About the FTR Act
The Financial Transaction Reports Act 1988 (FTR Act) operates alongside the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
Note: the obligations of the FTR Act do not apply to a transaction to which the AML/CTF Act applies.
Obligations under the FTR Act
The FTR Act imposes a number of obligations on cash dealers, which include:
- reporting to AUSTRAC (suspect transactions, cash transactions of A$10,000 or more or the foreign currency equivalent, international funds transfer instructions)
- verifying the identity of persons who are signatories to accounts, and also prohibiting accounts being opened or operated in a false name.
The FTR Act may also require solicitors to report significant cash transactions of A$10,000 or more, or the foreign currency equivalent to AUSTRAC.
For further information on complying with obligations under the FTR Act please refer to Chapter 10 of the AUSTRAC compliance guide.