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A threshold transaction report (TTR) must be submitted to AUSTRAC when a designated service you provide involves a transfer of physical currency of A$10,000 or more, or the foreign currency equivalent. AUSTRAC’s factsheet for Tranche 2 businesses says the report must be lodged within 10 business days after the day of the transaction. The obligation depends on...

Under Australia’s reformed AML/CTF rules, you must carry out personnel due diligence on anyone you employ or engage to perform roles relevant to your AML/CTF obligations, both before they start and on an ongoing basis. The depth of the checks should match the risk and seniority of the role. You must also give those people AML/CTF training that suits their rol...

Under Australia’s reformed AML/CTF regime, your entire AML/CTF program, meaning your risk assessment and your AML/CTF policies, must be independently evaluated at least once every three years, at a frequency your policies set. For newly regulated Tranche 2 businesses, the first independent evaluation is due between 30 June 2029 and 31 December 2030, depending on the l...

Australian sanctions laws make it an offence to make an asset available, directly or indirectly, to or for the benefit of a designated person or entity, and to deal with assets they own or control. Those rules apply to payments to suppliers, contractors, landlords and agents just as much as to clients. Sanctions screening suppliers and other third parties is ...

A suspicious matter report (SMR) is required when you suspect on reasonable grounds that something connected with a customer or a designated service may relate to crime. You lodge it through AUSTRAC Online, within 24 hours if the suspicion relates to terrorism financing and within 3 business days in other cases. You do not need to be certain, and you do not n...