Austrac releases AML/CTF implementation policy
The Australian Transaction Reports and Analysis Centre (Austrac) has released a reporting implementation policy to assist reporting entities with new obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.
This act requires all reporting entities to report suspicious matters and, if applicable, threshold transactions and international funds transfer instructions to Austrac from December 12 this year.
Austrac’s policy outlines the seven new reportable details forms and the four reporting methods Austrac has designed to meet the size and technology requirements of reporting entities.
Samples of the new reporting forms are available through Austrac Online at www.austrac.gov.au/online.
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