Financial Transaction Reports Act 1988
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Hide history noteA 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](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.
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