AUSTRAC 2020 Annual Compliance Report

Its nearly time to submit the Annual Compliance Report!

It’s that time of the year again! Have you started to draft your 2020 Annual AUSTRAC Compliance Report? If not, it is time to get things underway – thankfully, it’s not too late.

Over the Christmas break AUSTRAC updated their website in relation to this year’s annual compliance report which includes some changes. Here is what you need to know:

  • The compliance report must be submitted to AUSTRAC by 31st March 2021. This is the annual standard deadline, make sure you report accurately and in a timely manner.
  • Last year due to the exceptional circumstances of the COVID-19 pandemic, the deadline for submitting the compliance report was extended to 30 June 2020. This extension no longer applies. Set those calendar reminders.
  • Obligations listed in each section offers some helpful prompt questions to assist in answering them accurately, for example, under section “Managing employee risk” AUSTRAC want to obtain as much information on any changes occurred as a result of employee risk including any AML/CTF training conducted in 2020, and any changes to training since the 2019 compliance report. Review the past 12 months of your internal training including any additional training we conducted in our compliance counsel workshops.
  • Under the section “Assessing your ML/TF risk” AUSTRAC are interested in any documented changes to the risk assessment since the 2019 compliance report. This was our number one client message throughout last year, get the change risk assessment template out and evidence those changes throughout the course of the year including why and when they occurred.
  • This year, there appears to be more emphasis on the section and obligation “AUSTRAC feedback and guidance” – there is some heightened interest and focus on how AUSTRAC feedback was responded to and what changes were made in the business as a result. This is the time to dust off your AUSTRAC Feedback register and ensure it is in order and more importantly up to date.

Given the changes resulting from last year we anticipate that there will be further changes between your last Compliance Report and this one. If that is the case be sure to make the most of the free text options where available to explain any of those significant changes.

It’s great to see already a few of our clients are organised and have already completed draft reports, remember to make sure you have done a review of the AUSTRAC website by clicking on the link below in case you have missed anything. We will be engaging with you soon in our regular compliance counsel workshops and will be running through these changes, so make sure you have a draft ready.

For more information and to obtain a full breakdown of the report and how to answer each section accurately, please click here to the AUSTRAC Website About the 2020 compliance report | AUSTRAC

Any questions, please let us know or we can schedule a workshop specifically to discuss your up-and-coming compliance report!

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