AUSTRAC has released updated guidance on reporting threshold transaction reports (TTRs) when a customer conducts multiple cash transactions, following industry consultation on the draft guidance released in November 2021.

AUSTRAC’s updated guidance position

AUSTRAC’s previous guidance required a reporting entity providing multiple services to a customer that add up to A$10,000 or more to decide whether to treat these multiple services as a single reportable transaction or multiple transactions for the purposes of TTR reporting.

Under AUSTRAC’s updated guidance position, reporting entities must submit a TTR to AUSTRAC for each individual cash transaction of A$10,000 or more. When a customer makes multiple cash transactions, each individual transaction is considered to be a separate and distinct designated service. You will no longer be required to combine multiple transactions and submit a TTR, even if the transactions occurred closely together.

If you suspect a customer is attempting to split up a larger cash transaction into several smaller transactions (known as ‘structuring’) so it will not be reported, you must submit a suspicious matter report to AUSTRAC.

Transition period

To assist reporting entities, AUSTRAC is providing a 12-month transition period from 1 July 2022 for businesses to update their systems, processes and train their staff to comply with the new guidance.

Read the updated guidance including practical examples of when to submit a TTR: Reporting multiple cash transactions