AUSTRAC Compliance - AML/CTF
Australian banks and other financial institutions are required to report certain transactions to AUSTRAC (Australian Transaction Reports and Analysis Centre) for anti-money laundering and counter-terrorism financing compliance purposes.
Matter has to be reported to AUSTRAC within 10 days of the transaction. The reports include details about the transaction, such as the date, amount, account details, and customer identification information.
- TTR: Transaction Threshold Reporting
- SMR: Suspect Matter Reporting
TTR
- Cash Transactions >=10k AUD
- International Fund Transfers >= 10k AUD
- E-currency transfers such as Bitcoin >= 10k AUD
SMR
- Must be reported asap unlike TTR where there is a buffer of 10 days.
- Triggers are suspected activity.
- Must include details of the transaction or attempted transaction, as well as the reasons for suspicision.
- The fact that an SMR has been submitted is strictly confidential.
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