Anti-Money Laundering and Counter-Terrorism Financing Act 2006
43Reports of threshold transactions
Start here
Get a plain-English read of 43
Turn the raw legal text into a practical explanation grounded in Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
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.