Regulation: AUSTRAC's transitional STR regime ends
AUSTRAC Online no longer accepts the submission of suspect transaction reports or significant cash transaction reports using Financial Transaction Reports Act 1988 (FTR Act) formats from reporting entities.
Reporting entities are now expected to submit these reports using the AML/CTF Act formats.
Cash dealers, such as solicitors or motor vehicle dealers, with ongoing FTR Act obligations should continue to report to AUSTRAC as they have previously, as FTR Act reporting functionality for these entities is unchanged.
As announced in a recent media release, the transitional arrangements for the reporting of international funds transfer instructions have been extended to 11 September 2010.
If you are experiencing difficulties in the submission of your reports under the new AML/CTF Act formats, please contact the AUSTRAC Help Desk for assistance on 1300 021 037.
Source: AUSTRAC
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