Enrolment of AML/CTF reporting entities

AUSTRAC has announced details of the new enrolment requirements. From 1 November 2011, all AML/CTF reporting entities need to enrol with AUSTRAC, including those that have enrolled with AUSTRAC before. All existing reporting entities (including those that have an exemption from Part 7) must enrol by 28 November 2011. New reporting entities must enrol within 28 days of providing or commencing to provide a designated service. Reporting entities will also need to keep their enrolment information up-to-date and advise the AUSTRAC CEO of a change in the enrolment details within 14 days of the change. Enrolment information will assist AUSTRAC in identifying which entities will be subject to the annual supervisory cost recovery levy that will apply from the 2011-12 financial year, and the amount of the levy which will apply to each leviable entity.

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