We are seeking your feedback to the proposed updates on guidance on reporting threshold transaction reports (TTR) by 22 December 2021.

TTRs are required when a customer makes a cash transaction of A$10,000 or more. Under AUSTRAC’s existing guidance, if multiple services are provided to a customer that add up to A$10,000 or more when combined (or the foreign currency equivalent), you must decide whether to treat these services as a single or multiple reportable transaction.

Under the updated guidance, reporting entities must submit a TTR to AUSTRAC for each individual cash transaction of A$10,000 or more. You will no longer need to combine these transactions and submit a TTR, even if they occur close together, however you may need to consider whether the activity is suspicious which could lead to the reporting of a suspicious matter report.

The updated guidance proposes that you will have a 12-month transition period to update your systems and processes and train your staff accordingly.

We welcome your feedback on the draft guidance. Email your submission to: Guidance_Consultation@austrac.gov.au.

For more information, visit the new consultation page.