Solutions
AUSTRAC Reporting in 2021 and Beyond
We examine the forces behind the changing environment and what it means for reporting entities and regulators.
Enforcement actions and penalties for non-compliance with anti-money laundering (AML) and counterterrorist financing (CTF) regulations are on the rise.
But financial institutions and compliance teams are struggling to keep up with the increasing volume of transactions and data, hamstrung by legacy systems, budget and resourcing constraints, and the task of operating in a hybrid workplace due to COVID-19.
All the while, cybercriminals and fraudsters are doing their best to stay one step ahead of regulators and compliance teams.
AUSTRAC reporting is hard for any company. Whether you report 500 or 15 million transactions a year, the process is highly manual and takes time and focus away from doing what you do best.
Reduce your risk of non-compliance
Quickly strengthen AML and CTF compliance processes
Future proof reporting processes with ISO 20022 readiness
Improve visibility and oversight of compliance
Have a complete view of reporting over time
Ready to automate complete and accurate AUSTRAC reporting?
Download the discussion paper
To learn more about the top five data challenges facing AUSTRAC reporting entities today, and how to overcome them, download the industry discussion paper.
Enforcement actions and penalties for non-compliance with anti-money laundering (AML) and counterterrorist financing (CTF) regulations are on the rise.
But financial institutions and compliance teams are struggling to keep up with the increasing volume of transactions and data, hamstrung by legacy systems, budget and resourcing constraints, and the task of operating in a hybrid workplace due to COVID-19. All the while, cybercriminals and fraudsters are doing their best to stay one step ahead of regulators and compliance teams.
AUSTRAC reporting is hard for any company. Whether you report 500 or 15 million transactions a year, the process is highly manual and takes time and focus away from doing what you do best.
All of your AUSTRAC reporting needs in a single platform
Save time
Free AML and operations teams from manual reporting, so they can focus on high value tasks
- End-to-end automation removes manual processes
- Ingest SWIFT FIN or ISO 20022 file formats
- Automate exceptions and data flows
- Secure file sharing via SFTP or direct integration
- Manual or automated information collection from clients
Simplify Reporting
Make it easier to identify, collect and submit IFTI, TTR and SMR reports to the regulator
- Latest AUSTRAC schemas and rules
- IFTI and TTR reporting inbuilt, with SMR on the way
- Remediate exceptions prior to being sent to AUSTRAC
- Conversion into AUSTRAC formats
- Increase visibility of reporting across the organisation
Reduce Risk
Know what has been reported and why, and access a complete audit trail for every transaction.
- Assign read-only, editor and approver roles
- Inbuilt escalation timeframe to ensure deadlines are met
- Report directly to AUSTRAC in the right format
- Detailed audit trail per transaction
- Auditable record of report submissions and AUSTRAC response
Reduce your risk of non-compliance
Quickly strengthen AML and CTF compliance processes
Future proof reporting processes with ISO 20022 readiness
Improve visibility and oversight of compliance
Have a complete view of reporting over time
Ready to automate complete and accurate AUSTRAC reporting?
Download the industry report
To learn more about the top five data challenges facing AUSTRAC reporting entities today, download the discussion paper.
