AUSTRAC Reporting
There are four main types of reports Tranche 2 entities are required to submit to AUSTRAC. Out of these, three types of reports are required to submitted to AUSTRAC throughout the year through their portal as and when the incident occurs and then one annual compliance report after the end of the year. These are:
Suspicious Matter Reports (SMRs)
Reporting entities submit SMRs when they suspect a customer or transaction links to criminal activity, such as money laundering or terrorism financing. Submit within 24 hours for terrorism financing suspicions or 3 business days for other matters like money laundering. Include business details, suspicious matter description, involved parties, and plain English grounds for suspicion, non-compliance risks civil penalties.
Threshold Transaction Reports (TTRs)
TTRs cover designated services with physical currency of A$10,000 or more (or foreign equivalent), treating each as a separate report. Submit within 10 business days of the transaction. Suspected structuring to avoid thresholds requires an SMR instead.
Cross-Border Movement Reports (CBMRs)
Any person or entity reports movements of monetary instruments (physical currency or bearer negotiable instruments) valued at A$10,000 or more into or out of Australia, including via mail or courier. File CBM-MI reports within 5 business days. This applies regardless of reporting entity status.
Annual Compliance Reports (ACRs)
Reporting entities submit ACRs yearly to show AML/CTF program compliance, risk assessments, training, and changes. Due between 1 January and 31 March for the prior calendar year.
TrustEasy helps you keep record of reports at one place.