Shufti Evening of Trust - Join the Executive Circle for Conversations That Matter.

Shufti Evening of Trust - Join the Executive Circle for Conversations That Matter.

Request Invitation
shufti_logoshufti_logo
  • Products

  • Solutions

  • Explore

  • Company

  • Pricing
burger-menu burger-menu-close

us

216.73.216.136

AUSTRAC to Update Guidance for Threshold Transaction Reporting

Austract

AUSTRAC has made it mandatory for reporting entities to include a threshold transaction report (TTR) for cash transactions of over AU$10,000.

The current transaction reporting guidance from AUSTRAC enlists the requirement of reporting with TTRs. However, it is up to the reporting entity to determine whether a certain number of services provided to customers summing up to AU$ 10,000 (or more) are supposed to be treated as single or multiple transactions. 

According to the new draft guidance, the requirement for combining multiple transactions while submitting TTRs will be discarded, as a TTR will be mandatory for each individual transaction of more than AU$10,000.

The proposed updated guidance says, “If you suspect your customer is structuring their transactions to avoid the TTR reporting threshold you must submit a suspicious matter report (SMR) to AUSTRAC.”

In the cases where customers make multiple cash transactions, every individual transaction is to be considered a distinct and separate designated service. Even when multiple transactions are made within a short interval of time, reporting entities will not need to merge them into one for the purpose of submitting a TTR.

Addressing the reporting entities, the proposed guidance suggests, “You must consider whether your customer has a reasonable explanation for conducting multiple transactions, or whether this activity is suspicious.” 

AUSTRAC has provided a 12-month transition period acknowledging the need for reporting entities to update their systems and conduct staff training for fulfilling the new requirements.

The suggested updates in the guidance are reportedly open for comment until 22 December, after which AUSTRAC will provide a conclusive TTR guidance in the beginning of 2022.

Suggested read: AUSTRAC Warns Banks Against Closing Accounts of Crypto Traders

Related Posts

News

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Explore More

News

California enacts law requiring age input on devices and app stores from 2027

California enacts law requiring age input on devices and app stores from 2027

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Explore More

News

California enacts law requiring age input on devices and app stores from 2027

California enacts law requiring age input on devices and app stores from 2027

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started

Shufti Evening of Trust (SET)

Where Trust Meets Innovation and the Future is Built Together

Date & Time:

23rd October 2025 | 7:00 PM

Location:

Blake Room, The Ivy Soho Brasserie, London

RSVP Now

Exclusive Event—Register Today

close-icon