Notice from AUSTRAC? What do you do?

What do you do when you receive a Notice from AUSTRAC? A Notice from AUSTRAC will generally be a Section 167 Notice or a Section 202 Notice. Both are requests for information or documents. Both must be replied to but each has a different emphasis.

Stay on the straight and narrow. A reminder that your reports are due.

It is that time of year again for completing your AUSTRAC compliance report. Yes, it is a rather easy document to complete. And yes, you might consider it an irritant. However, be warned as completing the S47 Report should be taken seriously. Questions should be answered truthfully and accurately, even if that means confessing to AUSTRAC that your organisation has not fully implemented an AML Act or AML Rule obligation.

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