Designate an AML/CTF Compliance Officer
Reporting entities must designate a senior employee as AML/CTF Compliance Officer.
Who must comply
All AUSTRAC reporting entities.
What triggers it
Becoming a reporting entity.
When due
Continuous.
Evidence required
Appointment letter; position description; AUSTRAC enrolment record.
Max penalty
Civil penalties to the AML/CTF Act maximum; AUSTRAC remediation
Summary
AML/CTF Rules require reporting entities to designate a senior employee as the AML/CTF Compliance Officer with responsibility for the entity's program. Must be at management level, have sufficient seniority and authority, and be a fit and proper person. Outsourcing the function is not permitted.
Enforced by
Source legislation
Topics
Related obligations
- CWLTHEnrol with AUSTRAC as a reporting entityTranche 2 entities must enrol with AUSTRAC by 29 July 2026.
- CWLTHSuspicious matter, threshold, and IFTI reporting to AUSTRACLodge SMRs, TTRs ($10K+ cash), and IFTI reports via AUSTRAC Online.
- CWLTHCustomer due diligence (KYC) on every customerIdentify and verify every customer (and beneficial owner) before providing a designated service.
- CWLTHMaintain a written AML/CTF programEvery reporting entity needs a documented AML/CTF program — Part A risk + Part B systems.
- CWLTHDetect + enhance due diligence on Domestic + Foreign PEPsAML/CTF Rules require detection + EDD on Politically Exposed Persons (foreign + domestic + international organisation).
- CWLTHIndependent review of AML/CTF programReporting entities must arrange independent review of their Part A AML/CTF program at appropriate intervals.
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?
- Continuous.
- 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?
- Appointment letter; position description; AUSTRAC enrolment record.
Source: https://austrac.gov.au/business/core-guidance/aml-ctf-program/part-program/compliance-officer. Rules Mate is not a law firm. Always verify against the live regulator source before acting.