Reporting obligations for solicitors

Any transaction of A$10,000 or more in physical currency is a significant cash transaction under the Financial Transaction Reports Act (FTR Act) and must be reported to AUSTRAC in a solicitor significant cash transaction report (SCTR). For example, you must report when:

• a client gives you A$10,000 or more in physical cash
• a solicitor acting on behalf of a client, pays A$10,000 or more in physical cash to you

You only have to report transactions to AUSTRAC if they involve cash – you don’t have to report electronic funds transfers.

This requirement to report to AUSTRAC applies to:

• solicitors
• solicitor corporations
• partnerships of solicitors.

It is an offence to make a transaction in a way that enables you to avoid reporting obligations.

Designated services

Some solicitors provide designated services. If this is the case, you must report to us under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

Reporting deadlines

• If the transaction involves foreign currency, you must report by the end of the day after the transaction took place.
• If all of the transaction was in Australian currency, you have until 15 days after the day the transaction took place to report.

Penalties for not reporting

• If you are convicted of refusing or failing to report a significant cash transaction to AUSTRAC you can face penalties of up to two years in prison.
• If you are convicted of knowingly giving incomplete information, you can face penalties of up to five years in prison.