Timely, accurate reporting of suspicious activity is key to protecting your customers and communities from financial and other crimes. The role of reporting entities is crucial, and the cost of failing to meet obligations can result in reputational damage and loss of trust, or severe financial penalties.
“If you suspect that a person or transaction is linked to a crime, you must submit a suspicious matter report (SMR) to AUSTRAC. SMRs help protect Australia against money laundering, terrorism financing and other serious and organised crime. They are also an important part of your AML/CTF reporting obligations.” (AUSTRAC)
AUSTRAC analyses SMRs and other information to identify a complete intelligence picture for use by law enforcement and national security agencies to detect and disrupt criminal and terrorist activities. Timing is critical to catch and limit the extent of the damage that criminals can enact, which is why AUSTRAC has strict requirements for submission of SMRs within 24 hours if there is a suspicion related to terrorism financing, and within three business days for a suspicion related to money laundering.
Submitting SMRs within AUSTRAC timelines, and ensuring all required fields are completed correctly, is a critical component of an AML/CTF program. Many reporting entities manually submit their reports; however, this is prone to errors and failure to submit on time, which can not only result in fines, but can also lessen your SMRs overall usefulness.
"The better the quality, accuracy and timeliness of your SMRs, the greater the value they have for the detection, deterrence and disruption of criminal and terrorist activity." (AUSTRAC)
A typical AML program is detailed and time-consuming. It involves analysing a large amount of data, monitoring various customer transactions, and following evolving requirements of the regulators. AML compliance programs that are highly manual can also have low accuracy rates. Automation can streamline the reporting process of investigating, analysing, and monitoring in a reliable, timely, and cost-effective way.
An automated reporting system could help to meet SMR obligations. Jade ThirdEye offers automated reporting for SMRs, IFTIs & TTRs for Australian reporting entities.
An automated AML solution offers reporting entities the ability to:
Struggling to submit your SMRs on time and with the correct information? Jade ThirdEye's SMR automation feature can streamline your entire process to ensure you meet your SMR obligations with ease and confidence. Discover more about automating your SMRs with Jade ThirdEye.