Austrac has released information on a new internet-based system called AUSTRAC Online.
AUSTRAC Online is designed to assist businesses with their regulatory and reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and the Financial Transaction Reports Act 1988 (FTR Act).
Features included in the initial release of AUSTRAC Online will:
- streamline (automate) the introduction of new businesses, known as ‘reporting entities’, to AUSTRAC
- provide businesses with a tailored AML/CTF compliance report
based on their business type or industry sector and the designated
services they provide
- allow providers of designated remittance services to
register, update their registered details or request removal from the
- provide links to e-learning and AML/CTF-related news.
This system will be available in December 2007.