AUSTRAC Reports
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Overview
The AUSTRAC Reports tab is designed to handle reporting requirements related to AUSTRAC.AUSTRAC reporting supports the detection and disruption of money laundering, terrorism financing, and other serious crimes.
A business is considered a reporting entity under the AML/CTF Act when it provides designated services.
Development Status
The specific details of the AUSTRAC reports feature are currently being finalised. The team is working through these details to ensure a robust solution.
Summary
While the tab is visible in the interface, the full functionality is being refined to ensure it meets user needs effectively upon release.Key AUSTRAC reporting obligations include:
- Suspicious Matter Reports (SMRs): timeframes depend on whether the matter relates to terrorism financing or to money laundering/other serious crimes.
- Threshold Transaction Reports (TTRs): required when physical cash or digital assets of $10,000 or more are received or provided as part of a designated service.
- Annual Compliance Report: assesses the effectiveness of the business’s AML/CTF program, including risk assessment, reporting, and governance. Users can expect updates to this section as development progresses.