{"id":"nsw:act-1992-099","name":"Financial Transaction Reports Act 1992","slug":"financial-transaction-reports-act-1992","collection":"act","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"99 of 1992","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106159,"registerId":"nsw-act-1992-099-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name of Act","content":"#### 1 Name of Act\n\n1 Name of Act\n\n> This Act may be cited as the [Financial Transaction Reports Act 1992](/view/html/inforce/current/act-1992-099).","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n2 Commencement\n\n> This Act commences on 6 December 1992.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Object of Act","content":"#### 3 Object of Act\n\n3 Object of Act\n\n> The object of this Act is to facilitate the enforcement of the laws of the State.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Interpretation","content":"#### 4 Interpretation\n\n4 Interpretation\n\n> > (1) In this Act:\n> > \n> > Commonwealth Act means the [Financial Transaction Reports Act 1988](http://www.legislation.gov.au/) of the Commonwealth.\n> > \n> > court includes any tribunal, authority or person having power to require the production of documents or the answering of questions.\n> > \n> > protected information means information that is obtained under this Act.\n> \n> > (2) Unless the contrary intention appears, expressions used in the Commonwealth Act have the same respective meanings in this Act.\n> \n> **s 4:** Am 2015 No 15, Sch 2.21 \\[1\\].","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Act binds Crown","content":"#### 5 Act binds Crown\n\n5 Act binds Crown\n\n> This Act binds the Crown in right of the State and, so far as the legislative power of Parliament permits, the Crown in all its other capacities.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Further reports of suspect transactions","content":"#### 6 Further reports of suspect transactions\n\n6 Further reports of suspect transactions\n\n> > (1) If a cash dealer communicates information to the Director under section 16 (1) of the Commonwealth Act, the cash dealer must, if requested to do so by:\n> > \n> > > (a) the Commissioner of Police, or\n> > \n> > > (b) the Commissioner of the New South Wales Crime Commission, or\n> > \n> > > (c) a Commissioner of the Independent Commission Against Corruption, or\n> > \n> > > (d) a police officer who is carrying out an investigation arising from, or relating to the matters referred to in, the information,\n> > \n> > give such further information as is specified in the request to the person requesting it.\n> \n> > (2) The further information is to be information that:\n> > \n> > > (a) may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State, or\n> > \n> > > (b) may be of assistance in the enforcement of the [Confiscation of Proceeds of Crime Act 1989](/view/html/inforce/current/act-1989-090) or the [Criminal Assets Recovery Act 1990](/view/html/inforce/current/act-1990-023) or in the administration of the [Independent Commission Against Corruption Act 1988](/view/html/inforce/current/act-1988-035).\n> \n> > (3) The cash dealer must comply with the request to the extent that the cash dealer has the further information.\n> > \n> > Maximum penalty: 400 penalty units or imprisonment for 2 years, or both.\n> \n> **s 6:** Am 1996 No 104, Sch 2.1 \\[1\\]; 2004 No 55, Sch 2.13; 2016 No 65, Sch 3.4 \\[1\\].","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Reports of suspect transactions not reported under Commonwealth Act","content":"#### 7 Reports of suspect transactions not reported under Commonwealth Act\n\n7 Reports of suspect transactions not reported under Commonwealth Act\n\n> > (1) A cash dealer who is a party to a transaction, and has reasonable grounds to suspect that information that the cash dealer has concerning the transaction:\n> > \n> > > (a) may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State, or\n> > \n> > > (b) may be of assistance in the enforcement of the [Confiscation of Proceeds of Crime Act 1989](/view/html/inforce/current/act-1989-090) or the [Criminal Assets Recovery Act 1990](/view/html/inforce/current/act-1990-023) or in the administration of the [Independent Commission Against Corruption Act 1988](/view/html/inforce/current/act-1988-035),\n> > \n> > must, as soon as practicable after forming the suspicion, prepare a report of the transaction and communicate the information contained in it to the Director.\n> > \n> > Maximum penalty: 400 penalty units or imprisonment for 2 years, or both.\n> \n> > (2) Subsection (1) applies whether or not the cash dealer is required to report the transaction under Division 1 of Part II of the Commonwealth Act, but only if the cash dealer is not required to report the transaction under Division 2 of Part II of the Commonwealth Act.\n> \n> > (3) The report must:\n> > \n> > > (a) be in the form approved by the Director for the purposes of section 16 of the Commonwealth Act, and\n> > \n> > > (b) contain the reportable details of the transaction, and\n> > \n> > > (c) contain a statement of the grounds on which the cash dealer holds the suspicion mentioned in subsection (1), and\n> > \n> > > (d) be signed by the cash dealer.