The global COVID-19 pandemic is impacting all Australians and Australian businesses. AUSTRAC acknowledges that this is an unprecedented and uncertain time for you and your business.
We understand the importance of supporting you during this time, while ensuring that we continue to fight financial crime.
Update on Compliance Report 2019
The Compliance Report 2019 is due to be submitted to AUSTRAC by 31 March 2020. Due to the exceptional circumstances surrounding the COVID-19 pandemic, we recognise that you may be unable to submit your report on time. We will assist you through these circumstances by accepting 2019 compliance reports until 30 June 2020, without risk of compliance action.
We know that some small to medium businesses have been restricted from opening due to COVID 19 social distancing measures announced by the government. For these affected businesses we will not take any compliance action if you are unable to submit your report.
Thank you to those who have already submitted reports.
AML/CTF Rule updated to support flexible KYC process – verifying people’s identity
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AUSTRAC recognises the challenges that businesses face verifying people’s identity with isolation and quarantine measures in place due to the COVID-19 pandemic.
For this reason, AUSTRAC has amended a Rule and developed supporting guidance to give businesses flexibility to rely on alternative proof of identity processes where:
- information based on an original or certified copy of a document can’t be verified because of measures to prevent the spread of COVID-19
- a customer can’t provide the identity documents usually required for identification because of measures to prevent the spread of COVID-19, including customers in self-isolation or where businesses may have shut down temporarily.
Visit the AUSTRAC website for guidance and examples of how businesses should apply the Rule to their customer identification obligations. We encourage you to use this information to support your members during this time.
Other COVID-19 updates
For the latest COVID-19 updates and information on how we will continue to support businesses, visit the AUSTRAC website, or read our recent updates:
- Fighting financial crime together – SMRs during the COVID-19 pandemic
- AUSTRAC to accept Compliance Report 2019 until 30 June 2020
- Coronavirus (COVID-19) – Working with our reporting entities