AUSTRAC performs a dual role as Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regulator and
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia's financial intelligence agency with regulatory responsibility for AML and counter-terrorist financing. AUSTRAC administers the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the AML/CTF Act).
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit.
If you suspect that a person or transaction is linked to a crime, you must submit a suspicious matter report (SMR) to AUSTRAC. SMRs help protect Australia against money laundering, terrorism financing and other serious and organised crime. They are also an important part of your AML/CTF reporting obligations.
The SFCT includes: Australian Tax Office (ATO) Australian Federal Police (AFP) Australian Criminal Intelligence Commission (ACIC)
Commonwealth Director of Public Prosecutions (CDPP).
You must report to your practice's MLRO if: you know, suspect or have reasonable grounds for knowing or suspecting that another person is engaged in money laundering, and. the information on which the suspicion is based comes in the course of business in the regulated sector.
There are no laws limiting the amount of cash you can keep at home. This makes sense as many businesses, especially retail stores, keep large amounts of money with them merely as floating cash.
At the top end of the penalty scale, if the value of the money or property is $1 million or more, the penalty is imprisonment for 25 years, or 1500 penalty units ($333,000) or both. If the person is reckless, the penalty is imprisonment for 12 years, 720 penalty units ($158,400) or both.
AUSTRAC regulates certain business activities in the financial, bullion and gambling sectors. These business activities are called designated services and have been identified because they pose a risk for money laundering and terrorism financing.
The three stages of money laundering – placement, layering, and integration – form a cyclical process that allows illicit funds to enter the legitimate financial system, obfuscate their origins, and then reintegrate, appearing as legal tender.
The Financial Action Task Force on Money Laundering (FATF), an intergovernmental body, has primary responsibility for developing worldwide standards for AML/CFT. It works closely with other organizations, including the IMF, the World Bank, the United Nations, and FATF-style regional bodies (FSRBs).
Australian legislation
Division 400 of the Criminal Code Act 1995 (Cth) (the Criminal Code) contains the principal criminal offences of money laundering in Australia. Division 400 was inserted into the Criminal Code by the Proceeds of Crime Act 2002 (Cth) in January 2003.
The Council of Financial Regulators (CFR) is the coordinating body for Australia's main financial regulatory agencies. It includes the Reserve Bank of Australia (RBA), the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC) and the Australian Treasury.
You must check a customer's identity by collecting and verifying information before providing any designated services to them. You must identify both individual customers (people) and non-individual customers (such as companies, associations or trusts).
Australian Security Intelligence Organisation (ASIO)
The Organisation's functions are set out in the Australian Security Intelligence Organisation Act 1979 (ASIO Act).
The AFP has primary law enforcement responsibility for investigating serious or complex fraud and corruption against the Commonwealth.
ASIO is part of the Australian Intelligence Community and is comparable to the American FBI and the British MI5.
You don't need to combine or aggregate the transactions and submit a TTR, even if the transactions occurred in quick succession. You must submit a TTR to AUSTRAC for each individual cash transaction of A$10,000 or more.
Because the ATO has access to the bank data of both you and your employer, in addition to almost any other data it would want, it will be aware of any deposits, super contributions, withdrawals, and interest you earn.
Banks must report cash deposits totaling $10,000 or more
But the deposit will be reported if you're depositing a large chunk of cash totaling over $10,000. When banks receive cash deposits of more than $10,000, they're required to report it by electronically filing a Currency Transaction Report (CTR).
Report to Authorities: If the bank determines that the suspicious activity is related to money laundering, terrorist financing, or other criminal activity, it will file a report with the relevant regulatory authorities and law enforcement agencies.
Dollar Amount Thresholds – Banks are required to file a SAR in the following circumstances: insider abuse involving any amount; transactions aggregating $5,000 or more where a suspect can be identified; transactions aggregating $25,000 or more regardless of potential suspects; and transactions aggregating $5,000 or ...
Make a SAR. The easiest way to submit a SAR is with the secure SAR Online system. SAR Online is free, negates the need for paper-based reporting, provides an instant acknowledgement and reference number (reports submitted manually do not receive an acknowledgement) and reports can be made 24/7.