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ARTICLE · 15 OCTOBER 2025

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Are you submitting reports to AUSTRAC within the required timeframes?

Sophie Grace Pty Ltd
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AUSTRAC has taken enforcement action against several remittance & DCE providers for failures to comply with reporting obligations within required timeframes.

AustraliaFinance and Banking
Larissa Tan
Larissa Tan
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AUSTRAC has recently taken enforcement action against several remittance and digital currency exchange (DCE) providers for failures to comply with reporting obligations within the timeframes required under legislation. These providers were issued infringement notices ranging from $75,120 to $187,800.

Obligation to submit reports on time

AUSTRAC Ongoing Reporting Obligations

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Apart from the annual compliance report, there are three (3) types of reports that AUSTRAC receives from reporting entities:

  1. Suspicious matter reports (SMRs) - All reporting entities are required to submit a SMR within three (3) business days of forming a suspicion in relation to suspected money laundering activity, and within 24 hours in relation to suspected terrorism financing activity.

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