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Your AML/CTF program must document the enhanced customer due diligence program that you will apply when the money laundering/terrorism financing risk is high.

You must have a transaction monitoring program in place to identify suspicious and high-risk transactions from customers.

Reporting entities must make threshold transaction reports (TTRs) to AUSTRAC for cash transactions of $10,000 or more.

You must submit an SMR when you start providing designated services, or when you are asked about providing designated services as part of your normal business activities.

These case studies demonstrate the importance of effective suspicious matter reporting in criminal investigations.