On October 24, 2023, the Australian Transaction Reports and Analysis Centre (AUSTRAC) issued a call to action for reporting entities, urging them to enroll with the regulator to avoid potential financial penalties. The AML/CTF Act has been amended to provide a clearer understanding of how penalty units accumulate for unenrolled businesses.
To know more, click here https://www.fcctimes.com/2023/11/03/austrac-sets-deadline-register-by-november-9-or-face-hefty-fines/
Starting from November 09, 2023, if a business has offered designated services for a minimum of 28 days but has not enrolled with AUSTRAC, daily penalties will begin to accrue. For each day that a firm remains unenrolled after this date, it may be subject to a penalty of up to 12 penalty units for individuals and up to 60 penalty units for corporate entities, with each unit costing AUD 313.
Penalty Units for Unenrolled Businesses:
- Individual Businesses: AUD 3,756 per day
- Corporate Bodies: AUD 18,780 per day
Annual Accumulated Fines:
- Individual Businesses: AUD 1,370,940
- Corporate Bodies: AUD 6,854,700