\n> \n> > (4) The communication to the Director of the information contained in the report must be made:\n> > \n> > > (a) by giving the Director a copy of the report, or\n> > \n> > > (b) in any other way approved by the Director.\n> \n> > (5) An approval for the purposes of subsection (4) (b):\n> > \n> > > (a) must be in writing, and\n> > \n> > > (b) may relate to a specified cash dealer or class of cash dealers.\n> \n> > (6) If a cash dealer communicates information to the Director under subsection (1), the cash dealer must, if requested to do so by:\n> > \n> > > (a) the Commissioner of Police, or\n> > \n> > > (b) the Commissioner of the New South Wales Crime Commission, or\n> > \n> > > (c) the Commissioner for the Independent Commission Against Corruption, or\n> > \n> > > (d) a police officer who is carrying out an investigation arising from, or relating to the matters referred to in, the information,\n> > \n> > give such additional information as is specified in the request to the person requesting it.\n> \n> > (7) The additional information is to be information that:\n> > \n> > > (a) may be relevant to the investigation of, or prosecution of a person for, an offence against the law of the State, or\n> > \n> > > (b) may be of assistance in the enforcement of the [Confiscation of Proceeds of Crime Act 1989](/view/html/inforce/current/act-1989-090) or the [Criminal Assets Recovery Act 1990](/view/html/inforce/current/act-1990-023) or in the administration of the [Independent Commission Against Corruption Act 1988](/view/html/inforce/current/act-1988-035).\n> \n> > (8) The cash dealer must comply with the request to the extent that the cash dealer has the further information.\n> > \n> > Maximum penalty: 400 penalty units or imprisonment for 2 years, or both.\n> \n> > (9) In this section:\n> > \n> > reportable details, in relation to a transaction, means the details of the transaction that are referred to in Schedule 4 to the Commonwealth Act.\n> > \n> > Note—\n> > \n> > The text of Schedule 4 to the Commonwealth Act is set out in the Note at the end of this Act.\n> \n> **s 7:** Am 1996 No 104, Sch 2.1 \\[2\\]; 2004 No 55, Sch 2.13.","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Protection of cash dealers etc","content":"#### 8 Protection of cash dealers etc\n\n8 Protection of cash dealers etc\n\n> > (1) An action, suit or proceeding does not lie against:\n> > \n> > > (a) a cash dealer in relation to anything done by the cash dealer:\n> > > \n> > > > (i) that was required under this Act, or\n> > > \n> > > > (ii) in the mistaken belief that it was required under this Act, or\n> > \n> > > (b) an officer, employee or agent of a cash dealer in relation to anything done by the person in the course of the person’s appointment, employment or agency:\n> > > \n> > > > (i) that was required under this Act, or\n> > > \n> > > > (ii) in the mistaken belief that it was required under this Act.\n> \n> > (2) If a cash dealer, or a person who is an officer, employee or agent of a cash dealer, communicates or gives information under section 16 of the Commonwealth Act or section 6 or 7 of this Act, the cash dealer or person is taken, for the purposes of section 73 (Money laundering) of the [Confiscation of Proceeds of Crime Act 1989](/view/html/inforce/current/act-1989-090), not to have been in possession of the information at any time.","sortOrder":7},{"sectionNumber":"9","sectionType":"section","heading":"False or misleading statements","content":"#### 9 False or misleading statements\n\n9 False or misleading statements\n\n> A person must not, in communicating or giving information under this Act:\n> \n> > (a) make a statement that the person knows is false or misleading in a material particular, or\n> \n> > (b) omit anything from a statement knowing that without the thing the statement is misleading in a material particular.\n> \n> Maximum penalty: 1,000 penalty units or imprisonment for 5 years, or both.","sortOrder":8},{"sectionNumber":"10","sectionType":"section","heading":"Secrecy","content":"#### 10 Secrecy\n\n10 Secrecy\n\n> > (1) This section applies to a person who is or has been:\n> > \n> > > (a) the Commissioner of Police, or\n> > \n> > > (b) the Commissioner of the New South Wales Crime Commission or a member of the staff of the Commission within the meaning of the [Crime Commission Act 2012](/view/html/inforce/current/act-2012-066), or\n> > \n> > > (c) a Commissioner of the Independent Commission Against Corruption or an officer of the Commission within the meaning of the [Independent Commission Against Corruption Act 1988](/view/html/inforce/current/act-1988-035), or\n> > \n> > > (d) a police officer.\n> \n> > (2) A person must not:\n> > \n> > > (a) make a record of protected information, or\n> > \n> > > (b) whether directly or indirectly, divulge or communicate any such information,\n> > \n> > unless the record is made, or the information divulged or communicated, in the performance of duties relating to the enforcement of the laws of the State, the Commonwealth, another State or a Territory.