Heads up for dealers - AUSTRAC changes 1st November

goldpelican

goldpelican

Well-Known Member
Silver Stacker
New AUSTRAC enrollment requirements - will cover most, if not all bullion dealers.

New enrolment requirements for reporting entities

From 1 November 2011 new enrolment requirements will apply to all reporting entities:

all reporting entities will need to enrol with AUSTRAC and provide prescribed enrolment details
all existing reporting entities will need to enrol within 28 days of the new requirements coming into force
all new reporting entities will need to enrol within 28 days of providing or commencing to provide a designated service covered under the AML/CTF Act
a reporting entity will need to keep its enrolment details up-to-date and advise the AUSTRAC CEO of a change in the enrolment details within 14 days of the change
the AUSTRAC CEO will maintain a Reporting Entities Roll which will contain the name and enrolment details of all reporting entities.

Enrolment information will assist AUSTRAC in identifying which entities will be subject to the annual supervisory cost recovery levy that will apply from the 2011-12 financial year, and the amount of the levy which will apply to each leviable entity.

Reporting entities that have previously voluntarily enrolled with AUSTRAC will still need to provide some information and update their details.
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There is also a new "cost recovery levy" of $284+ per annum that will be leveraged, however there are exclusions based on the size of the business.

See http://www.austrac.gov.au/new_enrol_req.html for more information.

If you're "carrying on a business" in bullion dealing, this requirement likely covers you. I'm not sure whether they consider private high volume "flippers" to be in this category - might be worth a phonecall to clarify where you stand if you're deriving income from trading bullion as a private individual but acting as a "dealer".
 
Well the main change here is an enrollment requirement - previously there was no requirement to "register" with AUSTRAC as a provider of designated services, but as a business you still had obligations under the act.

This covers all reporting entities, not just bullion dealers - however I suspect that they are starting to pay closer attention to the bullion sector due to the rapid growth of the number of small businesses popping up selling bullion.
 
They already know who is a licensed dealer, so this is plain silly... another money/control grabbing policy....
 
goldpelican said:
This covers all reporting entities, not just bullion dealers - however I suspect that they are starting to pay closer attention to the bullion sector due to the rapid growth of the number of small businesses popping up selling bullion.
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Just a reminder for all dealers on the forum - if you're carrying on a business trading in bullion, you MUST register with AUSTRAC before 28th November.

I've already been contacted with "proof of compliance" queries with regards to ongoing customer due diligence programs etc - no-one is too small for attention. Focus on the bullion sector seems to be stepping up - make sure you're doing the right thing!
 
What a scam.
SUPERVISORY LEVY.
More money for people that don't work for it.

As if your taxes weren't enough to keep these fat cats rolling in dough. Let me guess where it goes from here:

SUPERVISORY LEVY increases next year.
SUPERVISORY LEVY increases again.
SUPERVISORY LEVY increases some more.
 
Most bullion businesses won't be subject to the levy from what I can tell.

This post was being made as a service to the dealer contingent on the forum for public awareness.
 
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