AUSTRAC releases AML compliance reporting date rules

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released draft Rules (pdf) 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.

Under subsection 47(1) of the AML/CTF Act, all reporting entities are now required to report on their compliance with the legislation.

The draft AML/CTF Rules  set out for consultation purposes the proposed reporting period and lodgement period for the first compliance report under the AML/CTF Act. Public comment on the draft Rules is sought by 29 May 2007.

It is proposed that the first compliance reporting period under the AML/CTF Act will cover the period 13 December 2006 to 31 December 2007. The deadline for lodging reports will be 31 March 2008. As a consequence, AUSTRAC’s Chief Executive Officer intends that there will be no further annual compliance reporting under the FTR Act.

In June 2007, AUSTRAC will provide information on what will need to be included in the first compliance report.

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