Resident of Australia
There are different definitions of ‘resident’ according to whether the entity is:
- an individual (where the individual lives in Australia)
- a company (where the company is either incorporated in Australia, or is controlled by an individual who lives in Australia)
- a trust (where a trustee is an individual living in Australia or a company incorporated in Australia, or the trust is controlled by an individual who lives in Australia, or a beneficiary of the trust is an individual who lives in Australia or a company that is incorporated in Australia)
- a partnership (where a partner is an individual who lives in Australia or a company that is incorporated in Australia)
- a corporation sole (where the corporation sole was established in Australia)
- a body politic (where it is a body politic of Australia).
AML/CTF Act 2006 section 14
Any offence, committed in Australia or overseas, where the punishment under Australian law would be two or more years in prison.
Significant cash transaction report (SCTR)
A report about a transaction involving Australian or foreign physical currency with a value of A$10,000 or more submitted by an entity which has obligations under the FTR Act.
A Solicitor SCTR is a SCTR made by a solicitor.
FTR Act 1988 Part 2, division 1 and 1B
Structuring is where a person deliberately:
- splits cash transactions to avoid a single large transaction being reported in threshold transaction reports
- travels with cash amounts in a way that avoids declaring cross border movements of the cash.
Structuring can be a money laundering technique and is against the law under the AML/CTF Act.
AML/CTF Act 2006 sections 142 and 143
Suspect transaction report (SUSTR)
A report that motor vehicle dealers who act as insurers or insurance intermediaries must make if they have reasonable grounds to suspect that a transaction may be related to money laundering, terrorism financing, tax evasion, proceeds of crime or any other serious crimes under Australian law.
FTR Act 1988 section 16
Suspicious matter report (SMR)
A report a reporting entity must submit under AML/CTF Act if they have reasonable grounds to suspect that a transaction may be related to money laundering, terrorism financing, tax evasion, proceeds of crime or any other serious crimes under Australian law. An SMR must also be submitted if the reporting entity has reasonable grounds to suspect the customer or an agent of the customer is not who they say they are.
AML/CTF Act 2006 section 41 (1)
Threshold transaction report (TTR)
A report submitted to AUSTRAC about a designated service provided to a customer by a reporting entity that involves a transfer of physical currency of AUD10,000 or more (or the foreign currency equivalent).
AML/CTF Act 2006 section 43
Unregistered remittance dealer
A person or entity providing remittance services (also known as money transfer) in Australia without being registered with AUSTRAC. It is against the law to provide remittance services in Australia without being registered.