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If a reporting entity sends or receives an instruction to or from a foreign country for a transfer of money or property - either electronically or under a remittance arrangement - they must submit an international funds transfer instruction (IFTI) report to AUSTRAC.
AUSTRAC has produced two types of IFTI report forms. The form that reporting entities use will depend on whether or not they are part of the established banking system and send or receive instructions electronically, or they are remitting money or property under a 'designated remittance arrangement'.
An IFTI report must be submitted within 10 business days of sending or receiving the instruction.
Further information
AUSTRAC has produced various educational tools and publications to assist reporting entities with their IFTI reporting obligations. These include:
07-MAR-2013
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