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Does your business provide cash-in-transit, insurance or other designated services?

3 April 2018

From 3 April 2018, businesses providing cash-in-transit and insurance services (except motor vehicle dealers) will no longer have compliance and reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Financial Transaction Reports Act 1988. This includes not having to enrol with AUSTRAC or report transactions and suspicious matter reports.

If your business provides cash-in-transit, insurance or other designated services, you need to update your enrolment details with AUSTRAC to ensure all designated services are included in your business’s enrolment.

This will avoid your enrolment being deactivated when you still have obligations for other designated services.

All cash-in-transit and general insurers and insurance intermediaries must continue to report threshold transaction reports and suspicious matter reports for all transactions up to 3 April 2018.

AUSTRAC’s reporting forms are changing

From 3 April 2018, the Threshold Transaction Report - Financial Business Services (TTR-FBS) and Suspicious Matter Report (SMR) data entry and extraction forms will include reportable details for digital currency activity.

Last modified: 03/04/2018 09:51