Reporting physical currency

11-DEC-2007

Frequently asked questions

  1. What is physical currency?

  2. Who has to report movements of physical currency?

  3. Why does physical currency have to be reported?

  4. When and where is physical currency reported?

  5. What is the limit for physical currency carried into or out of Australia?

  6. Are there any fees charged for carrying or reporting physical currency?

  7. Can children carry physical currency?

  8. Can a person carry physical currency for someone else?

  9. If a person has any bearer negotiable instruments as well as physical currency, do they need to report both?

  10. What happens to the completed CBM-PC form?

  11. Can a copy of a completed CBM-PC form be obtained?

  12. Are there penalties if a person does not report physical currency?

  13. What if a person needs help completing the CBM-PC form?


What is physical currency?

'Physical currency' is defined in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and means the coin and printed money of Australia or 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.

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Who has to report movements of physical currency?

Travellers entering and departing Australia are required to report any currency they are carrying of $10,000 or more in Australian dollars, or the foreign currency equivalent.

Mailing or shipping currency of $10,000 or more in Australian dollars, or the foreign currency equivalent, must also be reported.

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Why does physical currency have to be reported?

It is a legislative requirement under sections 53 and 55 of the AML/CTF Act.

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When and where is physical currency reported?

This usually occurs at the Customs examination area when entering or leaving Australia. Cross-Border Movement - Physical Currency (CBM-PC) reporting forms are available from Customs officers at international airports and sea ports.

Mailing or shipping currency of $10,000 or more out of Australia must be reported to a Customs officer, a police officer or directly to AUSTRAC. Reporting forms can be obtained by contacting AUSTRAC. The report must be submitted before sending the currency out of Australia.When receiving currency from outside Australia, the report must be submitted by the recipient within 5 business days of receiving the currency.

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What is the limit for physical currency carried into or out of Australia?

There is no limit to the amount of physical currency that may be brought into or taken out of Australia. However, amounts of $10,000 or more must be reported.

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Are there any fees charged for carrying or reporting physical currency?

There are no fees charged by AUSTRAC, Customs or the police for carrying or reporting physical currency.

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Can children carry physical currency?

There is no age limit. Reporting physical currency cannot be avoided by having a child carry it for an adult.

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Can a person carry physical currency for someone else?

Yes, but the carrier must still report the currency. On the CBM-PC reporting form, the person carrying the currency gives information about themself, as well as information about the person for whom they are carrying the currency, including full name and address, organisation or business.

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If a person has any bearer negotiable instruments as well as physical currency, do they need to report both?

A CBM-PC form must always be completed when a person is carrying $10,000 or more in physical currency, into or out of Australia. Only physical currency is counted in the total amount. For example, $5,000 in physical currency and $5,000 in traveller's cheques is not reportable on a CBM-PC form because the physical currency is less than $10,000.

Bearer negotiable instruments (BNIs) are reported on a separate form, only when requested by a Customs or police officer. A single form cannot be used to report both currency and BNIs. Click here for more information about BNIs.

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What happens to the completed CBM-PC form?

The CBM-PC form is usually given to a Customs or police officer, who may check that all required information has been given. The officer then forwards the form to AUSTRAC. When mailing or shipping currency, the reporting form can be sent directly to AUSTRAC. The information provided on reporting forms is stored in a secure system and is only accessible to AUSTRAC and a number of partner agencies including law enforcement. Personal details are not provided to any private companies.

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Can a copy of a completed CBM-PC form be obtained?

It is possible to apply for a copy under the Freedom of Information Act 1982 (FOI Act). Generally a person cannot apply for information about another person, unless that person's permission is obtained. An application form and further information can be found on AUSTRAC's FOI webpage by clicking here.

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Are there penalties if a person does not report physical currency?

Failure to report movements of physical currency is an offence under sections 53 and 55 of the AML/CTF Act. Penalties upon conviction include imprisonment and/or a fine imposed by the court. Civil penalties provide for an infringement notice which may be given, requiring the person to pay a fine.

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What if a person needs help completing the CBM-PC form?

Customs or police officers are able to assist in completing the CBM-PC form, or the AUSTRAC Help Desk can be contacted on 1300 021 037 (a local call within Australia).

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15-APR-2014

Related information

05-MAR-2013

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Reporting bearer negotiable instruments

Information for travellers

08-MAR-2013

Last modified: ...

 

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