Anti-money laundering compliance deadline looms
A final reminder has been given to financial institutions that there are less than four weeks remaining to comply with the reporting requirements of the Government’s anti-money laundering laws.
KPMG forensic partner Gary Gill said from December 12, this year, all reporting entities are required to report suspicious matters to the Australian Transaction Reports and Analysis Centre (AUSTRAC) within three business days or within 24 hours if the suspicion relates to terrorism financing.
Gill said reporting entities include banks and other financial institutions, financial and remittance services, foreign exchange and bullion dealers, and casinos and other gambling services.
“Each of them may face civil penalties for non-compliance,” he said.
Affected businesses had been given almost two-years notice of the incoming reporting requirements by AUSTRAC, Gill said.
AUSTRAC expects non-compliant reporting entities to be taking reasonable steps towards full compliance by March 12, 2010.
It also requires these entities to apply their transaction-monitoring program and other compliance obligations from December 12 this year, regardless of when they reach full compliance.
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