SMRs help AUSTRAC and law enforcement detect serious crime and terrorism. Quality matters more than volume.
Key concepts
Two timing windows
24 hours — terrorism financing
Submit within 24 hours of forming the suspicion.
3 business days — everything else
Money laundering, fraud, tax evasion, identity crime, etc.
Checklist
Six elements of a strong SMR
- Who — full names, no initials, of all persons involved.
- What — describe the conduct or transaction.
- When — dates and times.
- Where — locations, branches, channels.
- Why — reasonable grounds for your suspicion.
- How — mechanism of the suspected activity.
Tipping off is illegal
You must not tell the customer or any unauthorised person that an SMR has been or might be filed. Penalties include imprisonment.