AUSTRAC Compliance Reporting due March 31st
Each year before March 31st, hospitality venues must submit an independent review of their AML/CTF program.
Every venue offering a Designated Service—defined as any establishment with gaming machines or TAB offerings—is obligated to submit an AUSTRAC compliance report by the 31st of March 2023. This requirement applies universally to all venues across Australia, with the exception of those having fewer than 15 machines and no TAB services. The compliance report is mandated by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
As the March 31 deadline is now looming, we are busy preparing Independent Compliance Audits and Reviews to ensure your AUSTRAC obligations are met in time. DNS Specialist Services has the expertise required to ensure your venue completes a compliant and proactive compliance report.
What we will provide:
As per AUSTRAC guidelines, an independent review entails an impartial assessment of your Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program. This assessment ensures that your program not only aligns with its specified requirements but also effectively addresses inherent risks, complies with legal obligations, and demonstrates practical efficacy. AUSTRAC mandates that the independent reviewer possesses a comprehensive understanding of the business or organization, is well-versed in money laundering and terrorism financing risks, and maintains impartiality throughout the review process. Our independent AML/CTF Audit will include:
- Full review of all documents, policies, and procedures.
- Independent Audit Report outlining findings and key areas required for compliance.
- Clear set of action items for quick follow.
- Assistance post-audit to rectify outstanding items.
Why choose us?
At DNS Specialist Services, we have a team of AML/CTF experts dedicated to ensuring your business is safeguarded in the realm of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) compliance. Our experts are proficient in undertaking the necessary audits for your business, providing actionable insights to ensure the adequacy of your program. They conduct comprehensive risk assessments to fortify your business against potential threats. Moreover, our team engages in AML/CTF training for your employees, ensuring that your training requirements are not only met but also serve as a robust defence against any illicit activities involving your business.
- Trusted by the hospitality industry.
- Sponsor of QHA and Clubs Queensland
- Actively working across all Australian States and Territories.
- Over 50 years combined experience working in the AML / CTF and Harm Minimisation arena.
- Fast turnaround for clear action.
- Peace of mind.