You should know that the Australian government is becoming strict with its policies to ensure they eliminate all possible crime-related scenarios. One of which is AUSTRAC, a government financial intelligence agency that has the sole purpose of detecting, responding, and preventing all illegal financial transactions. Some examples include tax evasion, money laundering, and terrorism financing, to name a few.
And with the strict regulations, businesses and other financial organisations find it challenging to conduct AUSTRAC Reporting. Some companies offer automated services to complete their AUSTRAC reports entirely and accurately. If you feel that your business does not need the automation service, you miss many advantages.
Advantage #1: Reduce Risk of Being Non-Compliant
One fantastic benefit that businesses love about automating their AUSTRAC reports is they can reduce their chances of being non-compliant. As mentioned before, the Australian government is tight with its policies. Failure to comply with even the most minor rules and regulations can result in hefty penalties for the business.
In some instances, businesses would be fined $22,200 or two years imprisonment for individuals or up to $111,000 for companies that do not comply with Australian regulations. If you do not want to face these penalties and submit your AUSTRAC reports promptly, make sure you find a company that can provide report automation services.
Advantage #2: Determine What Has or Has Not Been Reported
Another advantage of automating your AUSTRAC Reporting is your business can determine which reports have not been submitted. Remember that you always have to complete your AUSTRAC reports to avoid being sanctioned with a non-compliance penalty. Some of those reports that need submitting include the ISO 20022 and the SWIFT FIN.
You can also acquire a final record of your submission to keep track of all the reports you have submitted to the Australian government. The automation will also give you a status for each piece of information you submit to avoid missing deadlines. It is essential to have a full record of all the AUSTRAC reports to have concrete proof that you have created and presented them on schedule.
Advantage #3: Stay Updated with the AUSTRAC Rules and Schemes
The next benefit of AUSTRAC report automation is that the platform can provide your business with the latest updates about the schemes and rules of AUSTRAC. You have to know that government rules are subject to change over time to ensure that it becomes fair to everyone affected.
It would help if you learned what changes were made to the AUSTRAC regulations to ensure your business can stay on top of its obligations as much as possible. You also do not want to cause any delays with your reports as they can be troublesome to resolve.
Advantage #4: Professional Assistance With the Automation Platform
Lastly, hiring a company to assist you with the automation platform will make it easy for your business to do the AUSTRAC reports. They can provide excellent assistance whenever there are features you do not understand about your automation platform. It is as simple as contacting them when you have questions or concerns.
Do not forget that you can always make your job easy nowadays, especially when you want to submit your AUSTRAC reports quickly through an automation platform. Contact trusted companies that provide the automation platform to ensure you get nothing but the best.
