Cross-border movement reporting has changed
Changes to the way you report cross-border movement of monetary instruments of AUD10,000 or more (or foreign currency equivalent) to AUSTRAC took effect on 17 June 2022. The changes to CBM reporting are a result of reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 passed in 2020.
Previously, it was a requirement to report the cross-border movement of physical currency of AUD10,000 or more in all circumstances, and the movement of bearer negotiable instruments (BNIs) only if requested to do so by a police or customs officer.
You must now report the cross-border movement of all monetary instruments valued at AUD10,000 or more to AUSTRAC, which includes BNIs and physical currency.
Reports are made by submitting a CBM-MI report and is required whether the monetary instruments are carried in person or sent/received by freight, courier or postal service.
What is a cross-border movement?
Cross-border movements occur when monetary instruments are brought into or out of Australia.
All individuals and reporting entities must report cross-border movements of monetary instruments if the combined value is AUD10,000 or more.
Monetary instruments include:
- Physical currency or cash, and
- Bearer negotiable instruments (BNIs):
- Traveller's cheque
- Money order, postal order or similar order
- Bill of exchange
- Promissory note
- Bearer bond
- Other negotiable instruments not covered above
Cross-border movements can happen when someone carries money with them across a border (such as on a plane) or when someone sends or receives money to or from overseas via mail or shipping (including by courier).
Find out more information on our website.