As a reporting entity you must report certain transactions and suspicious matters, and submit compliance reports to AUSTRAC. Everyone, including reporting entities, must report cross-border movements of physical currency.
Ongoing reporting obligations
Threshold transaction reports
You must submit threshold transaction reports (TTR) for transfers of A$10,000 or more in cash (or the foreign currency equivalent). TTRs are due within 10 business days after the date of the transaction.
International funds transfer instruction reports (IFTIs)
You must submit international funds transfer instruction reports (IFTIs) for transfers of funds of any value into or out of Australia, made either electronically or under a designated remittance arrangement. IFTIs are due within 10 business days after the transfer instruction is sent or received.
Suspicious matter reports (SMRs)
You must submit suspicious matter reports (SMRs) when you have a suspicion that a customer or transaction is related to criminal activity. You must submit your report within 24 hours of becoming suspicious if it relates to terrorism financing, or within three business days for anything else.
Other reporting obligations
AUSTRAC compliance reports
You must submit compliance reports to AUSTRAC when required by AUSTRAC. These reports tell us how you are complying with the AML/CTF Act, Regulations and AML/CTF Rules.
Cross-border movement (CBM) reports
You must report cross-border movements of physical currency of A$10,000 (or the foreign currency equivalent) or more if you carry, mail or ship money into or out of Australia. You must submit your report before sending or carrying the cash out of Australia or before carrying it into Australia. If you receive cash sent to you from overseas, you must report it within five business days.
Accuracy and reporting deadlines
The reports you submit can make a real difference in detecting, deterring and disrupting criminal and terrorist activities, so it’s important you submit them on time. And they need to be accurate to be of value. We analyse the reports to find patterns of criminal activity, including money laundering and terrorism financing. We share this information to help our partners in Australia and overseas to investigate and fight crime.
More help on reporting
The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.