From 12 December 2008, reporting entities regulated by the
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
(AML/CTF Act) must report significant cash
transactions, suspicious matters and international funds transfers
to AUSTRAC. The Financial Transaction Reports Amendment
(Transitional Arrangements) Act 2008 (the Amending
Act), which commenced on 25 November 2008, provides cash
dealers regulated by the FTRA with transitional arrangements for
complying with the AML/CTF Act reporting requirements.
Transitional arrangements provided by the Amending Act
The Amending Act allows the cash dealers under the FTRA to
continue to report under the FTRA until the earlier of 11 March
2010 or when they become compliant with the AML/CTF Act reporting
AUSTRAC's expectations of compliance
Although AUSTRAC expects all reporting entities to be compliant
with the AML/CTF Act reporting obligations on 12 December 2008, it
recognises that, due to a variety of reasons, some entities may not
be fully compliant at that date. However, AUSTRAC expects an entity
to take reasonable steps towards compliance and be fully compliant
with the reporting obligations at the latest by 12 March 2010.
AUSTRAC also expects those reporting entities that commence to
comply with the reporting obligations during the 15 month period to
provide reports to the AUSTRAC CEO for all threshold transactions
and international funds transfer transactions that occurred from 12
December 2008. However, cash dealers who are reporting to AUSTRAC
under the FTRA during the transitional arrangements are not
required to re-lodge reports under the AML/CTF Act when they become
compliant with the AML/CTF reporting obligations (that is, they do
not need to report retrospectively for the purposes of the AML/CTF
Act). Please refer to AUSTRAC's policy document "AML/CTF
Act reporting implementation policy" available from
AUSTRAC's website: www.austrac.gov.au.
How do the transitional arrangements affect you?
If you are a current cash dealer under the FTRA, you have the
Comply with the AML/CTF reporting obligations as reporting
entities under the AML/CTF Act commencing from 12 December 2008;
Take advantage of the transitional arrangements as a cash
dealer under the FTRA until you become compliant with the AML/CTF
Act reporting requirements (by no later than 11 March
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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