Austrac online

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.

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