk a reporting entity faces across four dimensions: the designated services provided, customer types, delivery channels and jurisdictions. It must be documented and kept current rather than completed once.
Effective 30 June tax planning separates dated actions, which must be completed before year end, from tidy-up items that can be done afterwards. Trust resolutions, superannuation payments and asset installation are dated; record-keeping generally is not.
AML/CTF penalties in Australia fall into civil and criminal categories, with AUSTRAC able to pursue enforceable undertakings, infringement notices and civil penalty proceedings. Penalty exposure generally turns on whether a failure was systemic and whether the entity self-reported. Confirm current penalty amounts against AUSTRAC guidance.
AML/CTF penalties in Australia fall into civil and criminal categories, with AUSTRAC able to pursue enforceable undertakings, infringement notices and civil penalty proceedings. Penalty exposure generally turns on whether a failure was systemic and whether the entity self-reported. Confirm current penalty amounts against AUSTRAC guidance.
An AML/CTF compliance program is the written program every AUSTRAC reporting entity must have before providing a designated service. It combines an ML/TF risk assessment with AML/CTF policies, is approved by a senior manager, is followed in practice, and is reviewed, updated and independently evaluated over time.
AML/CTF obligations for professional services in 2026: 8 structural changes and 6 mandatory requirements every firm must implement.
AML/CTF obligations for professional services in 2026: 8 structural changes and 6 mandatory requirements every firm must implement.
