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The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued a reminder to the industry about the 31 March deadline for submitting anti-money laundering and counter-terrorism financing (AML/CTF) compliance reports.
AUSTRAC chief executive officer Neil Jensen said the centre will be analysing reports to ensure all reporting entities have allocated adequate resources and unlimited controls, reporting lines, communication protocols and processes for review.
“Submitted compliance reports will demonstrate to AUSTRAC that an entity is identifying and mitigating the risks that their business may be used for money laundering or terrorism financing,” Mr Jensen said.
The deadline is legally applicable to all reporting entities and businesses who fail to comply may face civil penalties.
Published: 10-03-08
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