FINANCIAL TRANSACTION REPORTS ACT 1988

PART II - TRANSACTION REPORTS  

Division 1 - Cash transaction reports by cash dealers  

SECTION 7   REPORTS OF SIGNIFICANT CASH TRANSACTIONS BY CASH DEALERS  

7(1)   [Obligation of cash dealer]  

Where a cash dealer is a party to a significant cash transaction, the dealer shall, before the end of the reporting period:


(a) prepare a report of the transaction; and


(b) communicate the information contained in the report to the AUSTRAC CEO;

unless:


(c) the transaction is, at the time when it occurs, an exempt transaction; or


(d) the transaction is, at the time when it occurs, eligible for exemption and becomes, before the end of the reporting period, an exempt transaction; or


(e) the cash dealer is an approved cash carrier; or


(f) all of the following conditions are satisfied:


(i) the cash dealer is a reporting entity;

(ii) the transaction occurred after 11 March 2010;

(iii) the transaction is a designated service transaction.

7(1A)   [ Reports of threshold transactions]  

Subsection (1) does not apply in relation to a transaction if the cash dealer complies with section 43 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 in relation to the transaction.

7(2)   [Form and contents of report]  

The report shall be prepared in the approved form, contain the reportable details of the transaction and be signed by the cash dealer or otherwise authenticated by the cash dealer in a way approved by the AUSTRAC CEO.

7(3)   [Communication to AUSTRAC CEO]  

The communication shall be made to the AUSTRAC CEO:


(a) by giving the AUSTRAC CEO a copy of the report; or


(b) in such other manner and form as is approved by the AUSTRAC CEO, in writing, in relation to the cash dealer or to a class of cash dealers that includes the cash dealer.

7(4)   [ " reportable details " ]  

In this section:

"reportable details"
, in relation to a transaction, means the details of the transaction that are referred to in Schedule 1 .




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.