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Last chance to have your say

13 December 2021

We are seeking your feedback to the proposed updates on guidance on reporting threshold transaction reports (TTR) by 22 December 2021.

TTRs are required when a customer makes a cash transaction of A$10,000 or more. Under AUSTRAC’s existing guidance, if multiple services are provided to a customer that add up to A$10,000 or more when combined (or the foreign currency equivalent), you must decide whether to treat these services as a single or multiple reportable transaction.

Under the updated guidance, reporting entities must submit a TTR to AUSTRAC for each individual cash transaction of A$10,000 or more. You will no longer need to combine these transactions and submit a TTR, even if they occur close together, however you may need to consider whether the activity is suspicious which could lead to the reporting of a suspicious matter report.

The updated guidance proposes that you will have a 12-month transition period to update your systems and processes and train your staff accordingly.

We welcome your feedback on the draft guidance. Email your submission to: Guidance_Consultation@austrac.gov.au.

For more information, visit the new consultation page.