This is important information for entities regulated under the Financial Transaction Reports Act 1988 (FTR Act).

This includes:

• solicitors
• businesses that buy and sell traveller’s cheques 
• motor vehicle dealers who act as insurance providers or intermediaries (‘motor vehicle dealers’) 
• online remitters that do not provide designated services at or through a permanent establishment in Australia (‘offshore online remitters’).

The changes described on this page are in effect from 7 January 2025.

On this page

• For solicitors
• For motor vehicle dealers, buyers and sellers of travellers cheques, and offshore online remitters
• Reporting deadlines
• How to submit a report
• Related pages
• Related legislation

For solicitors

If you are a solicitor (as defined in the FTR Act), from 7 January 2025 you are no longer regulated under the FTR Act and do not need to report significant cash transactions of A$10,000 or more (or the foreign currency equivalent).

If you were required to report a significant cash transaction that took place before 7 January 2025, you will still be required to make that report within the required timeframe. Refer to the information below about how to submit a report.

You will have new obligations under amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). For important information about what you need to do and when these obligations commence, refer to AML/CTF reforms.

For motor vehicle dealers, buyers and sellers of travellers cheques, and offshore online remitters

From 7 January 2025, you are no longer regulated under the FTR Act and do not need to report:

• significant cash transactions of A$10,000 or more (or the foreign currency equivalent)
• suspect transactions.

If you were required to report a transaction that took place before 7 January 2025, you will still be required to submit that report to AUSTRAC within the required timeframe. Refer to the information below about reporting deadlines and how to submit a report.

You still have obligations in relation to reports made before the FTR Act was repealed and may also be required to keep particular records.

You may also continue to have obligations under the AML/CTF Act, particularly for buyers and sellers of travellers cheques, which provide a designated service under this Act. 

Disclosure of information

If you provided a suspect transaction report to AUSTRAC, you must not disclose to anyone else:

• that you formed a suspicion about a customer or transaction
• that you communicated that information to the AUSTRAC CEO (including through a suspect transaction report)
• any other information from which the recipient could reasonably infer you formed a suspicion or communicated that information to AUSTRAC.

If you had received a request for further information from any relevant authority or investigating officer in relation to a report you submitted, you must not disclose:

• that you have given the information
• any other information that could reasonably infer you gave the information.

Failing to abide by this requirement carries criminal penalties of up to 2 years’ imprisonment and/or a fine of 120 penalty units. 

Retaining records in relation to customers of a reporting entity

The following applies if you are a reporting entity under the AML/CTF Act.

If immediately prior to 7 January 2025 you were retaining a record or copy of a record for the purposes of Part III of the FTR Act, you must continue to retain that record. These records relate to a customer you have provided, or are providing, a designated service to. 

You must retain each record (or copy) for 7 years from the date you last provided the customer with a designated service or until 7 January 2032, whichever date is earlier.

If you are in a designated business group, any member of your group may retain these records on behalf of the group. 

Failing to comply with this obligation can incur a potential civil penalty. For further information, see the consequences of not complying. 

Retaining these records will also allow you to respond to any future requests from law enforcement seeking further information on your previous suspect transaction reports. 

Reporting deadlines

Reporting deadlines for a significant cash transaction

If the transaction involves foreign currency, you must report by the end of the day after the transaction took place.

If the transaction did not involve foreign currency, you must report by the end of 15 days after the day the transaction took place.

Reporting deadlines for a suspect transaction report

You must submit a suspect transaction report to AUSTRAC as soon as practicable after you become suspicious about a transaction.

How to submit a report

You should make reports before 22 January 2025 through AUSTRAC Online. You need an AUSTRAC account to make these reports.

If you have never previously reported to AUSTRAC – create an AUSTRAC Online business account to report electronically. For instructions, refer to how to create an AUSTRAC Online account.

If you have reported to AUSTRAC in the past, sign in to AUSTRAC Online to submit your reports before 22 January 2025.

From 22 January 2025, FTR reports will no longer be accessible via AUSTRAC Online. Reports under the AML/CTF Act will still be accessible via AUSTRAC Online.

From 22 January 2025, you can continue to make and amend FTR reports by signing into AUSTRAC Online and sending AUSTRAC a message using the Secure Message function.  We will then contact you to advise on next steps.

If you previously submitted paper reports to AUSTRAC, you can continue to use the paper forms issued to you. If you require more paper forms, contact AUSTRAC as soon as possible and we will send them to you.

Related pages

• AML/CTF reforms

Related legislation

• Financial Transaction Reports Act 1988