Happy New Year, and with the new year brings the annual obligation for Reporting Entities to submit their Compliance Report for the previous calendar year to AUSTRAC.

Compliance Reports for 2023 are due to AUSTRAC by 31 March 2024. Whilst looking at your previous reports can be helpful in preparing your report, the questions can change from year-to-year, and sometimes only slightly. To check the questions for the 2023 report, you can view AUSTRAC’s preview by clicking here.

When referring to last year’s report, care should be taken to be mindful of any changes to your business that may mean your responses need to change.

Depending on the size, nature and complexity of your business, you may need to consult various stakeholders to ensure that the responses in your report adequately reflect all relevant parts of your business, and the report itself may need to go through internal approval processes before submitting to AUSTRAC.

To complete and submit your report:

1. Log in to AUSTRAC Online
2. Go to ‘My Business’
3. Click the plus sign (+) next to ‘My Business’ to see more menu options
4. Select ‘Compliance Reports’
5. Select ‘Open Compliance Report’ for the applicable year
6. Complete the questions
7. Review and submit

If you would like assistance with preparing your report, or if this year’s report triggers the need to review aspects of your AML/CTF Program, please get in touch.