AUSTRAC fines businesses who failed to enrol under new AML laws

Real estate agents, accountants and jewellers are among those facing penalties of up to $21,840, with fines able to build up daily.

AUSTRAC has begun issuing infringement notices to businesses that missed the enrolment requirement, marking a shift from warnings to penalties under the new regime.

The enforcement action follows a first round of contact in August, when AUSTRAC issued 167 notices and requests for information to businesses in the real estate, accounting and jewellery sectors.

The infringement notices carry a penalty of $21,840 for corporate entities and $4,368 for individuals. Penalties can increase and accrue on a daily basis.

AUSTRAC chief executive officer Brendan Thomas said enrolment was a simple first step and there was no excuse for failing to take it.

However, he did note most new reporting entities were taking their obligations seriously.

"We initially looked at a group of businesses where we had concerns about enrolment, and of these, around 90 per cent have now enrolled or attempted to enrol," Mr Thomas said.

"That shows businesses are listening and responding to our expectations.

"The small number that continue to ignore their obligations should not expect AUSTRAC to ignore them."

Mr Thomas warned that penalties were likely.

"We are actively looking for businesses that haven't enrolled and we will issue more infringement notices where necessary," he said.

"So if you have obligations under the scheme, now is the time to come forward, get in touch with AUSTRAC and get enrolled."

Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, any Australian business that provides a designated service must enrol with AUSTRAC.