Reporting obligations
Summary
On 12 December 2008 the last of the AML/CTF Act obligations came into effect. In this module, we have looked at the obligations under the AML/CTF Act.
Threshold transaction: a transfer of physical currency or e-currency of AUD10,000 (or foreign equivalent) or more.
Suspicious matter: a matter that a reporting entity has reasonable grounds to suspect may be related to an offence, including money laundering, financing of terrorism, tax evasion, relates to proceeds of crime or using a false identity, or an offence against a law of the Commonwealth, or a state or territory.
International funds transfer instruction: an instruction transmitted into or out of Australia, for a transfer of money or property.
Cross-border movement - physical currency: when a person brings or sends $10,000 or more in physical currency (includes coin and printed money) into or out of Australia.
Cross-border movement - bearer negotiable instrument: when a person brings or takes a bearer negotiable instrument of any (or no) amount into or out of Australia. This includes monetary instruments such as cheques and traveller's cheques.
AML/CTF compliance reports: submitted by reporting entities to AUSTRAC regarding their compliance with the AML/CTF Act, regulations and AML/CTF Rules.
A limited number of cash dealers not captured under the AML/CTF Act will continue to have reporting obligations under the FTR Act.
Reporting entities enrolled in AUSTRAC Online are able to access further information by completing the AML/CTF Reporting Requirements e-learning course. |
An overview of the FTR Act can be viewed by clicking on the 'Legislation' tab of this course.
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