Financial Transaction Reports Act 1988
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Hide history noteSubject to subsections (3A) and (3B), if a significant cash transaction is entered into by or on behalf of a solicitor, a solicitor corporation, or a partnership of solicitors, in the course of practising as a solicitor or solicitors, the solicitor, corporation or partnership must, before the end of the reporting period:
(a) prepare a report of the transaction; and
(b) communicate the information in the report to the AUSTRAC CEO.
(a) be prepared in the approved form; and
(b) contain the reportable details of the transaction; and
(c) be signed, or otherwise authenticated in an approved way, by the solicitor, a member of the corporation or a member of the partnership, as the case may be. 15A(3) [Report to AUSTRAC CEO]
The communication must be made to the AUSTRAC CEO:
(a) by giving the AUSTRAC CEO a copy of the report; or
(b) in any other manner and form approved in relation to the solicitor, the solicitor corporation or the partnership or in relation to solicitors generally.
Subsection (1) does not impose any obligations on a solicitor, a solicitor corporation, or a partnership of solicitors, in relation to a transaction if:
(a) the solicitor, corporation or partnership is a reporting entity; and
(b) the transaction occurred after 11 March 2010; and
(c) the transaction is a designated service transaction.
Subsection (1) does not apply in relation to a transaction if the solicitor, corporation or partnership complies with section 43 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 in relation to the transaction.
In this section:
reportable details
, in relation to a transaction, means the details of the transaction that are referred to in Schedule
3A
.
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