FINANCIAL TRANSACTION REPORTS ACT 1988

PART II - TRANSACTION REPORTS  

Division 1B - Cash transaction reports by solicitors  

SECTION 15A   REPORTS OF SIGNIFICANT CASH TRANSACTIONS  

15A(1)   [Solicitors]  

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.

15A(2)   [Form of report]  

The report must:


(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]  

The communication must be made to the 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.

15A(3A)   [ Application]  

Subsection (1) does not impose any obligations on a solicitor, a solicitor corporation, or a partnership of solicitors, in relation to a transaction if:


(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.

15A(3B)   [ Reports of threshold transactions]  

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.

15A(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 3A .


 

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