Financial Transaction Reports Act 1988

PART II - TRANSACTION REPORTS  

Division 1 - Cash transaction reports by cash dealers  

SECTION 10   TRANSACTIONS ELIGIBLE FOR EXEMPTION  

10(1)   [Transactions between financial institutions]  

A significant cash transaction is eligible for exemption if:

(a) the transaction is between a financial institution and another financial institution; or

(b) the transaction is between a cash dealer (not being a financial institution) and a financial institution.

10(2)   [Transactions with customers carrying on certain businesses]  

A significant cash transaction is also eligible for exemption if:

(a) the transaction is between a financial institution and another person (in this subsection called the ``customer'' );

(b) the customer is, at the time when the transaction takes place, an established customer of the institution;

(c) the transaction consists of a deposit into, or a withdrawal from, an account maintained by the customer with the institution;

(d) the customer carries on:

(i) a retail business (other than a business that includes the selling of vehicles, vessels, farm machinery or aircraft);

(ii) a business declared by the Minister, by notice in writing published in the Gazette , to be an entertainment business or a hospitality business for the purposes of this Act; or

(iii) a business of providing vending machines;

(e) the account is maintained for the purposes of that business; and

(f) the amount of currency involved in the transaction does not exceed an amount that is reasonably commensurate with the lawful business activities of the customer.

10(3)   [Withdrawals for pay-roll purposes]  

A significant cash transaction is also eligible for exemption if:

(a) the transaction is between a financial institution and another person (in this subsection called the ``customer'' );

(b) the customer is, at the time when the transaction takes place, an established customer of the institution;

(c) the transaction consists of a withdrawal from an account maintained by the customer with the institution;

(d) the withdrawal is made for pay-roll purposes;

(e) the customer regularly withdraws, from that account, currency of a value not less than $10,000 to pay the customer's staff and employees; and

(f) the amount of currency involved in the transaction does not exceed an amount that is reasonably commensurate with the lawful business activities of the customer.

10(4)   [Transactions between financial institution and public authority]  

A significant cash transaction to which a financial institution is a party is also eligible for exemption if:

(a) the other party to the transaction is a public authority; and

(b) the amount of currency involved in the transaction does not exceed an amount that is reasonably commensurate with the authorised activities of the authority.

10(5)   [Transactions declared eligible by Minister]  

A significant cash transaction is also eligible for exemption if it is declared by the Minister, by notice in writing published in the Gazette , to be eligible for exemption for the purposes of this Act.

10(6)   [Transfer of account between institutions]  

Where:

(a) a person (in this subsection called the ``customer'' ) has closed an account with a financial institution (in this subsection called the ``transferor institution'' ) and transferred the money that stood to the credit of that account to an account held by the person with another financial institution (in this subsection called the ``transferee institution'' ); and

(b) a significant cash transaction is conducted through the account held with the transferee institution at a time when the customer is not an established customer of the transferee institution;

the transaction is eligible for exemption if:

(c) the transaction would, if the customer were an established customer of the transferee institution at that time, be eligible for exemption under another subsection of this section;

(d) transactions falling within a particular class and conducted through the account held with the transferor institution were exempt transactions immediately before that account was closed; and

(e) either:

(i) the transaction is a transaction that would, had it been conducted through the account held with the transferor institution, have fallen within that class; or

(ii) the customer has been a customer of the transferee institution for not less than 3 months immediately preceding that time.