FINANCIAL TRANSACTION REPORTS ACT 1988
Subject to subsections (3A) and (3B), if a significant cash transaction is entered into by or on behalf of a solicitor, a solicitor corporation, or a partnership of solicitors, in the course of practising as a solicitor or solicitors, the solicitor, corporation or partnership must, before the end of the reporting period:
(a) prepare a report of the transaction; and
(b) communicate the information in the report to the AUSTRAC CEO.
(a) be prepared in the approved form; and
(b) contain the reportable details of the transaction; and
(c) be signed, or otherwise authenticated in an approved way, by the solicitor, a member of the corporation or a member of the partnership, as the case may be. 15A(3) [Report to AUSTRAC CEO]
(a) by giving the AUSTRAC CEO a copy of the report; or
(b) in any other manner and form approved in relation to the solicitor, the solicitor corporation or the partnership or in relation to solicitors generally.
(a) the solicitor, corporation or partnership is a reporting entity; and
(b) the transaction occurred after 11 March 2010; and
(c) the transaction is a designated service transaction.
Subsection (1) does not apply in relation to a transaction if the solicitor, corporation or partnership complies with section 43 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 in relation to the transaction.
In this section:
, in relation to a transaction, means the details of the transaction that are referred to in Schedule 3A .