On Apr. 6, AST AUSTRAC updated on webinar about AUSTRAC Online.
AST AUSTRAC updated re the reporting entity system transformation (REST) program webinar held Dec. 7, 2022, which focussed on important updates to AUSTRAC Online.
These will impact how reporting entities interact with AUSTRAC, fulfil AML/CFT duties.
Includes guidance re API connectivity, suspicious matter reports (SMRs), SMR forms.
Follows AST AUSTRAC Jun. 2021 announced change to online report system, #107899.
Webinar Overview
Webinar covered what changes have been delivered, what AST AUSTRAC is working on now, changes expected in next 12 months and how this may impact reporting entities.
Update provides answers to questions about background to REST; transaction reporting; new AUSTRAC Online functionality; consultation, support and next steps.
Functionality
AST AUSTRAC is considering options re improved workflows and flexibility for users that undertake reporting and other functions for multiple reporting entities within designated business group (DBGs), and options for viewing information across DBGs.
As well as options for improved workflows and increased flexibility re user access, permissions, including for affiliates, to give more flexibility to reporting entities.
At this stage, AST AUSTRAC is not planning an overhaul of the compliance report.
However, AST AUSTRAC said that it is looking at how some of the other functions, such as user workflows as well as approvals may be applied to the compliance report.
Discussed AST AUSTRAC registration processes; also introduction of new and updated schemas; said it will be retiring older XML schema versions no longer fit-for-purpose.
Consultation, Support and Next Steps
Discussed plan to provide additional guidance; continuous improvement, development, maintenance; support for smaller entities who are scaling up; consultation workshops.
In addition, instructed on how to participate in REST workshops as well as surveys.
Apr. 20, 2023 Further Update
On Apr. 20, 2023, AST AUSTRAC updated on Reporting Entity System Transformation (REST) program above; said it undertook series of workshops with reporting entities.
Specifically, as part of Customer Advisory Group (CAG) on proposed design concepts for the new AUSTRAC Online user interface; said it will consult further on this in 2023.
Said workshop feedback shows reporting entities would like to see the ability to track the status of transaction reports; and personalized options i.e. shortcuts or quick links.
Also a knowledge hub with up-to-date information; enhanced notification functionality.
Over next few months, AST AUSTRAC will also seek CAG input on threshold transaction report consultations which were held late in 2022, and on suspicious matter reports.
Jun. 2023 REST Team Update
On Jun. 27, 2023, AST AUSTRAC reported that the REST team is continuing to support financial industry entities in reporting international funds transfer instructions while they transition to the new ISO20022 format for cross-border messaging via Swift.
Outlined the team's planned work, including design concepts for revised TTR reports, consultation on transaction reporting statistics, demonstrating business profile forms.
Document dated Jun. 27, 2023, was received on Jul. 4 due to a fixed feed.
Jul. 2024 REST New Features
On Jul. 11, 2024, AST AUSTRAC updated on new features of the REST program above.
A new capability enabling reporting entities to submit increased volumes of certain transaction reports (IFTI-E), new IFTI-E schema enabling report in ISO 20022 format.
Content management capability to deploy the annual compliance report and collect relevant information and new levy calculation tool for industry contribution processes.
Encouraged entities looking to transition to reporting in ISO 20022 format using the IFTI-E v2.0 schema, to commence testing in AUSTRAC Online training environment.
Prior to live reporting in the new functionality, entities must complete a test file assessment as soon as possible since the assessment process can take several week.
In coming months AUSTRAC will deliver the final stage of the program, including new online platform, enrolment/registration forms, and transaction reporting processes.
Oct. 1, 2024 Enhancements to AUSTRAC Online
On Oct. 1, 2024, AST AUSTRAC discussed progress on enhancing AUSTRAC Online.
Starting Nov. 2024, AST AUSTRAC will launch new enrollment and registration forms.
These forms are designed to streamline user experience, featuring a more responsive interface for the entry of business information; all new and current reporting entities will have access to the updated enrollment and registration forms via AUSTRAC Online.
Businesses will commonly use enrollment and registration forms to enroll, register, update their business details, deregister as well as un-enroll with AST AUSTRAC.
AST AUSTRAC discussed ways it will keep people informed with respect to changes.
In addition, ways reporting entities can provide feedback; and AST AUSTRAC also issued a reminder about transitioning IFTI-E reporting to the new IFTI-E v2.0 schema.
On Oct. 14, 2024, AST AUSTRAC explained that a new and improved enrolment and registration experience through AUSTRAC Online (AO) will be introduced in Nov. 2024.
The new forms will replace the current forms in AO that are used to enrol/register a new business, or update businesses' details; they will be easier to use, with enhanced user experience and more responsive interface for entering business information.
AST AUSTRAC discussed what will change along with what will stay the same.
In addition, AST AUSTRAC guided on how to prepare regarding same; online outage set for Nov. 9, 2024; arrangements during this outage; make sure to make appropriate arrangements for outage period, and let affected staff know AO will be unavailable.
It said, by way of example, plan and ensure transaction reports are submitted in compliance with obligations, either before or after the outage on Nov. 9, 2024.
Complete and submit any saved enrolment or registration forms before 8am on Nov. 9.
Be aware that there will no longer be access to previously drafted enrolment and registration forms that have been saved in AO, following the rollout of the new forms.
Oct. 18, 2024 Editorial Update
On Oct. 18, 2024, Reg-Track inserted Oct. 1 heading on enhancing AUSTRAC Online.
