What types of businesses have obligations under the FTR Act?
In conjunction with the introduction of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), a number of consequential amendments to other Commonwealth legislation, including the Financial Transaction Reports Act 1988 (FTR Act), were made.
The FTR Act continues to operate in parallel with the AML/CTF Act. The FTR Act will continue to apply to 'cash dealers' who are not reporting entities under the AML/CTF Act.
It is important to note that reporting entities, as defined in the AML/CTF Act, may concurrently be cash dealers as defined in the FTR Act.
The FTR Act requires cash dealers and solicitors to report to the AUSTRAC CEO:
- cash transactions of A$10,000 or more or, the foreign currency equivalent
- suspicious transactions (cash dealers only).
Why should cash dealers and solicitors create an AUSTRAC Online business account?
To facilitate electronic submission of transaction reports by cash dealers and solicitors, an AUSTRAC Online business account can be created.
In addition to the benefits of less paperwork and faster submission of transaction reports, an AUSTRAC Online business account also provides cash dealers and solicitors with:
- the ability to view and maintain their own information
- a secure system enabling the protection of confidential information.
To create an AUSTRAC Online business account, please visit the AUSTRAC Online business accounts page.
Need further assistance?
For help creating an AUSTRAC Online business account, or regarding your obligations under the FTR Act, contact the AUSTRAC Help Desk at email@example.com or phone 1300 021 037 (a local call within Australia).
AUSTRAC Online user guide (Word, 2.6MB)
AUSTRAC Online user guide (PDF, 2.9MB)