Austrac Sends Final Notice Letters

AUSTRAC sends final notice letter On 15 May, AUSTRAC sent a final notice letter to approximately 2,200 reporting entities who had not yet submitted their 2008 compliance reports.

The letter advised recipients that their failure to submit a compliance report may be a contravention of subsection 47(2) of the AML/CTF Act, and that failure to submit an AML/CTF compliance report may render them liable for severe civil penalties. Reporting entities are required to submit an annual compliance report which assists AUSTRAC to ensure businesses are compliant with their obligations under the AML/CTF Act. More information