AUSTRAC has announced an extension to the transition period for businesses required to report international funds transfer instructions (IFTIs) under Australia’s anti-money laundering legislation.

Under the Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008  regulated entities who have been reporting to AUSTRAC under the Financial Transaction Reports Act 1988 (FTR Act) are permitted to continue to report in the same way during their transition to the new reporting format. This applies to threshold transaction, international funds transfer instruction, or suspicious matter reports made after 12 December 2008, until such time as entities are compliant with the AML/CTF reporting requirements, but not later than 12 March 2010.

The extension means that full IFTI reporting under the AML/CTF Act will now be required to be implemented by 12 September 2010.

Notwithstanding this extension, businesses which have successfully transitioned to the new AML/CTF reporting format will be able to continue to report in the new format.

The transition date for Threshold Transaction Reports and Suspicious Matter Reports remains at 12 March 2010.