\n> > \n> > Maximum penalty: 400 penalty units or imprisonment for 2 years, or both.\n> \n> > (3) A person is not required to divulge or communicate information obtained under this Act to a court unless it is necessary to do so for the enforcement of the laws of the State, the Commonwealth, another State or a Territory.\n> \n> **s 10:** Am 1996 No 104, Sch 2.1 \\[3\\]; 2012 No 66, Sch 5.5; 2016 No 65, Sch 3.4 \\[2\\].","sortOrder":9},{"sectionNumber":"11","sectionType":"section","heading":"Proceedings for offences","content":"#### 11 Proceedings for offences\n\n11 Proceedings for offences\n\n> > (1) Proceedings for an offence against this Act are to be dealt with on indictment, except as provided by this section.\n> \n> > (2) Proceedings for an offence under section 6 or 7 may be dealt with summarily before the Local Court if:\n> > \n> > > (a) the prosecutor proposes that it be so dealt with, and\n> > \n> > > (b) the Local Court is satisfied that it is appropriate for the offence to be so dealt with.\n> \n> > (3) If proceedings for an offence under section 6 or 7 are brought in the Local Court, the maximum penalty that the Court may impose for the offence is, despite any other provision of this Act, 100 penalty units or imprisonment for 12 months, or both.\n> \n> **s 11:** Am 1993 No 108, Sch 2; 2001 No 121, Sch 2.114; 2007 No 94, Sch 2.\n> \n> **Note:** Rep 2015 No 15, Sch 2.21 \\[2\\].","sortOrder":10},{"sectionNumber":"12","sectionType":"section","heading":"Review of Act","content":"#### 12 Review of Act\n\n12 Review of Act\n\n> > (1) The Minister is to review this Act to determine whether the policy objectives of the Act remain valid and whether the terms of the Act remain appropriate for securing those objectives.\n> \n> > (2) A review is to be undertaken as soon as possible after the period of 5 years from the date of assent to this Act.\n> \n> > (3) A report of the outcome of the review is to be tabled in each House of Parliament within 12 months after the end of the period of 5 years.","sortOrder":11}],"analysis":{"issue_detection":{"absurdities":[],"contradictions":[]},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose of facilitating state law enforcement through financial transaction reporting. The amendments since 1992 have been technical updates to reflect organisational name changes (e.g., updating ICAC references, Crime Commission Act 2012) and penalty unit adjustments, rather than expansion into new policy areas. The core mechanism—supplementing Commonwealth reporting requirements for state purposes—has remained unchanged."},"complexity_factors":["Heavy reliance on external definitions - the term 'cash dealer' and 'reportable details' are defined in the Commonwealth Act, not this Act","Nested conditional logic in Section 7(2) creating exceptions to reporting obligations ('whether or not... but only if...')","Multiple cross-references to four other NSW Acts (Confiscation of Proceeds of Crime Act 1989, Criminal Assets Recovery Act 1990, ICAC Act 1988, Crime Commission Act 2012) and one Commonwealth Act","Dual penalty structures with different maximums for summary vs indictable proceedings (Section 11)","Protected information regime with exceptions for 'performance of duties' creating subjective thresholds","Mirror reporting requirements in Sections 6 and 7 with subtle differences in requestor titles (Commissioner of ICAC vs Commissioner for ICAC)"],"plain_english_summary":"This law helps catch criminals by requiring banks and other financial businesses (called \"cash dealers\") to report suspicious transactions to authorities.\n\n**What it does:**\n- **Builds on federal law**: This NSW law works alongside the Commonwealth's Financial Transaction Reports Act 1988. It fills gaps where the federal law doesn't require reporting, but state authorities still need the information.\n\n- **Two main reporting duties**:\n  1. **Follow-up reports** (Section 6): If a cash dealer reports something to federal authorities under the Commonwealth law, state police, the NSW Crime Commission, ICAC, or investigating officers can demand additional details relevant to state crimes or asset confiscation.\n  \n  2. **Independent state reports** (Section 7): Even when federal law doesn't require reporting, cash dealers must report suspicious transactions to state authorities if they suspect the money relates to state crimes, proceeds of crime laws, or corruption investigations.\n\n**Who it affects:**\n- Banks, casinos, money changers, and other \"cash dealers\" (defined in the Commonwealth Act)\n- NSW Police, the NSW Crime Commission, and ICAC\n- Anyone handling suspicious financial information\n\n**Why it matters:**\nThis law gives state agencies direct access to financial intelligence without waiting for federal channels. It creates a parallel reporting stream specifically for state-level crime fighting, including corruption investigations and asset confiscation. The law also protects cash dealers from being sued for reporting suspicious activity and criminalises false reporting or leaking protected information.