Chapter 6 - The financial transaction reports act 1988 and the anti-money laundering and counter-terrorism financing Act 2006. At the end of this chapter you should understand: the objectives of the FTR Act and the AML/CTF Act, to whom the Acts apply, the types of transactions that must be reported, the requirements that must be met for customer identification,. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! The Financial Transaction Reports Act 1988 and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 Chapter 6 Learning objectives At the end of this chapter you should understand: the objectives of the FTR Act and the AML/CTF Act to whom the Acts apply the types of transactions that must be reported the requirements that must be met for customer identification the penalties imposed by the Acts the impact of the Acts on businesses and trade the role of AUSTRAC in relation to the Acts. Introduction Object of the Financial Transactions Report Act 1988 (Cwlth): To assist in the detection of tax evasion and other criminal activity, such as corporate crime and the ‘laundering’ of money obtained from drug trafficking and organised crime. The Australian Transaction Reports and Analysis Centre (AUSTRAC) Body responsible for administering the Act: Collects Compiles Analyses Distributes information Makes information available to: Australian Tax Office Australian Federal Police Australian Customs Service National Crimes Commission Australian Securities and Investments Commission Obligations and reporting requirements Cash dealers—s3(1): Banks and building societies Insurance and finance companies Securities and futures dealers Casinos, bookmakers and totalisator agency board (TAB) Solicitors To report: Cash transactions (. the physical transfer of currency from one person to another of not less than $10 000 within Australia) Suspect transactions Within: 1 or 2 days of suspect transaction 15 days of transaction involving Australian currency (1 or 2 days if suspect) day after transactions involving foreign currency. Exemptions from the requirement to report Must involve a financial institution The transaction can be: entered in an exemptions register be in an exceptional category that is automatically exempt, . withdrawals for payroll purposes. Reporting the . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! The Financial Transaction Reports Act 1988 and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 Chapter 6 Learning objectives At the end of this chapter you should understand: the objectives of the FTR Act and the AML/CTF Act to whom the Acts apply the types of transactions that must be reported the requirements that must be met for customer identification the penalties imposed by the Acts the impact of the Acts on businesses and trade the role of AUSTRAC in relation to the Acts. Introduction Object of the Financial Transactions Report Act 1988 (Cwlth): To assist in the detection of tax evasion and other criminal activity, such as corporate crime and the ‘laundering’ of money obtained from drug trafficking and organised crime. The Australian Transaction Reports and Analysis Centre (AUSTRAC) Body responsible for administering the Act: Collects Compiles Analyses Distributes .
