AUSTRAC reporting deadlines table — SMR, TTR, IFTI, ACR
Comparison of statutory deadlines for the four core AUSTRAC reports — SMR, TTR, IFTI and annual compliance report.
The four core report types
AUSTRAC reporting is governed by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and comprises four core report types. These reports are essential for assisting AUSTRAC in detecting and preventing money laundering and terrorism financing.
The four core report types are Suspicious Matter Reports (SMRs), Threshold Transaction Reports (TTRs), International Funds Transfer Instructions (IFTIs), and Compliance Reports (ACRs). SMRs are submitted under section 41, TTRs under section 43, IFTIs under section 45, and Compliance Reports under section 47.
It is important to note that Cross-Border Movement Reports, covering bearer negotiable instruments and physical currency, represent a separate fifth report type, detailed in sections 53 to 60.
SMR — Suspicious Matter Reports
Section 41 of the legislation requires entities to lodge a Suspicious matter reports — AUSTRAC when reasonable grounds exist to suspect money laundering or terrorism financing (ML/TF), fraud, tax evasion, or other criminal activity.
The standard lodgement deadline for these reports is three business days from the time the suspicion forms. However, if the suspicion relates to the financing of terrorism, the reporting deadline is reduced to 24 hours.
It is important to note that section 123 imposes tipping-off restrictions related to the reporting of suspicious matters. Failure to comply with reporting obligations constitutes a civil penalty contravention, potentially incurring a penalty of up to 100,000 penalty units per contravention.
TTR and IFTI deadlines
AUSTRAC threshold transaction reports and AUSTRAC IFTI both require lodgement within 10 business days. For TTRs, this timeframe is calculated from the date the transaction takes place. For IFTIs, the timeframe is calculated from the date of transmission or receipt of the instruction.
The TTR applies to transactions involving A$10,000 cash, while the IFTI has no monetary threshold. Both reports are lodged electronically via AUSTRAC Online and must contain the prescribed content as outlined in the AML/CTF Rules.
Failure to lodge either report on time, or failure to lodge them at all, constitutes a civil penalty contravention.
Annual Compliance Report (ACR)
The Annual Compliance Report (AUSTRAC compliance report (ACR) annual) is lodged annually for the preceding calendar year, as required under section 47. This report covers the period from 1 January to 31 December. Lodgement is completed via AUSTRAC Online and must be submitted by 31 March each year.
The ACR serves to confirm an entity’s enrolment details, the designated services they provide, and key compliance metrics. Even if an entity became a reporting entity partway through the calendar year, they are still required to lodge an ACR for that portion of the year; this is considered a ‘rolling’ report.
Failure to lodge the AUSTRAC compliance report (ACR) annual by the deadline of 31 March constitutes a civil penalty contravention.
Frequently asked
What if a suspicion forms outside business hours?
The 3 business day SMR clock starts when the suspicion forms. Forming a suspicion on a Saturday gives 3 business days from the Monday. Terrorism financing matters require 24-hour reporting regardless of business day.
Do I need to lodge an ACR if no designated services were provided in the year?
Yes. While the entity remains enrolled with AUSTRAC, an annual ACR is required, even where the report contains nil counts of designated services and transactions.