Australian Transaction Reports and Analysis Centre (AUSTRAC) is an Australian government agency, established in 1989 under the Financial Transaction Reports Act 1988 and continued in existence under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Certain classes of designated services must be reported to AUSTRAC, in particular bank cash transactions (i.e. notes and coins) of $10,000 or more. AUSTRAC passes information on to other government agencies to help them act against tax evasion, organised crime, money laundering, and welfare fraud.
"Reporting entities" (a wide range of businesses and institutions - specified in the AML/CTF Act - which deal in cash, bullion and financial transactions) must report transactions to AUSTRAC; such entities include,
Members of the public are also obliged to report to AUSTRAC if they carry $10,000 or more (or equivalent in a foreign currency) of cash into or out of Australia, which can be done on forms available from the Australian Customs Service at airports and sea ports. The Customs service attempts to detect evasion of this requirement. Airlines are not held liable for what their passengers carry.
Cross-border movement of bearer negotiable instruments of any amount must also be reported if requested by a Customs or police officer.
