Anti-Money Laundering and Counter-Terrorism Financing Act 2006
54Reports about receipts of monetary instruments moved into Australia
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54 Reports about receipts of monetary instruments moved into Australia
Offence (1) A person commits an offence if: (a) the person receives one or more monetary instruments moved into Australia to the person; and (b) at the time of the receipt, the sum of the monetary instrument amounts is $10,000 or more; and (c) a report in respect of the receipt is not given in accordance with this section.
Penalty: Imprisonment for 2 years or 500 penalty units, or both.
Civil penalty (2) A person must not receive one or more monetary instruments moved into Australia to the person if: (a) at the time of the receipt, the sum of the monetary instrument amounts is $10,000 or more; and (b) a report in respect of the receipt is not given in accordance with this section. (3) Subsection (2) is a civil penalty provision. Requirements for reports under this section (4) A report under this section must: (a) be in the approved form; and (b) contain the information specified in the AML/CTF Rules; and (c) be given to the AUSTRAC CEO, a customs officer or a police officer; and (d) be given before the end of 5 business days beginning on the day of the receipt.
Note 1: For additional rules about reports, see section 244.
Note 2: See also section 18 (translation of foreign currency to Australian currency).