Anti-money laundering and counter-terrorism financing regulator Austrac is proposing an overhaul of its reporting requirements, which would see fewer regulated entities required to file an annual compliance report but large organisations required to report in more detail.Austrac has issued a consultation paper, outlining problems with the current compliance reports that many of the 13,800 regulated "reporting entities" must submit to Austrac each year. The annual compliance report, which takes the form of an online questionnaire, details the reporting entity's compliance with the law and the AML/CTF rules.Austrac said that, six years after the reporting regime was introduced, some of the questions in the report were no longer relevant.It said the annual compliance report was the same for all reporting entities, with no differentiation in the type of information required despite different levels of risk exposure. For example, pubs with poker machines have to complete the same report as large banks.And it said some reporting entities complained that completing the report was an administratively burdensome "tick the box" exercise with little value for them. Austrac is proposing to revise the compliance reporting format to make the information supplied more relevant. In addition, reporting entities in the higher risk category would have to file an annual report, detailing their business conditions, risks and the effectiveness of their programs.Any company with earnings in excess of A$100 million, or a company that is part of a group with earnings exceeding $100 million, would have to file an annual report.A company that provided 25 million or more transaction reports to Austrac or provided transaction reports with a total value of $5 billion (or a company that was part of the group that had provided such reports) would also have to file an annual report.Austrac has proposed that there would be a number of exemptions from any reporting, particularly among small businesses (with four or fewer employees). It expects that a smaller number of responsible entities will have to report.Austrac has called for submissions with a closing date of October 31.