Designate an AML/CTF Compliance Officer
Reporting entities must designate an eligible AML/CTF compliance officer at management level and notify AUSTRAC.
Who must comply
All AUSTRAC reporting entities.
What triggers it
Becoming a reporting entity.
When due
Designate within 28 days of first providing a designated service; notify AUSTRAC within 14 days of designation and of any change.
Evidence required
Designation record; fit-and-proper assessment; position description; AUSTRAC notification record.
Max penalty
Civil penalties to the AML/CTF Act maximum; AUSTRAC remediation
Who must comply with this? The applicability test by industry, business structure and size.
Summary
Reporting entities must designate an AML/CTF compliance officer who is employed or engaged at management level, is a fit and proper person, and (where services are provided through an Australian permanent establishment) is an Australian resident. The officer needs sufficient authority, independence and resources. Designation is due within 28 days of first providing a designated service, and AUSTRAC must be notified within 14 days of designation; newly regulated Tranche 2 entities notify by the later of 29 July 2026 or 14 days after enrolling. Check AUSTRAC's compliance officer guidance before relying on an outsourced arrangement — outsourcing does not transfer liability.
Enforced by
Source legislation
Topics
Related
- CWLTHSuspicious matter, threshold, and IFTI reporting to AUSTRACLodge SMRs, TTRs ($10K+ cash), and IFTI reports via AUSTRAC Online.
- CWLTHEnrol with AUSTRAC as a reporting entityTranche 2 entities must enrol with AUSTRAC within 28 days of first providing a designated service (29 July 2026 for services from 1 July 2026).
- CWLTHDetect + enhance due diligence on Domestic + Foreign PEPsAML/CTF Rules require detection + EDD on Politically Exposed Persons (foreign + domestic + international organisation).
- CWLTHMaintain a written AML/CTF programEvery reporting entity needs a documented AML/CTF program — an ML/TF risk assessment plus AML/CTF policies.
- CWLTHCustomer due diligence (KYC) on every customerIdentify and verify every customer (and beneficial owner) before providing a designated service.
- CWLTHIndependent review of AML/CTF programReporting entities must have their whole AML/CTF program independently evaluated at least once every 3 years.
Reading
Frequently asked questions
- Who must comply with Designate an AML/CTF Compliance Officer?
- All AUSTRAC reporting entities.
- What triggers Designate an AML/CTF Compliance Officer?
- Becoming a reporting entity.
- When is Designate an AML/CTF Compliance Officer due?
- Designate within 28 days of first providing a designated service; notify AUSTRAC within 14 days of designation and of any change.
- What is the maximum penalty for Designate an AML/CTF Compliance Officer?
- Civil penalties to the AML/CTF Act maximum; AUSTRAC remediation
- What evidence is required for Designate an AML/CTF Compliance Officer?
- Designation record; fit-and-proper assessment; position description; AUSTRAC notification record.
Source: https://www.austrac.gov.au/industry-and-business/obligations-and-guidance/your-amlctf-program/develop-your-amlctf-programs/step-1-establish-your-governance-framework/amlctf-compliance-officer. Rules Mate is not a law firm. Always verify against the live regulator source before acting.