Part 4 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 requires reports about cross-border movements of certain physical currency amounts and bearer negotiable instruments (BNIs).
Disclosure of Bearer Negotiable Instruments (BNIs)
Travellers entering or leaving Australia must, if required to do so by a Australian Customs Service officer or a police officer, declare whether or not they have with them any BNIs. BNIs include promissory notes, travellers cheques, personal cheques, money orders and postal orders.
If you are carrying BNIs, the Customs officer or police officer may require you to complete a BNI report, which they will provide to you. This report is then sent to the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Cross-border movements of physical currency
Travellers entering and departing Australia are required to report all currency of AUD$10,000 or more, or the foreign currency equivalent, when they are bringing that currency into Australia or taking it out of Australia.
Physical currency reporting forms are available from Customs officers at international airports and sea ports.
Members of the public who either mail or ship currency of $10,000 or more into or out of Australia, must provide a report to a Customs officer, a police officer or to AUSTRAC. Forms can be obtained from AUSTRAC.
Physical currency means the coin and printed money of Australia or of a foreign country that:
- is designated as legal tender
- circulates as, and is customarily used and accepted as, a medium of exchange in the country of issue.