What is the purpose of the FTR Act?
The Financial Transaction Reports Act, 1988 (FTR Act) is part of Australia's anti-money laundering and counter-terrorism financing legislative framework. The FTR Act has been supplemented by the Anti-Money Laundering and Counter–Terrorism Financing Act 2006 (AML/CTF Act).
The FTR Act provides for the reporting of certain transactions and transfers and imposes obligations in relation to accounts and other related purposes.
To whom does the FTR Act apply?
The FTR Act applied to a wide range of businesses,most of which are now captured by the AML/CTF Act instead. The types of entities covered by the FTR Act are referred to as 'cash dealers' and (prior to the AML/CTF Act) included:
- banks, building societies, credit unions and other financial institutions
- financial corporations
- insurance companies and intermediaries
- securities dealers and futures brokers
- cash carriers
- managers and trustees of unit trusts
- firms dealing in traveller's cheques and/or money orders
- casinos and gambling houses
- TABs, on-course Totes and bookmakers
- bullion sellers
• remittance dealers
- bureau de change/foreign exchange operations.
Cash dealers not captured by the AML/CTF Act as 'reporting entities' still have obligations under the FTR Act. |