Reporting obligations

Threshold transaction

What is a transaction?

A transaction involves the transfer of funds or property in the form of physical currency or e-currency from one person to another. The currency involved could be Australian dollars or a foreign currency.

What types of transactions are covered?

Some examples are:

• deposit into a bank account
• purchase of stocks or bonds
• payout on gambling winnings
• purchase of traveller's cheques
• delivery of cash to meet a payroll
• e-gold transfers.

What is a threshold transaction?

A threshold transaction involves a transfer of physical currency or e-currency of AUD10,000 or more, or the equivalent in foreign currency.

What are the reporting obligations?

'Reporting entities' as defined in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) must report threshold transactions to AUSTRAC. The report must be made within 10 business days after the day of the transaction taking place.