Two roles in one agency
As regulator, AUSTRAC enrols reporting entities, publishes the Rules and guidance, supervises compliance and takes enforcement action. As Australia's financial intelligence unit, it receives suspicious matter, threshold transaction and international funds transfer reports, analyses them and shares intelligence with police, the tax office and overseas counterparts. It was established in 1989 and sits within the Home Affairs portfolio.
Enrolment
A business must enrol on AUSTRAC Online within 28 days of first providing a designated service. Enrolment is free. You provide business details, the designated services you offer and your compliance officer, and you keep those details current. Some larger entities also pay an annual industry contribution levy; small firms are generally below the threshold.
Reporting to AUSTRAC
All reports are lodged through AUSTRAC Online. See the reporting guide for detail.
- Suspicious matter reports (SMRs): within three business days of forming a suspicion, or 24 hours for terrorism financing.
- Threshold transaction reports (TTRs): physical cash of AU$10,000 or more, within ten business days.
- International funds transfer instructions (IFTIs): for entities that send or receive them, within ten business days.
- Annual compliance report: a questionnaire on your program and activity for the previous calendar year.
Guidance and news
AUSTRAC publishes sector guides, starter kits and explanatory material for each Tranche 2 profession, plus general guidance on programs, due diligence and reporting. It also publishes enforcement outcomes, typology reports and periodic updates. This site's news section summarises the developments that matter to small businesses, with links to the source.
Enforcement
AUSTRAC can seek civil penalties in the Federal Court, accept enforceable undertakings, issue remedial directions and infringement notices, and refer criminal matters. Its largest actions have been against banks and casinos. For small firms, the realistic path is a compliance assessment, a request for records, and a remedial direction if the basics are missing.
Questions people ask
- What does AUSTRAC stand for?
- Australian Transaction Reports and Analysis Centre.
- Does AUSTRAC audit small businesses?
- It conducts compliance assessments and can ask any reporting entity for its program and records. In the first years of Tranche 2 it has said it will prioritise education, but it can and does assess small entities.
- Can AUSTRAC see my bank account?
- AUSTRAC receives reports from banks about certain transactions (large cash, international transfers, suspicions). It does not have a live view of accounts, but the reports it holds are extensive and shared with other agencies.
General information about Australian AML/CTF law, not legal advice. The Act, the Rules and AUSTRAC's guidance are the primary sources.