On October 15, 2019, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released proposed amendments to Chapter 11 of the AML/CTF Rules for public consultation.
Under this chapter and Section 47 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, reporting entities are required to submit a compliance report for each calendar year, unless exempted. Chapter 11 clarifies the reporting rules and lodgment periods for compliance reports and lists exemptions from this obligation.
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