AUSTRAC reporting
The 7 Reporting Mistakes AUSTRAC Keeps Seeing, and How to Avoid Them
26 September 2026 · 5 min read
In brief
The most common AUSTRAC reporting problems are incomplete customer or conductor details, data in the wrong fields, unsupported characters, unclear SMR grounds, poorly linked parties, and incorrect references, addresses or countries.
At its September 2026 RegTech session, AUSTRAC was clear: data quality remains a critical responsibility regardless of the reporting method used. Using software doesn't move the obligation off your firm.
These are the errors AUSTRAC highlighted across TTRs, SMRs and IFTIs:
1. Missing or incorrect customer details, for individuals and for companies or other organisations. Often caused by retyping data from paper files. 2. Missing details for the person conducting the transaction, when that isn't the customer, such as an agent or family member. 3. Information in the wrong fields, for example an address in a name field, or a digital wallet address in an account field. 4. Foreign-language text or characters that the report format can't handle. 5. Unclear grounds for suspicion in SMRs. This is the most damaging error, because the grounds are what an analyst actually reads. 6. Missing or poorly linked persons and entities. AUSTRAC now relies on these links to connect reports across businesses. 7. Reference and country errors in IFTIs: duplicated reference numbers, incomplete addresses and wrong countries.
Why this matters
AUSTRAC changed its reporting framework because the old forms were complex, didn't line up well with the Rules, collected unclear information, and were used inconsistently across sectors. The new SMR and TTR requirements aim for consistent reporting across all sectors, including Tranche 2. Poor-quality reports weaken intelligence and invite regulatory attention.
Fix it at the source
AUSTRAC's guidance to RegTech providers is that solutions should include all mandatory fields, add validation checks and prompts, and flag information that looks incomplete, inconsistent or unlikely to be correct.
How Comply.LM helps
General information only, not legal advice.
- Today: client data is captured once, verified automatically and reused, so nobody retypes names from a scanned passport.
- Available in Comply.LM: Reports are checked against supported AUSTRAC schemas and business rules before human approval, with a quality score that points to fields requiring attention.
Authoritative sources
This article draws on current AUSTRAC guidance. Always check the source guidance for updates that apply to your circumstances.
Common questions
Who remains responsible when reporting software is used?
The reporting entity remains responsible for the accuracy, completeness and timeliness of reports submitted to AUSTRAC.
How can firms improve report quality?
Capture verified data once, link all relevant people and entities, validate mandatory fields and require human review before submission.