A ‘threshold transaction’ is the transfer of physical currency (cash) of A$10,000 or more (or the foreign currency equivalent) as part of providing a designated service. A transfer can include receiving or paying cash.

If you provide a designated service that involves a threshold transaction, you must report these transfers to AUSTRAC in a threshold transaction report (TTR) within 10 business days.

TTRs help us detect, deter and disrupt criminal and terrorist activity.

Who must submit TTRs

Any business that provides a designated service that involves the transfer of A$10,000 or more (or the foreign currency equivalent) must submit a TTR to AUSTRAC.

If you are an affiliate of a remittance network provider (RNP) and the threshold transaction was made on your RNP’s network, they must submit the TTR for you.

Exemptions from TTR obligations

You don’t have to submit a TTR if the designated service involving a threshold transaction is provided:

• at or through your permanent establishment in a foreign country
• by an authorised deposit-taking institution (ADI) to a customer that is also an ADI
• by the Reserve Bank of Australia to a customer that holds an exchange settlement account (ESA) (that is, an account held at the Reserve Bank for settlement of obligations between ESA holders)
• by an ESA holder to a customer that holds an exchange settlement account.

Additionally, if you hold an Australian Financial Services Licence (AFSL) and only arrange for a person to receive a designated service rather than providing it yourself, you do not have to submit a TTR.