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Anti-Money Laundering and Counter-Terrorism Financing Act 2006
43Reports of threshold transactions
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#### 43 Reports of threshold transactions
Scope
(1) This section applies to a reporting entity if:
(a) the reporting entity commences to provide, or provides, a designated service to a customer; and
(b) the provision of the service involves a threshold transaction.
Report
(2) The reporting entity must, within 10 business days after the day on which the transaction takes place, give the AUSTRAC CEO a report of the transaction.
(3) A report under subsection (2) must:
(a) be in the approved form; and
(b) contain such information relating to the transaction as is specified in the AML/CTF Rules.
> Note 1: For additional rules about reports, see section 244.
> Note 2: Section 49 deals with the provision of further information, and the production of documents, by the reporting entity.
Civil penalty
(4) Subsection (2) is a civil penalty provision.