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AML Program Development
BUILD A PROGRAM THAT FITS
ALIGNED WITH YOUR OPERATIONS
Independent AML Program Evaluations/Reviews
MEET YOUR OBLIGATIONS—INDEPENDENTLY
CLEAR REPORTING. LEGAL PRECISION.
AUSTRAC Reporting Support
STAY CONNECTED WITH THE REGULATOR
PROTECT YOUR BUSINESS THROUGH COMPLIANCE
Frequently asked questions
Is our business a "Reporting Entity" under Australian AML/CTF laws?
A business is a "Reporting Entity" if it provides one or more "designated services" as defined under the AML/CTF Laws in Australia. Common examples include financial services businesses (i.e., banks, super funds, financial advisors, fund managers), gambling services, bullion dealers, and in July 2026, certain services provided by accountants, lawyers, and real estate agents, property developers.
If your business is a Reporting Entity, it means it has obligations under the AML/CTF Laws.
If you are unsure, contact us for a free initial consultation.
What are the key obligations of a Reporting Entity?
Reporting Entities generally must:
• Develop and maintain an AML/CTF Program.
• Conduct Customer Due Diligence (CDD) on all customers.
• Conduct Ongoing Customer Due Diligence (OCDD).
• Report Suspicious Matters (SMRs) to AUSTRAC.
• Report Threshold Transaction Reports (TTRs) for cash transactions of $10,000 or more (if applicable).
• Report International Funds Transfer Instructions (IFTIs) (if applicable).
• Conduct a Money Laundering / Terrorism Financing (ML/TF) Risk Assessment.
• Appoint an AML/CTF Compliance Officer.
• Provide ongoing AML/CTF training to staff.
• Maintain records for 7 years.
• Undergo a mandatory independent review of their AML/CTF Program every 2-3 years.
• Submit an annual AUSTRAC Compliance Report to AUSTRAC on or before 31 March of year.
What is AML/CTF and why is it important?
“AML/CTF” stands for Anti-Money Laundering and Counter-Terrorism Financing.
It refers to the laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds (money laundering) or financing terrorist activities (terrorism financing). It's crucial for protecting Australia's financial system, national security, and maintaining the integrity of legitimate businesses.
What is AUSTRAC?
AUSTRAC stands for Australian Transaction Reports and Analysis Centre. It is Australia's financial intelligence unit and anti-money laundering and counter-terrorism financing regulator.
AUSTRAC is responsible for overseeing compliance with the AML/CTF Laws, collecting financial intelligence, and sharing it with law enforcement and national security agencies.
Do we “enrol” or “register” with AUSTRAC?
There is often confusion within the AML industry on whether a Reporting Entity “enrols” or “registers” with AUSTRAC.
Every reporting entity must enrol with AUSTRAC within 28 days of first providing a designated service. If a reporting entity is a remittance services business or digital currency exchange business, it must also register with AUSTRAC.