\n\n**Key penalties:**\n- Failing to provide information: up to 400 penalty units or 2 years prison\n- False or misleading statements: up to 1,000 penalty units or 5 years prison\n- Leaking protected information: up to 400 penalty units or 2 years prison"},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"The Act’s stated object—to facilitate enforcement of State laws (s 3)—remains the operative focus. Amendment notes in the text (e.g. s 4, s 6, s 7, s 10, s 11) show updates to definitions, cross‑references and procedural detail but the core reporting obligations, enforcement links and secrecy/protection structure endure. Any modifications in the margin adjust implementation detail rather than replace the Act’s primary scope."},"complexity_factors":["Cross‑reference to the Commonwealth Financial Transaction Reports Act for definitions and reportable details (s 4; s 7(9))","Dual reporting pathways: reports under the Commonwealth Act versus reports required directly by this Act (s 7(1)–(2))","Multiple requesting authorities with power to obtain further information (Commissioner of Police, NSW Crime Commission, ICAC Commissioners, investigating police officers) (s 6(1); s 7(6))","Director’s control over report form and approved communication methods, including written approvals that may be class‑based (s 7(3)–(5))","Criminal penalties, including imprisonment, for failures to report, false or misleading communications, and secrecy breaches (s 6–7; s 9; s 10)","Secrecy obligations limiting recording or disclosure of protected information to enforcement duties (s 10)","Statutory protection for cash dealers and their staff against civil actions for acts done (or mistakenly thought required) under the Act (s 8)","Interplay with other statutes concerning proceeds‑of‑crime and corruption (Confiscation of Proceeds of Crime Act 1989; Criminal Assets Recovery Act 1990; Independent Commission Against Corruption Act 1988) referenced throughout (s 6–7; s 10)","Proceedings default to indictment but limited summary jurisdiction and lower maximum penalties for certain offences (s 11)","Periodic legislative review requirement may prompt later scope or drafting changes (s 12)"],"plain_english_summary":"This Act requires cash dealers to report and, on request, provide additional information about suspected transactions to the Director or to specified state law‑enforcement bodies to assist enforcement of state laws. It relies on definitions and reporting formats in the Commonwealth Financial Transaction Reports Act and ties reporting to criminal, asset‑recovery and corruption investigations (s 3; s 6–7). Cash dealers carry the compliance burden and face criminal penalties for non‑compliance or false statements; law enforcement decides when to request further information."},"summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"Based on the available metadata, the Act appears to have retained its original focus on financial transaction reporting obligations. The multiple amendments over the years (1996–2017) suggest refinements rather than fundamental changes in scope. However, the lack of substantive legislative text in the provided document prevents a definitive assessment of whether scope has shifted over time."},"complexity_factors":["The document provided contains almost no substantive legislative text — only website metadata, version history, and status information, making direct analysis very limited","Financial transaction reporting laws inherently involve technical definitions (e.g., what counts as a 'significant cash transaction', who is a 'cash dealer')","Intersection of state and federal law creates complexity — this NSW Act operates alongside federal anti-money laundering legislation","Multiple amended versions over time (1996 through 2017) suggest the law has evolved and may contain layered obligations","Compliance obligations differ depending on the type of business or entity involved","Regulatory enforcement and reporting thresholds add technical complexity for affected businesses"],"plain_english_summary":"The Financial Transaction Reports Act 1992 (NSW) requires certain businesses (banks, cash dealers and similar financial entities) to record and report large or suspicious transactions to help detect and prevent money‑laundering and related crimes. It affects businesses handling significant cash and their customers, and sits alongside federal anti‑money‑laundering laws while being administered in NSW by the Attorney‑General."}},"importantCases":[],"_links":{"self":"/api/acts/financial-transaction-reports-act-1992","history":"/api/acts/financial-transaction-reports-act-1992/history","analysis":"/api/acts/financial-transaction-reports-act-1992/analysis","conflicts":"/api/acts/financial-transaction-reports-act-1992/conflicts","importantCases":"/api/acts/financial-transaction-reports-act-1992/important-cases","documents":"/api/acts/financial-transaction-reports-act-1992/documents"}}